[WSBAPT] Part of the Gross Taxable Estate?

[Philip N. Jones]

I think the PR will have difficulty getting information about the IRA directly from the IRA custodian (the financial institution), since the IRA now belongs to the beneficiaries.  It does not belong to the PR.  The beneficiaries are now the only people to whom the custodian will release information regarding the account.  But perhaps the PR can find a copy of the monthly statement for the month of death and use that statement to prepare the estate tax return without obtaining any additional information from the custodian.
Sone custodians are more lax in this department and will release information, but they really aren’t supposed to.  For example, if the IRA is one of several accounts held on the date of death by the decedent in a master umbrella account, sone financial institutions will give the PR a copy of the entire statement, without stopping to think that the PR doesn’t really own the IRA.  The beneficiaries do.  In Brent’s case, the financial institution disclosed the brokerage account, but not the IRA.  That is exactly how it is supposed to be done. The financial institution did it right.
Phil Jones

Philip N. Jones
Duffy Kekel LLP
Portland, OR
pjones at duffykekel.com
(503) 853-1482 cell

On Oct 4, 2022, at 1:37 AM, Heather de Vrieze <heatherd at westseattlelaw.com> wrote:


Yes, part of GTE.

No, distributing it outside of probate does not remove it from the taxable estate.

Personal Representative should be able to get info, though you might need to send a letter explaining this.

Heather

Heather S. de Vrieze
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Monday, October 3, 2022 5:19 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Part of the Gross Taxable Estate?

Greetings List -

Have a probate where Decedent set up beneficiary for his brokerage and his traditional IRA. The brokerage house disclosed the brokerage distribution but did not disclose the IRA. In a conversation with Executor believe each residual beneficiary received the same amount. If this is true - the estate would surpass the Washington estate tax threshold - if a traditional IRA transferred through beneficiary is counted as part of the GTE.

Simply by distributing outside of probate does not remove it from the gross taxable estate, correct?


Brent Williams-Ruth
Attorney-At-Law

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