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Hermes SMTP Server) with ESMTPA ID 3917fc37f6e9772023d5f598d361738b; Fri, 05 Jul 2024 05:35:54 +0000 (UTC) Content-Type: multipart/alternative; boundary="------------YbhlCmNrfwKWJDNr0DgCWLYL" Message-ID: <166fbb55-c579-4901-83ee-8982f73bb8ac@aol.com> Date: Thu, 4 Jul 2024 22:35:52 -0700 MIME-Version: 1.0 User-Agent: Mozilla Thunderbird Subject: Re: TEDRA for Mike To: DAP AERO References: <8CD6EBFA-7E5F-4075-A60C-DF4E3F82399B@dapaero.com> Content-Language: en-US From: Curtis Andrews In-Reply-To: <8CD6EBFA-7E5F-4075-A60C-DF4E3F82399B@dapaero.com> X-Mailer: WebService/1.1.22464 mail.backend.jedi.jws.acl:role.jedi.acl.token.atz.jws.hermes.aol Content-Length: 51857 X-Spam-Status: No, score=0.8 X-Spam-Score: 8 X-Spam-Bar: / X-Spam-Flag: NO This is a multi-part message in MIME format. --------------YbhlCmNrfwKWJDNr0DgCWLYL Content-Type: text/plain; charset=UTF-8; format=flowed Content-Transfer-Encoding: 8bit Since there is no reason to use a trust in this will,  section 6 A and C  would not be used. Since they have no retirement plan, B is not relevant. Mom can just put in her testament that if Beth can not serve, then Katelyn must appoint Phillip. The problem is, if Katelyn can't serve, then what? Phillip? On 7/4/24 7:43 pm, DAP AERO wrote: > These should have all been article 6 parts ABC You didn’t think it was > relevant, it still is. > > Phillip needs to be in the queue automatically because the only way he > gets in is if Beth can’t and presumably she didn’t pass the baton. > Mom can sign so she can give Mike his house.  We can come back and > modify it later. > >> On Jul 4, 2024, at 10:09 AM, Curtis Andrews wrote: >> >>  >> >> agree to Phillip serving, but that can be done by Beth/Katelyn when >> the time comes. >> >> Don't see your section V.I >> >> since article VI deals with the trusts, they are not relevant? >> >> Any issues we must clarify or change before signing? >> >> you available for phone call at 9 on Monday? >> >> >> >> >> On 7/4/24 8:46 am, DAP AERO wrote: >>> Article III is there in case mom remarries. >>> IV would apply to anyone including k,p, b, Maggie or future kids >>> that are on government healthcare. >>> Article V is now for great grandchildren, not grandchildren >>> Article VI.A says a beneficiary under 25 that is under terms of a >>> trust does not have any control of the trust so they cannot sell the >>> trust and it is protected from their bankruptcy or liens and such >>> V.B probably doesn’t apply. It is if there a retirement account that >>> has restrictions when the worker can take distributions. But mom >>> doesn’t have any retirement account and I wouldn’t think there would >>> be any restrictions left at her age. >>> V.I says she can’t put indefinite future restrictions on property >>> like you get the farm unless Beth or Phillip has a boy baby and then >>> he gets half the farm >>> VII would seem to still be relevant >>> >>> For the replacement trustees, if Beth cans serve then i think it >>> should fall to Phillip before being appointed to someone else. But >>> never more than two co trustees. >>> >>> >>>> On Jul 3, 2024, at 8:36 PM, Curtis Andrews wrote: >>>> >>>>  >>>> >>>> >>>> If i understand this Will correcty, as long as Katelyn and Beth are >>>> alive, then nothing in article three through five are relevant. nor >>>> paragraph D and E in section 7 >>>> Do you undertand the three provisions in article 6 or do we need >>>> her to clearify at our monday meeting? >>>> Seems like a lot of unnecessary paragraphs, but i don't have any >>>> reason for Mom not to sign,  do you? >>>> >>>> >>>> >>>> -------- Forwarded Message -------- >>>> Subject: RE: TEDRA for Mike >>>> Date: Wed, 3 Jul 2024 18:23:42 +0000 >>>> From: Andrea Maroney >>>> To: Curtis Andrews >>>> CC: DAP AERO , Sheri Craven >>>> >>>> >>>> >>>> Hi Andrews family – >>>> >>>> I’ve revised Bonnie’s Will per our conversation yesterday. It has >>>> been updated to reflect Clyde’s passing, remove the Prior boys as >>>> beneficiaries, and remove the Bypass and Legacy trusts. Bonnie’s >>>> estate will now be distributed to Curt and Craig, /per stirpes/. >>>> Unless Bonnie would like significant changes from this draft, she >>>> can sign the new Will on Monday. The Supplemental Needs Trust and >>>> Grandchildren’s Trust are still there, but if no one needs these >>>> trusts at the time they inherit, they need not be funded. >>>> >>>> I’ve also attached an