[WSBAPT] Unring a SNT Bell??

[Marcus Fry]

Paul:
Most if not all SNT are completely discretionary.  I look at the terms of the trust more closely, may likely be able to distribute it outright without issue.  Also be careful about wife's intent, maybe this was doubling as a marital type trust to protect a husband from a future conniving love interest.  Who handled the finances in the family?  How was the marriage?

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of James B. Dolan
Sent: Friday, January 16, 2015 12:09 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Unring a SNT Bell??

Paul:

Check out 11.96A.125.  Also, look at the Riddell case.  Maybe that will help.

Jim Dolan

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Friday, January 16, 2015 11:49 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Unring a SNT Bell??

Is it possible to unring a SNT bell?  Wife dies and her reciprocal Will distributes everything to a Special Needs Trust on behalf of surviving husband (his Will does the same thing).  He is selected as the Personal Representative of her estate and I am probating her Will.  Thing is, he's not disabled and doesn't want to hassle with going to his eldest son (trustee of the trust) to get money.  Modest estate of less than $500k.  Terms of testamentary trust says upon husband's death, remaining assets in SNT go to adult children.  Almost all of the estate's value is wrapped up in the equity of the family residence.


1.       Why did their estate planning attorney put them into testamentary SNTs?  Is this a plan to preserve estate assets just in case there is a catastrophic illness and the family wants to use government benefits (SSI and Medicaid) instead of family assets??  Does this even make sense when the value of the Decedent's estate will be one half of the equity of the family residence?

2.       If the family is willing, can the family overturn the SNT by entering into a TEDRA agreement to terminate (or not activate) the SNT?

3.       If yes, must all the residual beneficiaries (all of the adult children) need to sign off?  Father is hesitant to have to get all of his kids signatures if it isn't necessary?

Thank you for your guidance and help.


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