[WSBAPT] JT/ROS

[Jacob Menashe]

How timely. I have definitely experienced this in the last few weeks - and pressed but not too hard - with both Chase and B of A. They refer to "state law" and one of them said TIC is only possible in two states! (For the life of me, I don't get what they are getting at. Maybe someone here can elucidate?)  I just had a conversation with someone at Wells Fargo and the person confirmed they still do this.

Jacob

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Kate Szurek
Sent: Thursday, June 04, 2015 1:27 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] JT/ROS

In the grumbling-about-banks department, I was just informed that WA Fed will not allow a couple to hold their CDs in both names unless it as joint tenants with right of survivorship.  We have a taxable estate, so I prefer to avoid investments that pass automatically on death to the survivor.

Of course, I have any number of work-arounds, and I'm not worried about small accounts, but my question of you is whether you are similarly finding such restrictions, and if you are, whether you have found banks who are willing to allow the accounts to be held simply as joint tenants (tenants-in-common), without any kind of automatic transfer on the death of one of the owners.

Thanks in advance,

Kate

[SkagitLaw_Signature (2)]
Kate Szurek, J.D., LL.M.
P.O. Box 336 / 227 Freeway Drive, Suite B
Mount Vernon, WA  98273
360.336.1000
360.336.6690 (fax)
kate at skagitlaw.com<mailto:kate at skagitlaw.com>
http://www.skagitlaw.com<http://www.skagitlaw.com/>

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