updated TEDRA. There weren’t a lot of changes >>>> that actually needed to be made. I changed the sentence “However, >>>> he recognizes that BONNIE J. ANDREWS does not *currently* intend to >>>> name him as a beneficiary under her Estate Plan, not for lack of >>>> love and affection, but because he has already been provided for >>>> under this Agreement.” to “However, he recognizes that BONNIE J. >>>> ANDREWS does not intend to name him as a beneficiary under her >>>> Estate Plan, not for lack of love and affection, but because he has >>>> already been *fully* provided for under this Agreement.” to make >>>> the statement stronger. >>>> >>>> I will see you all on Monday at 9:00. >>>> >>>> Thank you, >>>> >>>> >>>> >>>> *Confidentiality Note*: The preceding e-mail message (including any >>>> attachments) contains information that may be confidential, >>>> protected by applicable legal privileges, or constitute non-public >>>> information. It is intended to be conveyed only to the designated >>>> recipient(s). If you are not an intended recipient of this message, >>>> please notify the sender by replying to this message and then >>>> delete it from your system. Use, dissemination, distribution or >>>> reproduction of this message by unintended recipients is not >>>> authorized and may be unlawful. >>>> >>>> *From:*Curtis Andrews >>>> *Sent:* Wednesday, June 26, 2024 7:23 PM >>>> *To:* Andrea Maroney >>>> *Cc:* DAP AERO ; Sheri Craven >>>> *Subject:* Re: TEDRA for Mike >>>> >>>> Thanks Andrea for the prompt reply: see below >>>> >>>> On 6/26/24 3:45 pm, Andrea Maroney wrote: >>>> >>>> Hi Curt – >>>> >>>> Thank you for the detailed update. I’ve put you on the calendar >>>> for an in-person meeting on Monday, July 8 at 9:00. Our office >>>> is closed on July 4 and 5, so you should expect a confirmation >>>> call on Wednesday, July 3. >>>> >>>> Regarding Bonnie’s Will: I’m happy to make any changes to her >>>> Will that she would like, but I need to hear that from her >>>> directly. The best way to accomplish this would be for Bonnie >>>> to call into the office and schedule a time when it would be >>>> convenient for me to give her a call. Alternatively, I could >>>> just speak with her at the July 8 appointment. >>>> >>>> With the short week, lets plan to go over a draft of the revised >>>> Will on the 8th. >>>> >>>> B-  If Curt or Craig die without descendants, their share is >>>> put in the scholarship endowment fund. Understood, Leave as is >>>> >>>> The description on page 6/paragraph 4 of what would happen to >>>> Curtis or Craig’s share if either one of them were to pass away >>>> without descendants is really just an explanation of the terms >>>> of Clyde’s Will, if Mike is removed as a beneficiary. That is, >>>> if one branch of the family dies without descendants, the trust >>>> would be divided into two, rather than three shares. If we were >>>> to change it as you suggest, this would materially impact the >>>> rights of the Prior boys. They would need to made parties to >>>> this Agreement and would need to receive something in return >>>> for their concession. I would suggest either 1) leave it as is, >>>> given the unlikeliness of this scenario, or 2) waiting until >>>> Bonnie is ready to make the advance to the Prior boys and use a >>>> single TEDRA for both Mike and the boys. >>>> >>>> C-  TERM #5,  We understand this agreement technically deals >>>> with Clyde's trust, but please clarify that it is Bonnie giving >>>> the house to Mike as his rightful share of the total estate.  >>>> This agreement DOES constitute an acknowledgement of an advance >>>> inheritance from Bonnie.   Mike recognizes that he is not named >>>> in her estate plan , not for lack of.... >>>> >>>> Technically, Bonnie is giving Mike the house as his rightful >>>> share of the trust. This is because Mike does not have a >>>> rightful share of Bonnie’s estate, unless and until Bonnie >>>> passes away and names Mike as a beneficiary of her estate. >>>> However, because the understanding is that, by accepting the >>>> immediate distribution, Bonnie will remove him from her Estate >>>> Plan, I included the statement on page 7 that Bonnie does not >>>> intend to name him in her Estate Plan because she is already >>>> providing for him for under the TEDRA Agreement. >>>> >>>> The appraised value of the house is more than Mike's rightful share >>>> of the entire estate.  The trust is only half of the gift.  