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

[Laura Latta]

Yes, Amy, I agree a non-spouse beneficiary cannot disclaim and then be a
beneficiary of the same asset under the will. Thank you for that reminder
and also for your thoughts on TEDRA and the contrary intent language in RCW
32A.22.090. That’s helpful.


*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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On Thu, Nov 7, 2024 at 1:34 PM Lewis, Amy C. <ALewis at eisenhowerlaw.com>
wrote:

> Laura,
>
>
>
>               Keep in mind that a non-spouse beneficiary cannot disclaim
> their interest in an account as JTWROS and then receive an interest in the
> same asset as a beneficiary under the Will.
>
>
>
> We have done TEDRA agreements relying on this language in RCW
> 30A.22.090(2):  “or there is clear and convincing evidence of a contrary
> intent at the time the account was created.”  We have not reported gifts in
> these cases, but have never had a case where the IRS has reviewed this
> outcome.
>
>
>
> Amy Lewis, Attorney
> Pronouns she/her/hers
>
> 909 A Street, Suite 600 | Tacoma, WA 98402
> phone 253.572.4500 | fax 253.272.5732 | www.eisenhowerlaw.com
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Laura Latta
> *Sent:* Wednesday, November 6, 2024 10:21 PM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] Disclaimer of Funds in a Joint Bank Account with
> Rights of Survivorship
>
>
>
> 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 Latta Law Office of Laura Latta PLLC*
>
> she/her
>
>
> <https://www.google.com/maps/search/4010+Lake+Washington+Blvd.+NE+Ste.+202+%0D%0A+%0D%0A+Kirkland,+WA+98033?entry=gmail&source=g>Phone (206)
> 841-2344
>
> <https://www.google.com/maps/search/4010+Lake+Washington+Blvd.+NE+Ste.+202+%0D%0A+%0D%0A+Kirkland,+WA+98033?entry=gmail&source=g>
>
> www.LauraLatta.com
>
> 4010 Lake Washington Blvd. NE Ste. 202
> <https://www.google.com/maps/search/4010+Lake+Washington+Blvd.+NE+Ste.+202+%0D%0A+%0D%0A+Kirkland,+WA+98033?entry=gmail&source=g>
>
> Kirkland, WA 98033
> <https://www.google.com/maps/search/4010+Lake+Washington+Blvd.+NE+Ste.+202+%0D%0A+%0D%0A+Kirkland,+WA+98033?entry=gmail&source=g>
>
>
>
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