[WSBAPT] SNT and IRAs

[sullaw at comcast.net]

Paul: 
  
Same question: why SNT? Does H possess legal capacity? 
  
  1.  The "super will" provision wouldn't have done any good, since IRAs are specifically excluded from the definition of "nonprobate assets" for that purpose: http://apps.leg.wa.gov/RCW/default.aspx?cite=11.11.010 
  
  2.  By "waiver," you are presumably thinking of a disclaimer. You are correct in understanding that a qualified waiver results in the asset going as if the H had predeceased the W. It only works if the W's estate or SNT specifically is the contingent beneficiary: http://apps.leg.wa.gov/RCW/default.aspx?cite=11.86 
  
  3.  As PR, H should be able to get information from the custodian. Suggest it is necessary for estate tax purposes. 
  
  4.  Assuming the W earned the IRA while married to H and it is, therefore community property, W owns an undivided 50% CP interest in the IRA under RCW 6.15.020(6). But that doesn't solve your problem if you want it to go into a third party SNT. http://app.leg.wa.gov/rcw/default.aspx?cite=6.15.020 
  
  John Sullivan 

----- Original Message -----

From: "Paul Neumiller" <pneumiller at hotmail.com> 
To: "WSBA Probate & Trust Listserv" <wsbapt at lists.wsbarppt.com> 
Sent: Wednesday, May 6, 2015 9:50:01 AM 
Subject: Re: [WSBAPT] SNT and IRAs 



Anyone?? 

  


From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller 
Sent: Monday, May 4, 2015 12:42 PM 
To: wsbapt at lists.wsbarppt.com 
Subject: [WSBAPT] SNT and IRAs 


  

Listmates: H & W make contributions to traditional IRAs and Roth IRAs over the years.  W dies and leaves a Will with all of her assets going to a special needs trust (“SNT”) for H.  There is no “Super Will” provisions in the Will for non-probate assets.  H is presumably the sole beneficiary on the non-probate assets.  H opens probate as the personal representative.  Assume that H wants to transfer as many assets as possible to the SNT. 

1.        How does H, as PR, get at and transfer W’s IRAs to the SNT?  Is this where a waiver would work if H is the only beneficiary listed on the savings account? What if a waiver doesn’t work because there are alternative beneficiaries (adult children) on the accounts? 

2.        How do Washington’s community laws work here?  Shouldn’t, technically, ½ of W’s savings accounts go into the SNT and ½ of H’s savings account go into the SNT? 

  

All guidance appreciated.  

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