[WSBAPT] UTMA

[Dalynne Singleton]

Why not Purchase a cd to expire when minor turn 18.

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From: wsbapt-bounces at lists.wsbarppt.com on behalf of Roger Hawkes <roger at law-hawks.com>
Sent: Tuesday, December 4, 2018 12:53 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] UTMA

Trying to finish a probate by distribution of assets to a 17 year old; the cash is in the hundreds of dollars and the Series EE bonds are also only a few hundred dollars.  Jumping through hoops is not what I want to do; but mother/surviving of child is hostile to PR and not reliable.  Anything creative and/or easy to do???  PR client just wants it done; and does not want to wait till child is 18.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Nicholas Pleasants
Sent: Monday, December 3, 2018 4:52 PM
To: wsbapt at lists.wsbarppt.com; solo-and-small-practice-section at list.wsba.org
Subject: Re: [WSBAPT] UTMA

Hi Jim,
You can obtain an Order lifting the UTMA limits from $30,000 for good cause shown. In King County, it would be an ex parte Order. Commissioner Judson has a good grasp of these issues.
I’ve attached some materials I presented at a CLE a few months back that should shed a bit of light on it.

Nicholas Pleasants
James Pleasants, P.C.
2300 130th Ave NE, Suite A-101
Bellevue, WA 98005-1755
(425) 615-7070 tel.
(425) 497-0799 fax
nick at pleasantslaw.com<mailto:nick at pleasantslaw.com>
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From: James B. Dolan <jbdolan at jbdolan.com<mailto:jbdolan at jbdolan.com>>
Sent: Monday, December 03, 2018 3:43 PM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>; solo-and-small-practice-section at list.wsba.org<mailto:solo-and-small-practice-section at list.wsba.org>
Subject: [WSBAPT] UTMA

Hello:

Insurance company is demanding that a guardian be appointed for a 17 year old son of decent in order to receive $50,000 payout from life insurance policy.  (We already have a probate GAL, but do not want to go through a guardianship proceeding just for this purpose, as son will be 18 in ten months.)

I’m hoping for a quick answer before reading through the statute: Can anyone offer a quick opinion - are UTMA transfers/accounts limited to $25,000, as per the insurance company?

Thanks in advance,

Jim Dolan

===================

Jones Butler Dolan, PS
www.jbdolan.com<http://www.jbdolan.com>
www.jonesbutlerdolan.com<http://www.jonesbutlerdolan.com>

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