[WSBAPT] BECU issues

Fri May 22 11:55:41 PDT 2015

I agree.  And, arguably, we're not doing our jobs if we fail to point out the risk of a cross collateralized account to the PR...

Jeff Winter

From: Roger at law-hawks.com
To: wsbapt at lists.wsbarppt.com
Date: Fri, 22 May 2015 17:39:53 +0000
Subject: Re: [WSBAPT] BECU issues

It’s up to the Pr to marshal the assets and later decide who has what valid claims to get paid.  I see nothing wrong with moving to an Estate account whatever
 liquid funds the PR can access.

Roger Hawkes, WSBA # 5173
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawfirm.com
206 367 5000
Fax is 206 367 4005

From: jeffrey winter [mailto:jdwinter at hotmail.com]

Sent: Friday, May 22, 2015 9:12 AM

To: WSBA Probate & Trust Listserv

Subject: Re: [WSBAPT] BECU issues

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

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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 King
Attorney

Northwest Elder Law Group
11300 Roosevelt Way NE, Suite 101
Seattle, WA 98125
(206) 937-6102
Fax (206) 830-9326

Providing Services in Elder Law

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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.McDaniel
Law Offices of Beth A. McDaniel, PLLC
272 Hardie Avenue SW
Renton, WA 98057
(425) 251-8880
fax:(425) 336-2505
www.bethmcdaniel.com
beth at bethmcdaniel.com

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