[WSBAPT] exemptions in probate?
Roger Hawkes
Roger at law-hawks.com
Thu Feb 13 09:43:47 PST 2014
Thanks, Pam. I think you are correct. It appears the state exemption is
very generous, protecting any inheritor of an employee benefit plan, even
if not the immediate family of the decedent.
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Roger Hawkes, Attorney, WSBA # 5173
Hawkes Law Firm P.S.
206 367 5000 or roger at law-hawks.com
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawcenter.com <http://www.hawkeslawcenter.com/>
From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Pamela McClaran
Sent: Thursday, February 13, 2014 9:28 AM
To: 'wsbapt at lists.wsbarppt.com'
Subject: RE: [WSBAPT] exemptions in probate?
Roger,
Employee benefit plans are exempt from the definition of a nonprobate
assets for purposes of the creditors’ claim statutes (RCW 11.02.005(10))
and are therefore not subject to debts and expenses under 11.18.200.
IRAs, although not specifically referred to, are not assets that would be
subject to one’s liabilities before death under 6.15.0202 and there for
are also exempt under 11.18.200
Hope this helps!
Pamela
Pamela McClaran
Foster Pepper PLLC
1111 Third Avenue, #3400
Seattle, Washington 98101
Direct Dial: (206) 447-4697
Direct Fax: (206) 749-1920
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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Roger Hawkes
Sent: Thursday, February 13, 2014 8:51 AM
To: wsbapt at lists.wsbarppt.com
Subject: RE: [WSBAPT] exemptions in probate?
Thanks, Pamela. Is there a case or statute I can refer to?
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Roger Hawkes, Attorney, WSBA # 5173
Hawkes Law Firm P.S.
206 367 5000 or roger at law-hawks.com
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawcenter.com <http://www.hawkeslawcenter.com/>
From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Pamela McClaran
Sent: Thursday, February 13, 2014 7:45 AM
To: 'wsbapt at lists.wsbarppt.com'
Subject: RE: [WSBAPT] exemptions in probate?
Roger – The protection given to retirement assets is not loss UNLESS the
estate is the beneficiary. If the defendant/debtor named individuals (or
trusts) to receive those assets, they are protected from claims.
Pamela
Pamela McClaran
Foster Pepper PLLC
1111 Third Avenue, #3400
Seattle, Washington 98101
Direct Dial: (206) 447-4697
Direct Fax: (206) 749-1920
IRS Circular 230 Notice: To ensure compliance with requirements imposed by
the IRS, we inform you that any U.S. federal tax advice contained in this
communication (including any attachments) is not intended or written to be
used, and cannot be used, for the purpose of (i) avoiding penalties under
the Internal Revenue Code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed herein.
From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Roger Hawkes
Sent: Wednesday, February 12, 2014 3:34 PM
To: Probate and Trust Listserve
Cc: Creditor Debtor Section
Subject: [WSBAPT] exemptions in probate?
The below question is raised by an Eagle. If I had to answer I would say
the asset loses its exempt character. But perhaps one of you has
litigated this question.
Eagles: We have a wrongful death case where we obtained a large judgment.
The defendant received L & I pensions, Social Security and a Teamsters
pension. He has tried to segregate those funds after suit was filed
against him, and prior to entry of judgment. He then filed a post-judgment
bankruptcy. In his bk petition, the defendant/debtor has claimed
exemptions for the "retirement" funds. Before filing bk, the
defendant/debtor used other available funds to pay monthly expenses, while
letting the L & I/pension/soc. sec. funds accumulate. After filing bk, the
defendant/debtor died. Objection has been made to the claimed "retirement"
exemptions, and the bankruptcy court is set to hear argument on that
issue. The question is, assuming that some "retirement" funds are deemed
exempt in the bk action, and therefore pass out of bk to the defendant's
probate, does the exemption protection carry over into the probate to the
heirs of defendant, or once the funds become part of the probate estate,
is the exemption lost and the funds treated as any other property of the
estate? Thanks for any thoughts on this, and any authority that you may be
aware of to answer this question.
NOTICE: The information contained in this email may be confidential
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intended recipient(s). If the reader of this message is not an intended
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Roger Hawkes, Attorney, WSBA # 5173
Hawkes Law Firm P.S.
206 367 5000 or roger at law-hawks.com
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawcenter.com <http://www.hawkeslawcenter.com/>
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