[WSBAPT] jtwros account intended to go to multiple kids

[Mike Winslow]

A TEDRA Agreement acknowledging that the JTWROS was for convenience, not dispositive of the asset would seem circumvent the need to report the "gift". But that's a tax issue, better addressed by qualified counsel.

I also think the TEDRA Agreement will address the division of the account with the brokerage house, because they will need something upon which to base the fact that they do something other than report everything under daughter's SSN. I would do as Eric Nelson suggests in his post with the addition of the TEDRA Agreement.

Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com

This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.

-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul H. Grant
Sent: Tuesday, January 05, 2016 10:13 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] jtwros account intended to go to multiple kids

I would gift and file - disclaimers are messy and rarely work as intended - be careful w a disclaimer.

Sent from my iPhone ~ Paul H. Grant

> On Jan 5, 2016, at 9:19 AM, Krista MacLaren <kjm.inc at mac.com> wrote:
> 
> 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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