If >>>> Mom's half of the gift cannot be explained and acknowledged in this >>>> TEDRA, then we need an simple one page letter of understanding that >>>> outlines the total picture. >>>> >>>> Thanks >>>> >>>> Thank you, >>>> >>>> >>>> >>>> *Confidentiality Note*: The preceding e-mail message (including >>>> any attachments) contains information that may be confidential, >>>> protected by applicable legal privileges, or constitute >>>> non-public information. It is intended to be conveyed only to >>>> the designated recipient(s). If you are not an intended >>>> recipient of this message, please notify the sender by replying >>>> to this message and then delete it from your system. Use, >>>> dissemination, distribution or reproduction of this message by >>>> unintended recipients is not authorized and may be unlawful. >>>> >>>> *From:*Curtis Andrews >>>> >>>> *Sent:* Tuesday, June 25, 2024 10:11 PM >>>> *To:* Andrea Maroney >>>> >>>> *Cc:* DAP AERO >>>> *Subject:* TEDRA for Mike >>>> >>>> Hello  Andrea: >>>> >>>> We have had discussions with our accountant, several >>>> scholarship endowment funds and Mike Prior.   We are in >>>> agreement that it is best to reduce the total estate to four >>>> million, and for Bonnie to: >>>> >>>> 1. Immediately: change her Will to remove all Priors and >>>> remove the one half of her estate going to legacy fund. >>>> 2. Next month: give the house in Moses Lake to Mike Prior. >>>> 3. August:  finish valuing the estate and meet with tax >>>> adviser  to make final decisions on what goes in Clyde's >>>> trust. >>>> 4. September: Decide if prudent to give $400k each to both >>>> Prior boys and the terms of their trust. >>>> >>>> We would like to give Mike a draft TEDRA  for his review. >>>> Please change the following from your last version:   A- Remove >>>> the yellow highlights. B-  If Curt or Craig die without >>>> descendants, their share is put in the scholarship endowment >>>> fund. C-  TERM #5,  We understand this agreement technically >>>> deals with Clyde's trust, but please clarify that it is Bonnie >>>> giving the house to Mike as his rightful share of the total >>>> estate.  This agreement DOES constitute an acknowledgement of >>>> an advance inheritance from Bonnie. Mike recognizes that he is >>>> not named in her estate plan , not for lack of.... >>>> >>>> Any other documents Mike needs to reviewor be aware of to >>>> receive his house? >>>> >>>> We fully expect that Bonnie will give the two Prior Boys their >>>> inheritance in advance.  Removing them from the Will now makes >>>> this process cleaner.  We will use the same TEDRA agreement, >>>> except the funds will be put in a trust.  We will put the >>>> Oregon house on the market to sell it for cash to give to the >>>> two boys. >>>> >>>> Bonnie's estate is then divided equally between Curt and >>>> Craig.  Add some language that states the Clyde and Bonnie >>>> Andrews request that a quarter of their total estate be given >>>> for causes of their interest, as funds are available. >>>> >>>> We have not been impressed with our discussions with the >>>> endowment funds, and we don't want to be forced to sell real >>>> estate to get cash to fund the legacy funds, so with Priors out >>>> of the estate process, Curt and Craig can give to scholarships >>>> or other non profit gifts annually as desired by their parents. >>>> >>>>  We are going to place in Clyde's trust, real estate that will >>>> probably not be sold, that includes: Battleground townhouses >>>> #106  $420k, #110 $415, #112 $428, 30 acre farm, and stock to >>>> make it total $2.18m   We expect to have final farm value end >>>> of July. >>>> >>>>  Please provide a draft of Bonnie's new Will for our tax >>>> advisor to review ASAP.   I possible, we would like to meet >>>> with you at 9AM on July 8th to finalize these next steps. >>>> >>>> thanks >>>> >>>> Curt >>>> >>>> -- >>>> >>>> Thank You >>>> >>>> >>>> >>>> Curtis Andrews >>>> >>>> 1336 E Oak St. >>>> >>>> Othello WA 99344 >>>> >>>> andrewscc@aol.com >>>> >>>> 509 346 8108 >>>> >>>> -- >>>> Thank You >>>> Curtis Andrews >>>> 1336 E Oak St. >>>> Othello WA 99344 >>>> andrewscc@aol.com >>>> 509 346 8108 >> -- >> Thank You >> >> Curtis Andrews >> 1336 E Oak St. >> Othello WA 99344 >> andrewscc@aol.com >> 509 346 8108 -- Thank You Curtis Andrews 1336 E Oak St. Othello WA 99344 andrewscc@aol.com 509 346 8108 --------------YbhlCmNrfwKWJDNr0DgCWLYL Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: 8bit

