[WSBAPT] BECU issues

[jeffrey winter]

This issue of cross-collateralization raises an ethical issue -- if one takes on a new probate client and discovers that one of the decedent's assets is a credit union account, and it also turns out that the decedent owed money to the credit union for a car purchase, would it be considered ethical to advise the client to transfer the balance to an estate account?  Or would that be tantamount to a fraudulent conveyance?
Jeffrey
D. Winter

Law
Office of Jeffrey D. Winter, P.S.

604 North
Main Street

Ellensburg,
WA 98926

(509)
925-9600 tel.

(509)
925-9606 fax


From: cyfield at rockisland.com
To: wsbapt at lists.wsbarppt.com
Date: Fri, 22 May 2015 08:52:49 -0700
Subject: Re: [WSBAPT] BECU issues

Lisa- I’m sure they didn’t know. People focus on the fact credit unions are often cheaper than banks and that may be one reason why they are. Thanks, Cy From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Lisa Schuchman
Sent: Thursday, May 21, 2015 11:03 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] BECU issues Cy, That’s what BECU told me when this happened.  Whether the account-holder knew it I guess doesn’t matter if they signed the agreement. Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com

I prefer an excess of caricature to an excess of censorship. -Nicolas Sarkozy NOTE: I do not use encrypted email.  Messages sent to or from my office via email are not secure and may not be protected by attorney-client privilege. This email address is not monitored at all times.  If your matter is urgent, please phone my office during regular business hours.   Any tax advice included in this document and its attachments was not intended or written to be used, and it cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.P  Please consider the trees before printing this document From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Cyrus Field
Sent: Thursday, May 21, 2015 8:52 AM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] BECU issues Rebecca- Are you sure the accounts aren’t “cross collateralized” (or something like that) meaning they take a security interest in any bank accounts for amounts owed? I remember from bankruptcy law that credit unions could do that, in contrast to most banks, which turned them into secured creditors and bumped them up the ladder in terms of probate creditor priority. Thanks, Cy From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Rebecca King
Sent: Wednesday, May 20, 2015 4:10 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] BECU issues The biggest concern I have with BECU right now is that they seem to avoid the requirement of submitting a creditor’s claim when a decedent has an outstanding balance on a credit card with them.  They just withdraw the outstanding balance on the credit card from the decedent’s checking/savings accounts.  Their justification is that their account agreements authorize them to do that.  It essentially puts them ahead of every other creditor that may have a claim undermining the creditor claim statute. Thanks, Beth. Rebecca KingAttorney Northwest Elder Law Group11300 Roosevelt Way NE, Suite 101Seattle, WA 98125(206) 937-6102Fax (206) 830-9326 Providing Services in Elder Law CONFIDENTIALITY NOTICE: This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information protected by law. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message. From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Beth McDaniel
Sent: Wednesday, May 20, 2015 1:54 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] BECU issues Mates, I’m embarrassed by the delinquency of my request, but I have a meeting tomorrow, May 21, 2015,  with a Vice President from BECU and someone from their compliance department to address concerns and frustrations that I have had over the years with BECU.  I would like to share your concerns too.  If you have had an issue with BECU could you please send me an e-mail describing what happened so that I can relay that to BECU? The meeting stems from a lunch I had with the Vice President.  I shared with her what I tell estate planning clients who have accounts and/or liabilities with BECU.  I am thankful that they are open to a meeting and am optimistic about a positive outcome. My e-mail is beth at bethmcdaniel.com.  Thank you. Beth A.McDanielLaw Offices of Beth A. McDaniel, PLLC272 Hardie Avenue SWRenton, WA 98057(425) 251-8880fax:(425) 336-2505www.bethmcdaniel.combeth at bethmcdaniel.com This communication contains confidential information and may be attorney/client privileged.  If you are not the intended recipient, or believe you have received this communication in error, please reply to the sender stating that fact and delete the copy you received.  
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