[WSBAPT] jtwros account intended to go to multiple kids

[Eric Nelsen]

There might be some other workarounds, but if client is not willing to make the gift, then I think probate is the cleanest method of handling the transfer. Since this is an investment account and not simply cash, I think it is probably worth taking care to substantiate date of death values for tax basis purposes, and make an informed decision on whether some or all of the portfolio should be liquidated or distributed in-kind. 

Before doing it that way, though, I would evaluate potential creditors and make sure that this method would not accidentally put a large amount of money at risk. In some scenarios, it might be better for the client to take the money via right of survivorship, and find some other workaround to give his sister half.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA 98101-2837
phone 206-625-0092
fax 206-625-9040



-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Krista MacLaren
Sent: Tuesday, January 05, 2016 9:20 AM
To: wsba probate & trust
Subject: [WSBAPT] jtwros account intended to go to multiple kids

Hi Listmates,

I have a potential client whose mother died.  No Will, no real estate, only non-probate accounts.  There are two children of decedent - client and sibling.  For convenience, Mom made client a joint owner on her investment accounts, held JTWROS.  This is the bulk of the estate, nearly $500,000.  Client ntends to pay his sister her half, but i am wondering how he should do that.  We don’t want him to have to gift the money to sister.  If he disclaims half, then would a probate be required because it would then be in the estate?  What is the best way to handle this situation?  I have never handled this for such a large account.

Thank you!

Krista J. MacLaren
Attorney at Law
9725 3rd Ave NE, Suite 600
Seattle, WA 98115
(206) 523-6116

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