<div dir="ltr"><div>Dear Listmates: </div><div><br></div><div>During marriage, a spouse acting as sole trustee of her father's testamentary (credit shelter) trust loaned herself and husband trust substantial monies at a fair market interest rate for a 4 year term. The spouse/trustee is also a beneficiary of the trust. The only other beneficiary (the mother) is incapacitated, and the spouse has power of attorney over her financial matters.   </div><br clear="all"><div><span style="color:rgb(0,0,0);font-family:"lucida sans unicode","lucida grande",sans-serif">RCW 11.98.070 describes the powers of a trustee. Subsection (13) states in part ...."<b>except that no trustee who is a beneficiary of a trust may participate in decisions regarding loans to such beneficiary from the trust and then only to the extent of the loan..</b>."</span><br></div><div><span style="color:rgb(0,0,0);font-family:"lucida sans unicode","lucida grande",sans-serif"><br></span></div><div>The issue is whether the spouse was prevented from loaning herself and her husband the trust monies under this or any other applicable statute or Wa. law. If not, what would be the remedy/legal consequence? </div><div><br></div><div>Thank you in advance for any input. </div><div><br></div><div>-- <br></div><div class="m_5675461318481485932gmail_signature"><div dir="ltr"><div><div dir="ltr" style="font-size:12.8px"><b style="font-size:12.8px;font-family:"times new roman",serif"><span style="font-size:10pt;color:black;letter-spacing:0.75pt">Boaz "Bo" Weintraub</span></b><span style="font-size:12.8px;font-family:"times new roman",serif;background-image:initial;background-repeat:initial"><span style="font-size:10pt;color:black"> </span><span style="letter-spacing:0.75pt"><span style="background-image:initial;background-repeat:initial"> | JD, LL.M. </span></span></span><br></div><div dir="ltr" style="font-size:12.8px"><p style="font-size:12.8px;margin:0in 0in 0.0001pt"><font face="times new roman, serif"><span style="background-image:initial;background-repeat:initial"><span style="letter-spacing:0.75pt"><span style="background-image:initial;background-repeat:initial">Weintraub Law Office, PLLC </span></span></span><span style="font-size:10pt"></span></font></p><p style="font-size:12.8px;margin:0in 0in 0.0001pt"><font face="times new roman, serif" style="font-size:12.8px"><span style="background-image:initial;background-repeat:initial"><span style="background-image:initial;background-repeat:initial"><span style="font-size:10pt;color:gray;letter-spacing:0.75pt">T</span></span><span style="background-image:initial;background-repeat:initial"><span style="font-size:10pt;color:black;letter-spacing:0.75pt"> </span><u><span style="background-image:initial;background-repeat:initial"><span title="Call with Google Voice"><span title="Call with Google Voice"><a href="tel:%28425%29%20374-4045" value="+14253744045" style="color:rgb(17,85,204)" target="_blank">(425) 374-4045</a></span></span></span></u></span></span><span style="background-image:initial;background-repeat:initial"> |  </span><span style="background-image:initial;background-repeat:initial"><span style="font-size:10pt;color:gray;letter-spacing:0.75pt">F</span></span><span style="background-image:initial;background-repeat:initial"><span style="font-size:10pt;color:black;letter-spacing:0.75pt"> </span><u><span style="background-image:initial;background-repeat:initial"><span title="Call with Google Voice"><span title="Call with Google Voice"><a href="tel:%28425%29%20274-7019" value="+14252747019" style="color:rgb(17,85,204)" target="_blank">(425) 274-7019</a></span></span></span></u></span></font><span style="font-size:12.8px;background-image:initial;background-repeat:initial"><font face="times new roman, serif"> </font></span><br></p><p style="font-size:12.8px;margin:0in 0in 0.0001pt"><a href="http://www.weintraub-law.com/" style="color:rgb(17,85,204);letter-spacing:0.75pt;font-family:"san serif",serif" target="_blank">www.weintraub-law.com</a><span style="letter-spacing:0.75pt;color:black;font-family:"san serif",serif">  |  </span><a href="mailto:bw@weintraub-law.com" style="color:rgb(17,85,204);letter-spacing:0.75pt;font-family:"san serif",serif" target="_blank">bw@<wbr>weintraub-law.com</a></p><p style="font-size:12.8px;margin:0in 0in 0.0001pt"><span style="color:rgb(0,0,0);font-family:"times new roman",serif;font-size:13.3333px;letter-spacing:1px">Bellevue Office: 14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006 </span><br></p><p style="font-size:12.8px;margin:0in 0in 0.0001pt"><span style="font-family:"times new roman",serif;font-size:12.8px;background-image:initial;background-repeat:initial"><span style="font-size:10pt;color:black;letter-spacing:0.75pt">Bothell Office: </span></span><span style="font-family:"times new roman",serif;font-size:10pt">19125  Northcreek Parkway, Suite 120, Bothell, Washington  98011</span><br></p></div><div dir="ltr" style="font-size:12.8px"><br></div><div dir="ltr" style="font-size:12.8px"><span style="color:black;font-family:arial,sans-serif;font-size:10pt;line-height:15.3333px">IMPORTANT/CONFIDENTIAL: This e-mail and any attachments may contain confidential information protected by the attorney-client privilege or other privileges, and intended for use only by the intended recipient(s). If you have received this e-mail in error, please do not read, reproduce or distribute the contents, but rather, please immediately notify the sender, delete the e-mail and destroy all copies of the e-mail and any attachments. Unless otherwise expressly stated herein, any advice contained in this e-mail (including any attachments) is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.</span></div><div dir="ltr" style="font-size:12.8px"><span style="color:black;font-family:arial,sans-serif;font-size:10pt;line-height:15.3333px">Thank you.</span></div><div><br></div></div></div></div>
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