[WSBAPT] Medallion Signature Guarantee

[Joshua McKarcher]

Try another bank. Even here in the Lewiston-Clarkston Valley I have 5+ choices of banks that will do medallion stamp guarantees. You may have to call around a bit, but you may find one that is a touch more reasonable.

Or, if the investment company is one that has branches or offices – only in Big Fancy Cities Like Seattle, but offices nonetheless 😉 – then consider having the client go visit the investment company’s office to resolve the account without the medallion stamp guarantee.

If all else fails, consider leaning on the investment company itself as the holder of the asset – especially if this is less than $100k – to turn over the account in reliance on the small estate affidavit, by citing the statute and the release of liability provided them, etc. etc. If they are simply retitling it in a “confirmable spouse’s name and SSN” then there really should be very little for them to worry much about (as distinct from writing a $75k cashier’s check and mailing it to someone they “hope” is the spouse).

Hope one of those helps! Best, Josh

Joshua D. McKarcher
McKarcher Law PLLC
537 6th Street
Clarkston, WA 99403
(509) 758-3345
(509) 758-3314 (fax)
josh at mckarcherlaw.com<mailto:josh at mckarcherlaw.com>
www.mckarcherlaw.com<http://www.mckarcherlaw.com>

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Thomas Fiscus
Sent: Friday, May 6, 2022 4:23 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Medallion Signature Guarantee

Hi Listmates -

Client's husband had a separate account with an investment company.  There was no beneficiary designation but there is a procedure for a transfer of the account to the spouse.  The catch is that even though this is a small estate and the spouse has completed a small estate affidavit, the investment company requires a Medallion Signature Guarantee, which can only be gotten through a participating bank.  Key Bank is a participating bank, but refuses to accept the Small Estate Affidavit as sufficient evidence that the spouse is a valid claiming successor.  The bank, despite having had the spouse as a customer for 20+ years, wants some of court order.  The cost of a probate (to get Letters Testamentary) would practically make it useless to make the claim.  Is anyone aware of a way to get an Order from the court in a Small Estate process that says she's a proper claiming successor?  The Bank claims the statutory provisions about the obligations of a holder to honor the Affidavit don't apply to it because it isn't actually a holder of the asset.  Ideas appreciated.

Thanks
Tom

Law Office of Thomas J. Fiscus
Box 1167
Eastsound, WA 98245
Ph 360-376-3988
WSBA # 44741

The contents of this e-mail and its attachments are intended solely for the addressee(s).  In addition, this e-mail transmission may be confidential and may be subject to privilege protecting communications between attorneys and clients.  If you are not the named addressee, or if this message has been addressed to you in error, you are directed not to read, disclose, reproduce, distribute, disseminate or otherwise use this transmission.  Delivery of this message to any person other than the intended recipient(s) is not intended in any way to waive privilege or confidentiality.  If you have received this transmission in error, please alert the sender by reply e-mail.  Treasury Circular 230 requires that we inform you that any statements regarding tax matters made herein, including attachments, cannot be relied upon for the purpose of avoiding tax penalties, and such statements are not intended to be used or referred to in any marketing or promotional materials

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220506/bc3bde6b/attachment.html>