[WSBAPT] Disclaiming CS Accounts?

[Corrie Bosman]

I am working with a client who lost her partner of 40 years (they were never married). His Will, in which client is named as executor, makes $1 million in specific gifts (to 6 individuals) HOWEVER he has no probate assets in that everything he owned was jointly titled or transferred via beneficiary designation to my client. His estate is about $5.5 million of which $800K (50%) is the value of the home which transferred via JTWRS and that my client wishes to keep, and the remainder is in Charles Schwab accounts ($700K in an IRA and the remaining in brokerage accounts.) My client wants to honor the decedent's wishes as to the gifts, but I am unsure how to do this without tax implications for my client as I believe we would need to transfer the CS funds to her and have her make the gifts and deal with filing gift tax returns. Is there a way for her to disclaim $1 million from the CS accounts to make the gifts? Has anyone done something like this with CS or a similar institution that may be willing to chat with me or have other suggestions on how to best approach this?

Thanks!

Law Office of Corrie J. Bosman, PLLC
Serving clientele in Alaska and Washington

P.O. Box 1745
Port Townsend, WA 98368

AK Phone: (907) 747-1060
WA Phone: (360) 316-1669

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