[WSBAPT] Beneficiary Designations

[Liv Wernecke]

Katherine, Here are some issues: Watch RMD, selling securities as an acceptance 25.2518-2(d)(1) etc.; community property issues; RR 2005-36, Regs 1.401(a)(9)-8; see GCM 39868 on income tax; also, the provider’s agreement or adoption agreement may have a troublesome clause or two. It may provide how the H’s 1/2 interest passes. Who does one send the disclaimer to; the provider and PR? Proof of timing of the deaths is obviously important. Any problems with  PR’s  power to disclaim? I have not thought through the son’s piece. Regards, Liv


Livingston (Liv) Wernecke
Shareholder
Betts, Patterson & Mines, P.S.
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Katharine P. Bauer
Sent: Wednesday, April 15, 2015 11:15 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Beneficiary Designations

Situation:
Mom died, Dad committed suicide an hour later.
Dad has huge IRA for which he did not follow through on filing with them the beneficiary designations we created.  Primary was mom, secondary is Estate.  This is a taxable estate and we will lose a large percentage of the IRA to taxes.

Estate legatees/beneficiaries are an adult daughter and trust for disabled adult son.

Question:   Has anyone ever had a PR "disclaim" a payment from an IRA to the estate?  (Daughter is PR) The "fallback" beneficiaries in the contract are the children.  My thought is to force payment outright to kids, allow them to take over their lifetime,  Son could place his share into a self-settled trust or ???  Largest IRA - $1 million - holder is not allowing PR to direct to daughter/SNtrust under terms of Will.  I can go for a court order.

Just curious about the disclaimer idea.  Not busy enough today to take the easy route.
--
Katharine P. Bauer
Bauer Pitman Lifetime Legal, PLLC
1235 Fourth Ave. East, Suite 200
Olympia, Washington 98501
tel. 360.754.1976
fax. 360.943.4427

e-mail: kpb at bpblegal.com<mailto:kpb at bpblegal.com>

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