[WSBAPT] Joint annuity and estate tax

[Timothy Lehr]

All,

My partner in my firm has a probate/estate tax issue he is looking for guidance on:

Husband and Wife have annuity in both their names.   It appears that it was JTWROS although getting the verifying information from the annuity company has not been easy.    They both had wills that leaves everything to each other (provided the spouse survives by 90 days) and then to the same list of heirs.
Husband passes on 2/4/23.  Wife passes on 3/9/23.  Wife did not place the annuity into her sole name prior to her passing, nor access any of the funds therein.    There was no contingent beneficiary for the annuity.     Probate was started for both H & W of which the annuity is a probate asset.
The issue for estate tax purposes, is whether the annuity is to be split 50/50 between each estate, or is the entire value of the annuity is 100% under the wife's estate - especially in light of the "survive by 90 days" language in Husband's Will.

Thanks in advance for any thoughts.

Tim


Timothy C. Lehr
Attorney & Partner

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p:   360.855.0131
e:   timothy at stileslaw.com<mailto:timothy at stileslaw.com>
w:  www.stileslaw.com<http://www.stileslaw.com/>

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