[WSBAPT] Guardianship for California Minor to Collect Inherited IRAs

[Marcus Fry]

You can get a court order that blocks UTMA withdrawals without court approval with the caveat in the order that allows the custodian to make investment decisions, such as buying and selling, with the funds in the account.  Great way to protect the account while also avoiding the expense of a third party.

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
P.O. Box 1689
Yakima, Washington  98907
Telephone:  (509) 248-7220
Facsimile:  (509) 575-1883

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Candace Wilkerson
Sent: Wednesday, November 28, 2018 9:40 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Guardianship for California Minor to Collect Inherited IRAs

Oh, I see.  You’re right, not a good idea if there is concern about Mom.  The custodial accounts don’t generally offer much protection.

Candace

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Elizabeth Bateman
Sent: Tuesday, November 27, 2018 3:39 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Guardianship for California Minor to Collect Inherited IRAs

Thanks, Candace.  The estate isn't the beneficiary (the kid was specifically designated), so I don't think I have any authority to claim the accounts.  There's also some concern that we don't want mom to have access to the funds... Elizabeth

On Tue, Nov 27, 2018 at 1:40 PM Candace Wilkerson <cwilkerson at wongfleming.com<mailto:cwilkerson at wongfleming.com>> wrote:
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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--

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



This email is covered by the Electronic Communications Privacy Act, 18 USC Sections 2510-2521 and is legally privileged. This information is confidential and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you think that you have received this email message in error, please notify the sender via email or by telephone at (206) 224-0900.

IRS CIRCULAR 230 NOTICE - Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter.
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