[WSBAPT] My first TEDRA??

Tue Jun 9 16:32:57 PDT 2015

I have used TEDRA agreements to avoid setting these trusts up several times, and at least once to fix an estate where the trust wasn’t set up, but should have been. I think TEDRA is perfect for this type of situation and would have all parties, as trustees, current and remainder beneficiaries sign. Make sure to include virtual representation of grandkids if appropriate.

I don’t think it would create a problem to terminate the trust at this point as long as there are not just benefits flowing to mom, but cite the changes in the law (mistake of fact) and include mom’s promise not to disinherit the kids in the agreement.

If however the Trust has provision that would allow it to qualify as a SNT if mom ever needs nursing home care, it might be worthwhile to keep it.

Heather

Heather S. de Vrieze
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of amanda_wilson at olypenlawoffices.com
Sent: Tuesday, June 09, 2015 4:09 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] My first TEDRA??

Client asked me to review A/B Trust. It has been meticulously administered since her husband's death a few years ago and the accountings are all in order.

However, the combined estate is around $1 million.

My client and her late spouse had two children together, who are the heirs under the decedent's trust and the survivor's trust. My client has no intention of changing the beneficiaries.

My client is tired of managing two trusts and paying the CPA at tax time each year, I do not think an estate tax would be owed on the combined estate. The two adult children have good relationships with their mother and would be willing to to sign things that benefit the mom....

Can my client and the kids all sign affidavits agreeing to the termination of the decedent's trust? Is a TEDRA action necessary? What would we need to do to appease (or not anger) the IRS since the decedents Trust is "registered" and has an EIN already?

Amanda Wilson

Amanda M. Wilson, esq.

Olympic Peninsula Law Offices, LLC

P.O. Box 115

Port Townsend, WA 98368

(360)437-4172 office

(206)331-7851 cell phone

"Your words are the greatest power you have. The words you choose and their use establish the life you experience."
-Sonia Croquette
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