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<font face="Times New Roman, Times, serif">The rationale is not just
for tax purposes, but for sharing in the payment of creditor
claims and costs of administration.</font><br>
<div class="col-csm-6 col-csm-pull-6">
<h4>RCW 11.18.200</h4>
</div>
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<div class="col-csm-12">
<h4>Liability of beneficiary of nonprobate asset—Abatement.</h4>
</div>
</div>
<div style="text-indent:0.25in;margin-left:0in;">(1) Unless
expressly exempted by statute, a beneficiary of a nonprobate asset
that was subject to satisfaction of the decedent's general
liabilities immediately before the decedent's death takes the
asset subject to liabilities, claims, estate taxes, and the fair
share of expenses of administration reasonably incurred by the
personal representative in the transfer of or administration upon
the asset. The beneficiary of such an asset is liable to account
to the personal representative to the extent necessary to satisfy
liabilities, claims, the asset's fair share of expenses of
administration, and the asset's share of any applicable estate
taxes under chapter <a
href="http://app.leg.wa.gov/RCW/default.aspx?cite=83.110A"
class="ui-link">83.110A</a> RCW. Before making demand that a
beneficiary of a nonprobate asset account to the personal
representative, the personal representative must give notice to
the beneficiary, in the manner provided in chapter <a
href="http://app.leg.wa.gov/RCW/default.aspx?cite=11.96A"
class="ui-link">11.96A</a> RCW, that the beneficiary is liable
to account under this section.<br>
<br>
<br>
Doug Schafer<br>
<br>
</div>
<div class="moz-cite-prefix">On 1/2/2018 3:10 PM, Douglas Bratt
wrote:<br>
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<p class="MsoNormal"><span style="color:#1F497D">Happy New Year,
everyone!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">The ultimate
rationale behind the PR being able to acquire this info is,
of course, related to issues of determining the size of an
estate for estate tax or inheritance tax purposes. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Without this
key info, PR will not be able to carry through his/her
responsibility for dealing with death-related taxes
(especially if the estate is “on the cusp” of being large
enough to trigger the requirement of a tax filing.) It is
on this basis that we are often able to get info from
insurance companies about the size of a policy and (usually)
the beneficiary.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Since, I
presume, you already have a probate started, it should not
be difficult to obtain the court order that Key Bank is
insisting on, simply on the basis of the PR’s
responsibilities just discussed.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">One could stand
on principle and insist that PR should be able to get this
info without the formality of either a subpoena or a court
order, but I would think you are an ex parte appearance away
from getting the very court order the bank is insisting on.
I would not waste a whole lot of time worrying about how the
bank is being unreasonable or even acting in (possibly) an
unlawful manner.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">In addition, I
doubt that the bank’s preference is to hold onto the funds
and let them go to the state after x number of years. It
costs banks money to keep inactive accounts going, from what
my banker friends have told me.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Good luck.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Regards,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Doug Bratt<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #B5C4DF
1.0pt;padding:3.0pt 0in 0in 0in">
<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"">
<a class="moz-txt-link-abbreviated" href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>
[<a class="moz-txt-link-freetext" href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>] <b>On Behalf
Of </b>Erin Fairley<br>
<b>Sent:</b> Tuesday, January 02, 2018 2:31 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Subpoena for bank to reveal
name of beneficiary??<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Here’s my first vexing problem of 2018: <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Elderly decedent dies leaving many CDs at
multiple banks in Seattle. Sole surviving sibling and only
beneficiary under will (and executor) is named as beneficiary
on all CDs except for one held at Key Bank. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">We have no idea who the beneficiary could
be. Key Bank will not tell me or executor who the beneficiary
is. There policy is that beneficiary must come in and
identify themselves. My statement: but, if B does not know,
then how can B claim the funds. Sounds like Key Bank would
hold the funds for 5 years and escheat. Key Bank does not
reach out to named beneficiaries even though bank knows that
