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<p class="MsoNormal"><span style="font-size:12.0pt">I agree with Phil’s analysis, if son can simply close the joint account and deposit to the estate account, that should be sufficient. If that is not possible, or son has already retitled in his own name, that
is complicated, but he could easily disclaim $X of the probate assets to equalize.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Also, if you do a disclaimer, it shouldn’t be a disclaimer of 50% of the account, but 100% of the survivorship element of the account, such that the full proceeds will be distributed according to the Will.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Heather<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Vladimir Script";color:#1F497D">Heather S. de Vrieze</span><b><span style="font-size:16.0pt;color:#1F497D"><br>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Philip N. Jones<br>
<b>Sent:</b> Friday, March 26, 2021 12:12 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Qualified Disclaimer<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">I don’t think that a disclaimer is necessary. Nor is a gift necessary. There is case law indicating that the IRS and/or the courts are willing to recognize convenience
accounts (or nominee accounts), in which Mom put Son on the account merely to let him pay her bills with her money, with any balance at death to be divided by Son among all of his siblings.
<i>Chrysler</i>, 361 F.2d 508 (2d Cir. 1966). The regs also support this concept. Reg. 25.2511-1(g)(1) and 25.2511-2. As a result, Son does not make a gift when he follows Mom's intent. I would treat the account as a probate asset, or have Son close the
account and deposit the funds to an estate account. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Phil Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Portland OR<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Philip N. Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Duffy Kekel LLP<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><a href="mailto:pjones@duffykekel.com">pjones@duffykekel.com</a><o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>JOYCE SCHWENSEN<br>
<b>Sent:</b> Friday, March 26, 2021 11:47 AM<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] Qualified Disclaimer<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Dear colleagues,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Can anyone offer me some guidance on preparation of a qualified disclaimer? Parent made one adult child a joint owner of parent’s bank account as a convenience. Parent has died and the Will leaves everything to all children. The child
on the joint account understands they own those funds now, but wants to share the funds with their siblings. There are tax reasons for disclaiming rather than gifting the account. But is the inheritance to be disclaimed only a 50% interest in the account?
Or can the disclaimer cover 100% of the funds in the formerly joint account? Any help would be appreciated.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thank you, Joyce<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Garamond",serif;color:navy">Law Office of Joyce S. Schwensen</span></b><o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Garamond",serif;color:navy">Joyce S. Schwensen</span></b><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Garamond",serif;color:navy">12055 15<sup>th</sup> Ave NE</span><span style="font-size:12.0pt;color:navy"><br>
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<br>
</span><span style="font-size:12.0pt;font-family:"Garamond",serif;color:navy">Tel: (206) 367-1065</span><o:p></o:p></p>
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</span><a href="mailto:Joyce@SchwensenLaw.com" target="_blank"><span style="font-size:12.0pt;font-family:"Garamond",serif;color:navy">Joyce@SchwensenLaw.com</span></a><o:p></o:p></p>
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