[WSBAPT] Disclaimer of Funds in a Joint Bank Account with Rights of Survivorship

[Laura Latta]

Listmates,

In a joint account with rights of survivorship (where the parties are not
spouses) and the Decedent has contributed *all* the assets of the account,
can the surviving joint owner disclaim the assets of the account so that
the assets are distributed under the Decedent's will (assuming no POD)
without gift tax implications?

My reading of RCW 30A22.090
<https://app.leg.wa.gov/rcw/default.aspx?cite=30A.22.090> indicates that if
the account only holds assets originating from the one account holder, then
during the account holder's life, the other account holder does not "own"
the assets.

If so, would it be accurate to say that the "transfer creating the
interest" happens on the death of the decedent and a qualified disclaimer
would still be available within 9 months of the decedent's death?

If a qualified disclaimer is properly executed, do the account assets then
belong to the estate (assuming no POD) under RCW 30A.22.100
<https://app.leg.wa.gov/rcw/default.aspx?cite=30A.22.100>?

What other solutions have you used to redistribute joint account assets
where all parties agree the decedent's intent was for the account to be
distributed to the will beneficiaries rather than the surviving owner? Am I
right that a TEDRA agreement would likely result in gift tax returns
needing to be filed because the parties are cooperating? Or could the
discrepancy between the joint account and the decedent's intent be a bona
fide dispute even where the parties are working amicably to sort it out?

All thoughts and ideas are welcome.

Warmly,
Laura


*Laura LattaLaw Office of Laura Latta PLLC*

she/her

Phone (206) 841-2344

www.LauraLatta.com

4010 Lake Washington Blvd. NE Ste. 202

Kirkland, WA 98033



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