account holder is deceased. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Key Bank says I need court order to reveal
beneficiary. What say you, oh wise ones? <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal"><b><span style="color:black">Erin Fairley</span></b><span
style="color:black"> / Attorney<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"><a
href="mailto:erin@leschilaw.com" moz-do-not-send="true">erin@leschilaw.com</a> / (206)
353-4625<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="color:black">Leschi Law,
PLLC</span></b><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black">121 Lakeside
Avenue, Suite B Seattle, WA 98122<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"><a
href="http://www.leschilaw.com/" moz-do-not-send="true">www.leschilaw.com</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="color:black">-- <o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div style="border:none;border-top:solid #B5C4DF
1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span
style="font-size:12.0pt;color:black">From: </span></b><span
style="font-size:12.0pt;color:black"><<a
href="mailto:wsbapt-bounces@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt-bounces@lists.wsbarppt.com</a>>
on behalf of Eden Rubenstein Toner <<a
href="mailto:attorneytoner@earthlink.net"
moz-do-not-send="true">attorneytoner@earthlink.net</a>><br>
<b>Reply-To: </b>WSBA Probate & Trust Listserv <<a
href="mailto:wsbapt@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt@lists.wsbarppt.com</a>><br>
<b>Date: </b>Friday, December 29, 2017 at 11:02 AM<br>
<b>To: </b>'WSBA Probate & Trust Listserv' <<a
href="mailto:wsbapt@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject: </b>Re: [WSBAPT] Stepped-up basis for Credit
Shelter Trust with General Power of Appt.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<p class="MsoNormal"><span style="color:#1F497D">Ronda—I have
not used POA’s extensively, so others may have better info.
But, if you don’t need to protect from estate tax, then you
could use a marital trust instead of a credit shelter. Call
me if you’d like to discuss.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">Eden</span><o:p></o:p></p>
<p class="MsoNormal"><i><span
style="font-size:12.0pt;font-family:"Andalus","serif";color:black;border:none
windowtext 1.0pt;padding:0in">Eden Rubenstein Toner</span></i><o:p></o:p></p>
<p class="MsoNormal"><i><span
style="font-size:10.0pt;font-family:"Andalus","serif";color:black;border:none
windowtext 1.0pt;padding:0in">Attorney at Law</span></i><o:p></o:p></p>
<p class="MsoNormal"><i><span
style="font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none
windowtext 1.0pt;padding:0in">1600-B SW Dash Point Road,
#163</span></i><o:p></o:p></p>
<p class="MsoNormal"><i><span
style="font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none
windowtext 1.0pt;padding:0in">Federal Way, WA 98023</span></i><o:p></o:p></p>
<p class="MsoNormal"><i><span
style="font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none
windowtext 1.0pt;padding:0in">phone 206-953-4485</span></i><o:p></o:p></p>
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windowtext 1.0pt;padding:0in"> IMPORTANT: This e-mail
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<p class="MsoNormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
<div>
<div style="border:none;border-top:solid #B5C4DF
1.0pt;padding:3.0pt 0in 0in 0in">
<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"">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt-bounces@lists.wsbarppt.com</a>
[<a href="mailto:wsbapt-bounces@lists.wsbarppt.com"
moz-do-not-send="true">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Chris Moore<br>
<b>Sent:</b> Friday, December 29, 2017 10:32 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Stepped-up basis for Credit
Shelter Trust with General Power of Appt.</span><o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">Thank you for
this question. I am interested in any comments as well.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">I am assuming
your desire for a step-up in basis is for the Washington
Estate Tax credit shelter trust since a CST is not needed
for federal purposes due to portability. When I have tried
to think of a way to get stepped up basis on a WA credit
shelter trust I have always come back to the premise that in
order to obtain a step-up the assets must pass through the
estate of the decedent. However, for WA estate tax
purposes, if the assets pass through the survivor’s estate,
then, you have defeated the purpose of the credit shelter
trust for WA estate tax purposes. Perhaps there are ways to
accomplish this, but simplicity will certainly be lost.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">The only simple
way I can see to resolve this problem is for the WA
legislature to adopt portability.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Sincerely,</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><b><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#3333FF"><br>
