<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]-->
<title>"Disclaimer" of POD and TOD Designation</title>
<style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
span.EmailStyle19
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="blue" vlink="purple" style="word-wrap:break-word">
<div class="WordSection1">
<p class="MsoNormal">I had a life insurance case once in which the contract passed the proceeds to the ‘next of kin’; so the choice of law provision became very important.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal">Roger Hawkes, WSBA # 5173
<o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:14.0pt">Shoreline</span></i> Office: 19944 Ballinger Way NE<o:p></o:p></p>
<p class="MsoNormal"> Shoreline, WA 98155<o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:14.0pt">Sultan</span></i> Office: 423 Main<o:p></o:p></p>
<p class="MsoNormal"> Sultan, WA 98294<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Phone: 206 367 5000; fax: 206 367 4005<o:p></o:p></p>
<p class="MsoNormal">Email: <a href="mailto:roger@law-hawks.com"><span style="color:#0563C1">roger@law-hawks.com</span></a>
<o:p></o:p></p>
<p class="MsoNormal">Web site: <a href="http://www.hawkeslawfirm.com/"><span style="color:#0563C1">www.hawkeslawfirm.com</span></a><o:p></o:p></p>
<p class="MsoNormal"><img border="0" width="112" height="160" style="width:1.1666in;height:1.6666in" id="Picture_x0020_2" src="cid:image001.jpg@01D778C1.80FEC340"><o:p></o:p></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Doug Schafer<br>
<b>Sent:</b> Wednesday, July 14, 2021 11:28 AM<br>
<b>To:</b> Elder Law Section listserv <elder-law-section@list.wsba.org>; WSBA RPPT Probate & Trust Discussion Forum <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Fwd: [elder-law-section] "Disclaimer" of POD and TOD Designation<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal">The terms of the customer account or insurance policy almost certainly would provide that absent a named beneficiary, the funds would pass to the estate of the deceased account/policy owner. So it the bank, investment firm, or insurer recognizes
the beneficiary's disclaimer, then the funds would pass to the decedemt's estate.<br>
<br>
Doug Schafer, in Tacoma<br>
<br>
-------- Forwarded Message -------- <o:p></o:p></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td nowrap="" valign="top" style="padding:0in 0in 0in 0in">
<p class="MsoNormal" align="right" style="text-align:right"><b>Subject: <o:p></o:p></b></p>
</td>
<td style="padding:0in 0in 0in 0in">
<p class="MsoNormal">Re: [elder-law-section] "Disclaimer" of POD and TOD Designation<o:p></o:p></p>
</td>
</tr>
<tr>
<td nowrap="" valign="top" style="padding:0in 0in 0in 0in">
<p class="MsoNormal" align="right" style="text-align:right"><b>Date: <o:p></o:p></b></p>
</td>
<td style="padding:0in 0in 0in 0in">
<p class="MsoNormal">Wed, 14 Jul 2021 11:21:01 -0700<o:p></o:p></p>
</td>
</tr>
<tr>
<td nowrap="" valign="top" style="padding:0in 0in 0in 0in">
<p class="MsoNormal" align="right" style="text-align:right"><b>From: <o:p></o:p></b></p>
</td>
<td style="padding:0in 0in 0in 0in">
<p class="MsoNormal">Schafer <a href="mailto:schafer@pobox.com"><schafer@pobox.com></a><o:p></o:p></p>
</td>
</tr>
<tr>
<td nowrap="" valign="top" style="padding:0in 0in 0in 0in">
<p class="MsoNormal" align="right" style="text-align:right"><b>Reply-To: <o:p></o:p></b></p>
</td>
<td style="padding:0in 0in 0in 0in">
<p class="MsoNormal">Doug Schafer <a href="mailto:schafer@pobox.com"><schafer@pobox.com></a><o:p></o:p></p>
</td>
</tr>
<tr>
<td nowrap="" valign="top" style="padding:0in 0in 0in 0in">
<p class="MsoNormal" align="right" style="text-align:right"><b>To: <o:p></o:p></b></p>
</td>
<td style="padding:0in 0in 0in 0in">
<p class="MsoNormal">Elder Law Section <a href="mailto:elder-law-section@list.wsba.org">
<elder-law-section@list.wsba.org></a><o:p></o:p></p>
</td>
</tr>
</tbody>
</table>
<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
<span style="font-family:"Times New Roman",serif">Issue 1: would the disclaimer be a fraudulent transfer (fraud on a creditor)? Perhaps not. See 9th Circuit opinion:<br>
<a href="https://www.centraldistrictinsider.com/2019/12/08/disclaimer-of-inheritance-not-a-fraudulent-transfer-under-section-548-but/">https://www.centraldistrictinsider.com/2019/12/08/disclaimer-of-inheritance-not-a-fraudulent-transfer-under-section-548-but/</a><br>
<br>
Issue 2: would the disclaimer that results in the disclaimant receiving/benefiting from the disclaimed funds be a "qualified disclaimer"? Likely not, but are there any actual tax issues of consequence?<br>
<br>
Doug Schafer, in Tacoma.</span><o:p></o:p></p>
<div>
<p class="MsoNormal">On 7/14/2021 11:06, Jim Dolan wrote:<o:p></o:p></p>
