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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal>Hello Colleagues,<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I”ve got an interesting situation that I’m trying my best to address. I’m not sure if a 529 account where the named custodian or owner dies, but hasn’t named a successor custodian or owner is a considered a probate assets or not. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I understand that under federal law, a 529 account is considered a completed gift by the donor to the beneficiary. Here, the grandparents made the contributions into a 529 account and named the decedent the custodian or owner of the account, however the grandchildren are the beneficiaries of the 529 account. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I’m therefore unclear is this is considered a probate asset of the decedent’s or if this is instead a custodial account and not an asset of the estate since the gift to the minor beneficiaries has already been considered a complete transfer. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Any insight or guidance would be greatly appreciated.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thanks! <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:12.0pt;mso-ligatures:none'>Kind regards,<o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:12.0pt;color:purple;mso-ligatures:none'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:12.0pt;color:purple;mso-ligatures:none'>Michael S. Safren, Esq.</span></b><span style='mso-ligatures:none'> <b><br></b><i>Attorney at Law</i> <br><br>14900 Interurban Ave. S., Ste. 280 | Seattle, WA 98168 <br>11900 NE 1st St., Bldg. G - Ste. 300 | Bellevue, WA 98005 <br>P: (206) 859-5098 | E: <a href="mailto:msafren@jennylinglaw.com" target="_blank"><span style='color:blue'>msafren@jennylinglaw.com</span></a> <br><u><a href="https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.jennylinglaw.com%2F&data=05%7C01%7CRDavis%40PointB.com%7C09f06d8fc21343f7d50e08dabd0fae32%7C2e0d020c53684963a29544297d7fd521%7C0%7C0%7C638030172332719745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000%7C%7C%7C&sdata=w4v8s0oIdGOmlIxoPTmmCS%2FoV%2FLKHXQ4dTdw6ghJMp0%3D&reserved=0" target="_blank"><span style='color:blue'>www.jennylinglaw.com</span></a></u> | <u><a href="https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.facebook.com%2Fjennylinglaw%2F&data=05%7C01%7CRDavis%40PointB.com%7C09f06d8fc21343f7d50e08dabd0fae32%7C2e0d020c53684963a29544297d7fd521%7C0%7C0%7C638030172332719745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000%7C%7C%7C&sdata=50WCIVR7ralxmVjZhjtlAAfzzEkiEb0FbhAowaMlps8%3D&reserved=0" target="_blank"><span style='color:blue'>facebook.com/jennylinglaw/</span></a></u> <o:p></o:p></span></p><p class=MsoNormal><span style='mso-ligatures:none'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-ligatures:none'><br></span><span style='font-size:8.0pt;mso-ligatures:none'>This communication, including attachments, may contain information that is confidential and protected by the attorney/client or other privileges. It constitutes non-public information intended to be conveyed only to the designated recipient(s). If the reader or recipient of this communication is not the intended recipient, an employee or agent of the intended recipient who is responsible for delivering it to the intended recipient, or you believe that you have received this communication in error, please notify the sender immediately by return e-mail and promptly delete this e-mail, including attachments without reading or saving them in any manner. The unauthorized use, dissemination, distribution, or reproduction of this e-mail, including attachments, is prohibited and may be unlawful. Receipt by anyone other than the intended recipient(s) is not a waiver of any attorney/client or other privilege.</span><span style='mso-ligatures:none'> <o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>