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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Why not consider naming the grandchildren as the contingent beneficiaries, but designating a custodian under the Uniform Transfers to Minors Act? Under RCW
11.114.200, you can elect to extend the custodianship until a beneficiary is 25. It’s not customizable like a trust, but you avoid the income tax problems associated with putting retirement accounts into trust.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Jared<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy">Jared E. Adams, JD, LL.M.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy"> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy">Condie & Adams, PLLC<br>
611 4th Avenue, Suite A<br>
Kirkland, WA 98033<br>
(voice): (425) 450-1040 <br>
(fax): (425) 450-1041<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy">(email):
</span><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><a href="mailto:jared@condieadams.com"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:blue">jared@condieadams.com</span></a></span><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Courier New";color:navy">Unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be
used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy">PLEASE READ THIS ENTIRE DISCLAIMER</span></b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy">
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:navy">This message is from the Law Office of CONDIE & ADAMS, PLLC, and is intended only for the addressee. The information contained in this message is privileged, confidential,
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Derek Jensen<br>
<b>Sent:</b> Tuesday, August 23, 2016 1:23 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] IRA to Beneficiaries of a Descendant's Trust (Beneficiary Language for Plan Administrator)<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><a name="_MailEndCompose"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">David,<o:p></o:p></span></a></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Natalie Choate has a whole host of beneficiary designation forms (one of which may meet your needs) and related discussions in her book. You can know subscribe to a digital
version of her book, “Life and Death Planning for Retirement Benefits” for $9/ month on a month to month basis from her web site
</span><a href="https://www.ataxplan.com/"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">https://www.ataxplan.com/</span></a><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Also, since so many income bad tax results can happen with a distribution plan like you have described, be aware of the accumulation trust issues for naming the trust as
a designated beneficiary. It would be terrible to get stuck with a 5 year distribution requirement and a tax rate of 39.6% on everything over $12,000 or so a year.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:#984806">Sincerely,</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:#1F497D"> </span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:14.0pt;font-family:"Helvetica","sans-serif";color:#984806">Derek W. Jensen,
</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:#984806">JD, LLM</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:#984806">Managing Attorney</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:#1F497D"> </span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#17365D"><img border="0" width="191" height="63" id="yiv2260976817Picture_x0020_1" src="cid:image001.png@01D1FD72.64BDE280" alt="New Logo.tif"></span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Jensen Law Office, PLLC</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">1833 N 105<sup>th</sup> St., Suite 301</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Seattle, WA 98133</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Tel: 206-</span><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#990000">547</span><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">-1412</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Fax: (206)
</span><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#990000">770-6524</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Everett, Washington
</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Tel: (425) 374-1712</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">8201 164th Ave NE, Suite 200</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Redmond, WA 98052</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Tel: (425) 698-2214</span><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:maroon">Find us on the web at:
</span><a href="http://www.jensenestatelaw.com/" target="_blank"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:blue">www.jensenestatelaw.com</span></a><span style="font-size:11.0pt;font-family:"Helvetica","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-size:8.0pt;font-family:"Helvetica","sans-serif";color:maroon">NOTICE: This e-mail message and all attachments transmitted with it may contain legally privileged and confidential information intended
solely for the use of the addressee. If you are not the intended recipient, you are hereby notified that any reading, dissemination, distribution, copying, or other use of this message or its attachments is strictly prohibited. If you have received this
message in error, please notify the sender immediately by electronic mail or by telephone (206) 547-1412 and delete this message and any copies or backups. Thank you.</span><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>David Faber<br>
<b>Sent:</b> Tuesday, August 23, 2016 12:18 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] IRA to Beneficiaries of a Descendant's Trust (Beneficiary Language for Plan Administrator)<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">WSBAPT List:<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">I am working with an unmarried client who just lost one or their two children, which has left them dwelling on the "what ifs" of losing their other child. The bulk of the client's assets are held in IRA and they are still working. The client
has named their surviving child as the first contingent beneficiary of the IRA and wants their grandchildren to be the beneficiaries if their surviving child predeceases. The complicating factor is that the client does not want the grandkids (who are all quite
young--not even school-age yet) receiving a large supply of money before they can learn the value of money and instead only wants the kids to receive the money upon reaching the age of thirty. I believe I have amended the client's trust with sufficient language
to allow the Trustee to administer the IRA, but I want to make sure I'm providing proper language to the plan administrator. Does anyone have example language that they provide the client to send to their plan administrator for this purpose that they would
be willing to share?<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">Best,<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">David J. Faber<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">Faber Feinson PLLC<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">210 Polk Street, Suite 1<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">Port Townsend, WA 98368<br>
(360) 379-4110<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
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