</span></b><b><span
style="font-size:13.5pt;font-family:"Lucida
Handwriting";color:#3333FF">Chris J. Moore</span></b><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Christopher
J. Moore, JD, CPA (Inactive), AEP<sup>®</sup>, EPLS*</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Creason,
Moore, Dokken & Geidl, PLLC</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Lawyers</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">1219
Idaho Street, POB 835</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Lewiston,
Idaho 83501-0835</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Phone:
208-743-1516; Fax: 208-746-2231</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">Website: </span><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif";color:#1F497D"><a
href="http://www.cmd-law.com/" target="_blank"
moz-do-not-send="true"><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#1155CC">www.cmd-law.com</span></a></span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
<br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">*Certified
as an Estate Planning Law Specialist by the Estate Law
Specialist Board, Inc., the only estate planning
certification entity approved by both the American Bar
Association and the Idaho State Bar Association.</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#500050">_______________________________________________</span><span
style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#500050"><br>
</span><b><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#17365D">--
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</span><span
style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#17365D">~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
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<div style="border:none;border-top:solid #E1E1E1
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<p class="MsoNormal"><b>From:</b> <a
href="mailto:wsbapt-bounces@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt-bounces@lists.wsbarppt.com</a>
[mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Ronda Larson<br>
<b>Sent:</b> Thursday, December 28, 2017 4:22 PM<br>
<b>To:</b> <a href="mailto:wsbapt@lists.wsbarppt.com"
moz-do-not-send="true">wsbapt@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBAPT] Stepped-up basis for Credit
Shelter Trust with General Power of Appt.<o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif"">Listmates,</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif"">I am seeking feedback from
seasoned tax savvy estate planners. Clients are a blended
family but do not have a taxable estate. I would like the
clients to get a step up in basis on property that will be
put in a testamentary credit shelter trust. My plan is to
add language giving a formula testamentary general power of
appointment with ordering rules and non-adverse party
consent. Thus, the surviving spouse can appoint to his or
her estate’s creditors (and, I plan to also include power to
appoint to the trustor’s then-living descendants, unless the
client says otherwise), but the power is limited to assets
with the greatest appreciation (and excludes IRA/Retirement
plans), and to exercise the power, the spouse must have
consent of a non-adverse party. </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif"">In cases where there is a
potentially taxable estate, I plan to add a capping rule,
thus limiting the power to appoint to the fraction or
percentage that doesn’t trigger estate taxes.</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif"">Is there anything about
Washington state law that I am not accounting for in this
scheme? Any other thoughts you have regarding this issue? I
just want to cover my bases by putting it out here for
input.</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif"">Thanks.</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman","serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:20.0pt;font-family:"Brush Script
MT"">Ronda Larson</span><o:p></o:p></p>
<p class="MsoNormal"><b><span
style="font-size:16.0pt;font-family:"Baskerville Old
Face","serif";color:black">Larson Law, PLLC</span></b><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Baskerville Old
Face","serif";color:#767171">1700 Cooper
Point Rd SW, Bldg A3</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Baskerville Old
Face","serif";color:#767171">Olympia WA 98502</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Baskerville Old
Face","serif";color:#767171">Ph: 360-259-3076</span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Baskerville Old
Face","serif""><a
href="mailto:ronda@larsonlawpllc.com"
moz-do-not-send="true">ronda@larsonlawpllc.com</a></span><o:p></o:p></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Baskerville Old
Face","serif""><a
href="http://www.larsonlawpllc.com/"
moz-do-not-send="true">www.larsonlawpllc.com</a> </span><o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
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