[WSBAPT] Possible to Reject a TOD?

Tue Dec 3 09:32:46 PST 2019

The TOD creates ownership in the son, so when he transfers, he transfers his personal property, not his mom’s.
So, if he makes the transfers to the others, he will need to file a Gift Tax return if the transfers exceed the Annual Exclusion amount per donee.

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

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Tom Westbrook
Sent: Tuesday, December 03, 2019 7:55 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Possible to Reject a TOD?

I must be missing something in my old age, but why doesn’t he just take the money and then distribute the way the decedent had wanted in the Will? 

Sincerely,

Tom

Thomas J. Westbrook
Attorney at Law

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Lewis, Amy C.
Sent: Monday, December 02, 2019 5:06 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Possible to Reject a TOD?

My recollection is that a disclaimer by a non-spouse beneficiary has to be complete, meaning he can’t disclaim TOD and still take his share under the probate.  See § 25.2518-2(a)(5).  Only a surviving spouse can disclaim in one capacity and still take in another.

Amy Lewis, Attorney
http://www.eisenhowerlaw.com/sites/www.eisenhowerlaw.com/themes/eisenhower/20150213_logo.png
1201 Pacific Avenue, Suite 1200| Tacoma, WA 98402
phone 253.572.4500 | fax 253.272.5732 |  <http://www.eisenhowerlaw.com/> www.eisenhowerlaw.com
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Philip N. Jones
Sent: Monday, December 2, 2019 4:49 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Possible to Reject a TOD?

This question usually comes up in connection with joint accounts, and the son needs to decide whether mom really intended him to inherit, or were they merely convenience accounts.  But in your case, the accounts are TOD, so it appears that mom intended son to receive the accounts on death, unless mom thought TOD was simply a way to avoid probate.
If he disclaims the TOD designation, do the accounts pass to his children, or to the estate?  Hi might consider disclaiming the TOD designation, but specifically state that he is not disclaiming an interest in the probate estate.
On the other hand, he might simply make gifts to his siblings, if he believes that he will never have a federal taxable estate.
Phil Jones
Portland, OR

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Monday, December 02, 2019 4:31 PM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Possible to Reject a TOD?

Good Afternoon List - 

I have an estate where the oldest son (also the Executor) was listed as a TOD on all of by his mother's bank accounts, except for $27,000.  He wants to honor her wishes and distribute in accordance with the terms of her Will which had $30,000 in charitable donations and then an equal division between 7 people. 

Is is possible to simply disclaim an interest in a TOD? He was his mother's POA but did not realize that years ago she added him to all of her bank accounts as the TOD. 

Appreciate any thoughts,
Brent
Brent Williams-Ruth 
Attorney-At-Law
Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC
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