[WSBAPT] Guardianship for California Minor to Collect Inherited IRAs

[David Moe]

Elizabeth,
I have worked with Berkely Attorney Franchesa Callejo in connection with guardianship and probate matters in the past several years.


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With the minor child as named account beneficiary (but where the decedent did not designate a custodian under WA or another state’s UTMA to receive and hold f/b/o the minor), you may be unable to get the institutional investment fund officers to release control of the IRA accounts except to a court-appointed guardian for the child. I think you are correct that it would have to be a California guardianship in that event.  If the institution is cooperative and will accept an instruction by the estate administrative, see RCW 11.114.060.  Some funds (institutional account agreements) have boilerplate that covers this, and might even allow a “roll-over” to an “Inherited IRA,” thus also avoiding a fully taxable distribution with a trustee-to-trustee transfer of the funds, and permitting RMDs calculated based upon the life expectancy of the minor  beneficiary.
Dave Moe



From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Candace Wilkerson
Sent: Tuesday, November 27, 2018 1:40 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Guardianship for California Minor to Collect Inherited IRAs

Elizabeth,

Couldn’t you, as PR, obtain the funds from the two accounts and then transfer them to the child via UGMA/UTMA with the child’s parent as custodian of the accounts?  CA has a variation of UTMA (called “CUTMA”) that should work.

Let me know if I can help.  Although I’ve never done this in CA, I am licensed in CA.

Candace Wilkerson

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Elizabeth Bateman
Sent: Tuesday, November 27, 2018 1:09 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Guardianship for California Minor to Collect Inherited IRAs

Sorry if this is duplicative--tried to send this out yesterday, but I don't think it went through.  Either that, or had no takers, lol.

I am the PR of a King County intestate estate where the intestate heir is a minor and a resident of California.  A guardian will be necessary to claim two small IRA accounts (less than $40k), of which the minor is the named beneficiary.  I am of the opinion that the King County Superior Court does not have jurisdiction over the California child sufficient to appoint a guardian for him here.  Can someone prove me wrong?  Does the child's parent have any authority to consent to the King County court's jurisdiction over her teenage child?  If so, what is that authority?

And practically, is it even feasible for the Court to appoint a person or entity in WA as guardian for an individual in another state?

In the alternative, can someone recommend a guardianship attorney in or near Alameda County, CA?

Thanks in advance for your input.

Elizabeth

--

Elizabeth G. Bateman

Associate Attorney

Admitted in Washington and Minnesota
Bateman Law Group, PLLC

999 Third Avenue, Suite 2525

Seattle, WA  98104-4089

Tel: (206) 224-0900

Fax: (206) 467-8028



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