[WSBAPT] Beneficiary Designations

Wed Apr 15 13:02:36 PDT 2015

Thanks Liv, all things I briefly thought of.  I appreciate the comments!  I
have just never had the PR disclaim any IRAs/retirement plans payable to
the estate so wondered if anyone else had done that....all depends on the
above and on the contract language, of course.
Thanks!  Hope all is well with you and yours.  Been a while since we talked!
Kathie

On Wed, Apr 15, 2015 at 11:52 AM, Liv Wernecke <lwernecke at bpmlaw.com> wrote:

>  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*
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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
>
> This message is confidential and may be protected by the attorney-client
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-- 
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

 This message is confidential and may be protected by the attorney-client
privilege; it is intended solely for the use of the individual named above.
If you are not the intended recipient, you are hereby advised that any
dissemination, distribution, or copying of this communication is strictly
prohibited. If you have received this e-mail in error, please immediately
notify the sender by telephone or e-mail, delete this message from your
files, and return any printed copies to the sender by U.S. mail. Circular
230 Disclosure: Any 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 that may be imposed under the
Internal Revenue Code or (ii) promoting, marketing or recommending to
another party any transaction, arrangement, or other matter
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