[WSBAPT] IRA trust with no trust in existence...

[John J. Sullivan]

Oral trusts: http://app.leg.wa.gov/RCW/default.aspx?cite=11.98.014



Sent from my iPad

> On Jul 23, 2018, at 12:06 PM, John J. Sullivan <sullaw at comcast.net> wrote:
> 
> Chris:
> 
> The trust may actually “exist.” That’s what I’ve done when trust agreements can’t be found or sprout legs and walk away. 
> 
> Maybe adopt a restatement of it with IRA conduit trust provisions?
> 
> John J. Sullivan
> 
> Sent from my iPad
> 
>> On Jul 23, 2018, at 11:49 AM, Christopher Small <chris at cmslawfirm.com> wrote:
>> 
>> Interesting problem just entered my office. Here's the short story (any thoughts would be greatly appreciated).
>> 
>> 1. Mom dies in 2014 with a revocable living trust.
>> 2. No one can find a complete trust (i.e. pretty much any of the trust) so the estate is probated and closed without mention of the trust.
>> 3. In 2017 it comes to light that mom listed as the beneficiary on her IRA account her trust.
>> 4. Required distribution cut from IRA account the non-existent trust.
>> 5. There is no where to deposit this check because there is no way to open an account for a trust that doesn't technically exist.
>> 
>> I am trying to see if there are any docs on file with the IRA custodian.
>> 
>> There may also be a way to change the beneficiary on the IRA account itself (there is a successor trustee listed on the IRA account) - by the way, these are my spitball thoughts right now...
>> 
>> Any insight would be appreciated.
>> 
>> Cheers,
>> 
>> Christopher Small
>> CMS Law Firm LLC
>> 150 Lake St. S., Suite 218
>> Kirkland, WA 98033
>> 206.659.1512
>> 
>> 
>> Legal stuff I have to put in... To ensure compliance with Treasury Department and IRS regulations, we inform you that, unless expressly indicated otherwise, any federal tax advice contained in this communication (including any attachments) is not intended or written by CMS Law Firm LLC to be used, and cannot be used by the taxpayer, for the purpose of: (i) avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code; or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein (or any attachments).
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