Presented By: Russell J. Speidel Attorney Speidel Law Firm Wenatchee, WA 98801 (509) 662-1211 www.speidellaw.com
Personal Background Law Firm Areas of Practice: Trusts and Estates Family Businesses Nonprofit Corporations Immigration
Personal Background 34 years of experience practicing law Elected Fellow of the American College of Trust and Estate Counsel ( ACTEC )
Questions are welcome
Real Estate Transfers Washington Uniform Real Property Transfer on Death Act. SHB 1117.
Real Estate Transfers SHB 1117 mirrors a development in the law encouraging asset-specific will substitutes for the transfer of property at death.
Real Estate Transfers Owners of interests in real property will be permitted to execute and record a transfer on death deed.
Real Estate Transfers The owner must identify the beneficiary who will succeed to the property at the owner s death.
Real Estate Transfers During the owner s lifetime the beneficiary has no interest in the property.
Real Estate Transfers The owner retains the right to transfer or encumber the property or revoke the transfer on death deed. Notice is not required to be given to the beneficiary.
Real Estate Transfers The interest of the designated beneficiary is contingent on surviving the transferor.
Real Estate Transfers The interest of a designated beneficiary that fails to survive the transferor lapses.
Real Estate Transfers A beneficiary may disclaim all or part of the beneficiary s interest.
Real Estate Transfers Recording is deemed to occur at the death of the transferor. The beneficiary takes subject to all conveyances and encumbrances.
Real Estate Transfers Question: What if the property is polluted, and the beneficiary would prefer to disclaim?
Real Estate Transfers Possible Solutions: Require notice from transferor to beneficiary.
Real Estate Transfers Possible Solutions: Treat beneficiary as not finally ascertained under RCW 11.86.031 Amend the Act in 2014 if this remains an issue.
Real Estate Transfers Question: What about the Real Estate Excise Tax?
Real Estate Transfers Possible Solution: Clarify the REET applies to TOD Deeds in the event there is consideration.
Real Estate Transfers Question: What about transfers intended to qualify for Medicaid and a potential requirement of notice to DSHS?
Real Estate Transfers Possible Solution: Clarify notice is required to DSHS in the event there is an intent to qualify for Medicaid.
Real Estate Transfers Letter: Dear,Please pass SHB 1117 the Transfer On Death Deed bill. This bill will help our charity work with our donors in a cost effective manner. Sincerely,
Cooper Union College Errors in investing Loss of a legacy Hedge funds high risk Lack of diversification Fiduciary duty of due care
With Charity for All - Why Charities are Failing and a Better Way to Give. by Ken Stern, retired executive of NPR Copyright 2013
With Charity for All Annually two-thirds of U.S. households donate to charities. Annual charity revenue exceeds $1 trillion.
With Charity for All There are 1.1 million registered individual charities in the U.S. There is $500 billion in annual direct grants from the government to charities.
With Charity for All Example: Federal subsidy to the Orange Bowl $1.2 million. Orange Bowl spending on entertaining $1.6 million.
With Charity for All Thesis: (1) Charities are failing: Organizational and service failures. Refusal to evaluate programs. Unfavorable results swept under the rug.
With Charity for All Thesis: (2) Rethink how the charitable sector works: Reward effective charities. Discourage ineffective ones. Create tools that allow donors to be investors.
With Charity for All Mr. Stern advocates a system with: More competition. More accountability. A system what will produce winners and losers.
With Charity for All Mr. Stern wants to see: Better results for users of charitable services. Reward performance. Promote scaled solutions.
With Charity for All Mr. Stern wants to see: Renewal requirement to charitable status. Accreditation. Peer review.
Thank you