[WSBAPT] UTMA to age 18 possible?

[Philip N. Jones]

Couldn't the client sign a letter to the custodian in advance of the transfer indicating a preference that the property be distributed to the minor at age 18 as a discretionary distribution?  And couldn't the 18-year-old adult sign a release at the time of the distribution?  And couldn't the letter authorize the custodian to require such a release?
Phil Jones
Portland, OR

Philip N. Jones
Duffy Kekel LLP
900 S.W. Fifth Ave. Suite 2500
Portland, OR 97204
pjones at duffykekel.com<mailto:pjones at duffykekel.com>
(503) 226-1371 - office
(503) 853-1482 - cell
(503) 226-3574 - fax

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Kate Szurek
Sent: Friday, November 13, 2020 12:12 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] FW: UTMA to age 18 possible?

I didn't see this come through on the listserv, so I'm trying again.  I apologize if it's a repeat.

Thanks for considering.

Kate

From: Kate Szurek
Sent: Thursday, November 12, 2020 12:14 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: UTMA to age 18 possible?

Client wants to transfer real property to his (very bright and capable) minor child, subject to UTMA only to age 18 - the focus being to avoid a guardianship.  I can't find anything in the statute directly on point, and https://app.leg.wa.gov/RCW/default.aspx?cite=11.114.200 at (1)(a) makes it look as though the age has to be age 21 for a gift.

Any insight?

Kate

Kate Szurek, J.D., LL.M. (in Taxation)
kate at skagitlaw.com<mailto:kate at skagitlaw.com>

[SkagitLaw_Signature (2)]
Skagit Law Group, PLLC
P.O. Box 336 / 227 Freeway Drive, Suite B
Mount Vernon, WA  98273
360.336.1000
360.336.6690 (fax)
http://www.skagitlaw.com<http://www.skagitlaw.com/>


-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201113/1884b153/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 8009 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201113/1884b153/image001.jpg>