[WSBAPT] Custodial Account Transferred into SNT

[ACP]

How old is the child?

ACP

Law Office of A. Colby Parks, Attorney at Law, P.S.

Dedicated to your family enterprise.

(253) 682-1960

 <http://www.tacomacounsel.com/> www.tacomacounsel.com       

 

               <https://twitter.com/#!/AColbyParks>
<http://www.linkedin.com/pub/colby-parks/13/b89/3b8>       

 

 

The information in this electronic mail message is protected by legal
privilege and the Electronic Communications Privacy Act, 18 U.S.C.  §§
2510-2521.  This message is intended only for the use of the recipient named
above.  Dissemination, distribution or copying of this communication, to or
by anyone other than by its intended recipient, is strictly prohibited.  If
you have received this electronic mail in error, please notify this law firm
immediately, return this electronic mail immediately to the sender, and
delete any copy of the electronic mail from your mail system and files.
Additionally, pursuant to the rules of professional conduct set forth in
Circular 230, as promulgated by the United States Department of the
Treasury, nothing contained in this communication was intended or written to
be used by any taxpayer for the purpose of avoiding penalties that may be
imposed on the taxpayer by the Internal Revenue Service, and it cannot be
used by any taxpayer for such purpose.  No one, without expressed prior
written permission, may use or refer to any tax advice in this communication
in promoting, marketing, or recommending a partnership or other entity,
investment plan, or arrangement to any other party.  Thank you.

 

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Glenn Price
Sent: Wednesday, December 09, 2015 12:44 PM
To: WSBA Probate & Trust Listserv (wsbapt at lists.wsbarppt.com)
<wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Custodial Account Transferred into SNT

 

Sorry.  My previous e-mail deleted all my contact information.

 

Listmates:

 

Parent wishes to transfer funds that are currently in a custodial account to
a SNT for special needs child.   

 

Questions:  (1)   Does this constitute a self-settled trust by the child?

        (2)    If so, will the child still qualify for benefits, with just a
payback provision to the state at child’s death?

                    (3)    Will the trust assets be available to any
creditor of the beneficiary (excluding DSHS)?

 

Thank you for your insights.

 

GDP

 

Glenn D. Price, J.D.
Price & Farrington, PLLC
Attorneys and Counselors at Law

   

Parkwood Office Center
2370 130th Avenue N.E., Suite 103
Bellevue, Washington 98005
Phone: 425.451.3583  Fax: 425.522.4818

Email: glenn at pricefarrington.com <mailto:glenn at pricefarrington.com> 
Home page:   www.pricefarrington.com <http://www.pricefarrington.com/> 

Estate, Tax, Retirement and Asset Protection Planning

This e-mail and any attachment is intended solely for the use of the
addressee(s) and is privileged and confidential within the attorney-client
privilege.  If you have received this e-mail in error, please notify the
sender immediately and delete all copies of this e-mail message and any
attachment. 

IRS Circular 230 provides that this message cannot be used to avoid any IRS
tax penalties.

 

No trees have been killed in the sending of this message, but billions of
electrons have been horribly inconvenienced.

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 3356 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/image003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 1590 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/image004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 2609 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/image005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 3676 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/image006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image007.jpg
Type: image/jpeg
Size: 3460 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/image007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 6383 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151209/4ad2ecce/image008.jpg>