[WSBAPT] UTMA to age 18 possible?

[Mark Vohr]

Kate - What about

RCW 11.114.200<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.200>
Termination of custodianship-Extension.
(2) The transferor may, in the initial nomination of custodian, extend the custodianship to the earlier of the minor's attainment of twenty-five years of age or the minor's death unless:
(a) The governing will, trust, or instrument creating the power of appointment specifically provides otherwise if the custodian property is transferred under RCW 11.114.040<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.040>, 11.114.050<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.050>, or 11.114.060<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.060>; or
(b) The custodial property is transferred under RCW 11.114.070<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.070>. In that case, the person nominating the custodian under RCW 11.114.030<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.030> may elect to extend the custodianship. If no custodian has been nominated under RCW 11.114.030<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.030>, the court establishing the custodianship under RCW 11.114.070<http://app.leg.wa.gov/RCW/default.aspx?cite=11.114.070>(4) may extend the custodianship if it determines that doing so would not be contrary to the interest of the minor.


Regards,

Mark

Mark C. Vohr, Esq.
Ohana Fiduciary Corp.
Ohana Financial Services
A Washington Trust Company
Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com      www.ohanafc.com

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<https://urldefense.proofpoint.com/v2/url?u=https-3A__app.leg.wa.gov_RCW_default.aspx-3Fcite-3D11.114.200&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=K1mLMC1eFjwfeeMM-AC6zQ&m=7raQ6vG_TsIwOIYbBOmvKhDfebWUaCsFPjKtDIIDbhE&s=dfm8gs-Z7oU92X_x48TTgolIaDlSNztD-u56YqPtnQ4&e=> 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<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.skagitlaw.com_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=K1mLMC1eFjwfeeMM-AC6zQ&m=7raQ6vG_TsIwOIYbBOmvKhDfebWUaCsFPjKtDIIDbhE&s=b4GmxGvxY8WFe7Ss-4ZPis_2UizwLqoT8zt81X1QYJw&e=>


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