</div>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p>Colleagues:<o:p></o:p></p>
<p>Personal Representative of Mom’s estate has a question: if the TOD/POD Beneficiary of a bank or investment account or life insurance policy refuses to accept the funds, and there is no secondary Beneficiary, does the money then go to the estate, or will
the money sit in the account indefinitely (or get sent to DOR unclaimed funds)? <o:p>
</o:p></p>
<p>But wait . . . there’s more. The Beneficiary who wants to “disclaim” the TOD/POD funds also is the Beneficiary of a testamentary Spendthrift Trust in deceased Mom’s LWT, evidently put into her LWT so Beneficiary son would not be exposed to creditors from
a long ago hospitalization (current debt $40K). In other words, can he refuse the funds outright to force them to go through the estate in order to take advantage of the Spendthrift Trust? The backstory is that Mom purportedly clearly wanted to have her
assets distributed to the Spendthrift Trust, but failed to change her Beneficiary designations on her accounts.<o:p></o:p></p>
<p>Thanks for your thoughts.<o:p></o:p></p>
<p>Jim Dolan<o:p></o:p></p>
<p><span style="color:#1F497D">===================</span><o:p></o:p></p>
<p><b><span style="color:#1F497D">Jones Butler Dolan, PS</span></b><o:p></o:p></p>
<p><a href="http://www.jbdolan.com">www.jbdolan.com</a><o:p></o:p></p>
<p><a href="http://www.jonesbutlerdolan.com">www.jonesbutlerdolan.com</a><o:p></o:p></p>
<p><u><span style="color:#1F497D">Mount Vernon</span></u><o:p></o:p></p>
<p><span style="color:#1F497D">P.O. Box 2784</span><o:p></o:p></p>
<p><span style="color:#1F497D">415 Pine Street </span><o:p></o:p></p>
<p><span style="color:#1F497D">Mount Vernon, WA 98273</span><o:p></o:p></p>
<p><span style="color:#1F497D">Telephone: 360-336-2939</span><o:p></o:p></p>
<p><span style="color:#1F497D">Facsimile: 360-336-2949</span><o:p></o:p></p>
<p><u><span style="color:#1F497D">Stanwood</span></u><o:p></o:p></p>
<p><span style="color:#1F497D">P.O. Box 458</span><o:p></o:p></p>
<p><span style="color:#1F497D">10027 - 269th Place NW (SR 532)</span><o:p></o:p></p>
<p><span style="color:#1F497D">Stanwood, WA 98292</span><o:p></o:p></p>
<p><span style="color:#1F497D">Telephone: 360-629-3833</span><o:p></o:p></p>
<p><span style="color:#1F497D">Facsimile: 360-629-6253</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p>---<o:p></o:p></p>
<p>You are currently subscribed to elder-law-section as: <a href="mailto:schafer@pobox.com">schafer@pobox.com</a>. <o:p></o:p></p>
<p>To receive the Daily Digest format, send an email to: <a href="mailto:digest-elder-law-section@list.wsba.org">
digest-elder-law-section@list.wsba.org</a>.<o:p></o:p></p>
<p>If you wish to unsubscribe, please contact the <a href="mailto:sections@wsba.org?subject=Unsubscribe%20from%20Elder%20Law%20List%20Serve">WSBA List Administrator</a>.<o:p></o:p></p>
<p><b><span style="color:green">---</span></b><o:p></o:p></p>
</blockquote>
<p class="MsoNormal"><o:p> </o:p></p>
<div id="DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2">
<p class="MsoNormal"><o:p> </o:p></p>
<table class="MsoNormalTable" border="1" cellspacing="3" cellpadding="0" style="border:none;border-top:solid #D3D4DE 1.0pt">
<tbody>
<tr>
<td width="55" style="width:41.25pt;border:none;padding:9.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><a href="http://www.avg.com/email-signature?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=emailclient" target="_blank"><span style="text-decoration:none"><img border="0" width="46" height="29" style="width:.4791in;height:.3055in" id="_x0000_i1025" src="https://ipmcdn.avast.com/images/icons/icon-envelope-tick-green-avg-v1.png"></span></a><o:p></o:p></p>
</td>
<td width="470" style="width:352.5pt;border:none;padding:9.0pt .75pt .75pt .75pt">
<p class="MsoNormal" style="line-height:13.5pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#41424E">Virus-free.
<a href="http://www.avg.com/email-signature?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=emailclient" target="_blank">
<span style="color:#4453EA">www.avg.com</span></a> <o:p></o:p></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p>---<o:p></o:p></p>
<p>You are currently subscribed to elder-law-section as: <a href="mailto:schafer@pobox.com">schafer@pobox.com</a>. <o:p></o:p></p>
<p>To receive the Daily Digest format, send an email to: <a href="mailto:digest-elder-law-section@list.wsba.org">
digest-elder-law-section@list.wsba.org</a>.<o:p></o:p></p>
<p>If you wish to unsubscribe, please contact the <a href="mailto:sections@wsba.org?subject=Unsubscribe%20from%20Elder%20Law%20List%20Serve">WSBA List Administrator</a>.<o:p></o:p></p>
<p><b><span style="color:green">---</span></b><o:p></o:p></p>
</div>
</div>
</body>
</html>