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<div class="moz-forward-container">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 --------
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<th valign="BASELINE" nowrap="nowrap" align="RIGHT">Subject:
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<td>Re: [elder-law-section] "Disclaimer" of POD and TOD
Designation</td>
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<th valign="BASELINE" nowrap="nowrap" align="RIGHT">Date: </th>
<td>Wed, 14 Jul 2021 11:21:01 -0700</td>
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<th valign="BASELINE" nowrap="nowrap" align="RIGHT">From: </th>
<td>Schafer <a class="moz-txt-link-rfc2396E" href="mailto:schafer@pobox.com"><schafer@pobox.com></a></td>
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<th valign="BASELINE" nowrap="nowrap" align="RIGHT">Reply-To:
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<td>Doug Schafer <a class="moz-txt-link-rfc2396E" href="mailto:schafer@pobox.com"><schafer@pobox.com></a></td>
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<th valign="BASELINE" nowrap="nowrap" align="RIGHT">To: </th>
<td>Elder Law Section
<a class="moz-txt-link-rfc2396E" href="mailto:elder-law-section@list.wsba.org"><elder-law-section@list.wsba.org></a></td>
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<font face="Times New Roman, Times, serif">Issue 1: would the
disclaimer be a fraudulent transfer (fraud on a creditor)?
Perhaps not. See 9th Circuit opinion:<br>
<a class="moz-txt-link-freetext"
href="https://www.centraldistrictinsider.com/2019/12/08/disclaimer-of-inheritance-not-a-fraudulent-transfer-under-section-548-but/"
moz-do-not-send="true">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.<br>
<br>
</font>
<div class="moz-cite-prefix">On 7/14/2021 11:06, Jim Dolan wrote:<br>
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<blockquote type="cite"
cite="mid:LYRIS-19817667-1163750-2021.07.14-11.06.21--schafer%23pobox.com@list.wsba.org">
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<title>"Disclaimer" of POD and TOD Designation</title>
<!-- Converted from text/rtf format -->
<p dir="LTR"><span lang="en-us"><font face="Calibri">Colleagues:</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri">Personal
Rep</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">resentative
of Mom’s estate</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">
has</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">
a</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">
question: if the</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"> <font
face="Calibri">TOD/POD B</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">eneficiary
of a bank or investment account</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">or life insurance policy</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">refuses to accept the
funds</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">,
and there is no secondary Beneficiary, does the money then
go to the estate</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">,
or will the money sit in the account indefinitely (or get
sent to DOR unclaimed funds)</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri">? </font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri">But wait .
. . there’s more. Th</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">e</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">Beneficiary</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">who wants to “disclaim”
the TOD/POD funds also is</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"> <font
face="Calibri">the Beneficiary of a</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">testamentary</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">S</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri">pendthrift</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">T</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri">rust in</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">deceased</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">Mom’s LWT, evidently put
into her LWT so</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"> <font
face="Calibri">Benef</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">iciary</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"> <font face="Calibri">son would not be exposed
to creditors from a long ago hospitalization (current debt
$40K). </font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"> <font
face="Calibri"> In other words, can he</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri"> refuse the funds outright
to force them to go through the estate in order to take
advantage of the Spendthrift Trust</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri">?</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri"> The backstory i</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"><font face="Calibri">s that Mom purportedly
clearly wanted to have her assets distributed to the
Spendthrift Trust</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">,
but failed to change her Beneficiary designations on her
accounts.</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri">Thanks for
your thou</font></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"><font face="Calibri">ghts.</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri">Jim Dolan</font></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">===================</font></span></p>
<p dir="LTR"><b><span lang="en-us"><font face="Calibri"
color="#1F497D">Jones Butler Dolan, PS</font></span></b></p>
<p dir="LTR"><span lang="en-us"></span><a
href="http://www.jbdolan.com" moz-do-not-send="true"><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"></span><u><span lang="en-us"><font
face="Calibri" color="#0000FF">www.jbdolan.com</font></span></u><span
lang="en-us"></span></a><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><u><span
lang="en-us"></span></u></p>
<p dir="LTR"><span lang="en-us"></span><a
href="http://www.jonesbutlerdolan.com"
moz-do-not-send="true"><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><u><span
lang="en-us"><font face="Calibri" color="#0000FF">www.jonesbutlerdolan.com</font></span></u><span
lang="en-us"></span></a><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><span
lang="en-us"></span><span lang="en-us"></span><u><span
lang="en-us"></span></u></p>
<p dir="LTR"><u><span lang="en-us"><font face="Calibri"
color="#1F497D">Mount Vernon</font></span></u></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">P.O. Box 2784</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">415 Pine Street </font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">Mount Vernon, WA 98273</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">Telephone: 360-336-2939</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">Facsimile: 360-336-2949</font></span></p>
<p dir="LTR"><u><span lang="en-us"><font face="Calibri"
color="#1F497D">Stanwood</font></span></u></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">P.O. Box 458</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">10027 - 269th Place NW (SR 532)</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">Stanwood, WA 98292</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">Telephone: 360-629-3833</font></span></p>
<p dir="LTR"><span lang="en-us"><font face="Calibri"
color="#1F497D">Facsimile: 360-629-6253</font></span></p>
<br>
<p> <span style="font-size: 11pt;">---<u1:p></u1:p></span><span
style="font-size: 13.5pt;"><u2:p></u2:p><o:p></o:p></span></p>
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