Since there is no reason to use a trust in this will,  section 6 A and C  would not be used. 

Since they have no retirement plan, B is not relevant. 

Mom can just put in her testament that if Beth can not serve, then Katelyn must appoint Phillip.

The problem is, if Katelyn can't serve, then what? Phillip?


On 7/4/24 7:43 pm, DAP AERO wrote:
These should have all been article 6 parts ABC You didn’t think it was relevant, it still is.

Phillip needs to be in the queue automatically because the only way he gets in is if Beth can’t and presumably she didn’t pass the baton. 
Mom can sign so she can give Mike his house.  We can come back and modify it later.

On Jul 4, 2024, at 10:09 AM, Curtis Andrews <andrewscc@aol.com> wrote:



agree to Phillip serving, but that can be done by Beth/Katelyn when the time comes. 

Don't see your section V.I

since article VI deals with the trusts, they are not relevant?

Any issues we must clarify or change before signing?

you available for phone call at 9 on Monday? 




On 7/4/24 8:46 am, DAP AERO wrote:
Article III is there in case mom remarries. 
IV would apply to anyone including k,p, b, Maggie or future kids that are on government healthcare. 
Article V is now for great grandchildren, not grandchildren
Article VI.A says a beneficiary under 25 that is under terms of a trust does not have any control of the trust so they cannot sell the trust and it is protected from their bankruptcy or liens and such
V.B probably doesn’t apply. It is if there a retirement account that has restrictions when the worker can take distributions. But mom doesn’t have any retirement account and I wouldn’t think there would be any restrictions left at her age. 
V.I says she can’t put indefinite future restrictions on property like you get the farm unless Beth or Phillip has a boy baby and then he gets half the farm
VII would seem to still be relevant 

For the replacement trustees, if Beth cans serve then i think it should fall to Phillip before being appointed to someone else. But never more than two co trustees.


On Jul 3, 2024, at 8:36 PM, Curtis Andrews <andrewscc@aol.com> wrote:




If i understand this Will correcty, as long as Katelyn and Beth are alive, then nothing in article three through five are relevant. nor paragraph D and E in section 7
Do you undertand the three provisions in article 6 or do we need her to clearify at our monday meeting?
Seems like a lot of unnecessary paragraphs, but i don't have any reason for Mom not to sign,  do you?



-------- Forwarded Message --------
Subject: RE: TEDRA for Mike
Date: Wed, 3 Jul 2024 18:23:42 +0000
From: Andrea Maroney <amaroney@elgwa.com>
To: Curtis Andrews <andrewscc@aol.com>
CC: DAP AERO <craig@dapaero.com>, Sheri Craven <scraven@elgwa.com>


Hi Andrews family –

 

I’ve revised Bonnie’s Will per our conversation yesterday. It has been updated to reflect Clyde’s passing, remove the Prior boys as beneficiaries, and remove the Bypass and Legacy trusts. Bonnie’s estate will now be distributed to Curt and Craig, per stirpes. Unless Bonnie would like significant changes from this draft, she can sign the new Will on Monday. The Supplemental Needs Trust and Grandchildren’s Trust are still there, but if no one needs these trusts at the time they inherit, they need not be funded.

 

I’ve also attached an updated TEDRA. There weren’t a lot of changes that actually needed to be made. I changed the sentence “However, he recognizes that BONNIE J. ANDREWS does not currently intend to name him as a beneficiary under her Estate Plan, not for lack of love and affection, but because he has already been provided for under this Agreement.” to “However, he recognizes that BONNIE J. ANDREWS does not intend to name him as a beneficiary under her Estate Plan, not for lack of love and affection, but because he has already been fully provided for under this Agreement.” to make the statement stronger.

 

I will see you all on Monday at 9:00.

 

Thank you,

<image001.jpg>

Confidentiality Note:  The preceding e-mail message (including any attachments) contains information that may be confidential, protected by applicable legal privileges, or constitute non-public information. It is intended to be conveyed only to the designated recipient(s). If you are not an intended recipient of this message, please notify the sender by replying to this message and then delete it from your system. Use, dissemination, distribution or reproduction of this message by unintended recipients is not authorized and may be unlawful.

 

From: Curtis Andrews <andrewscc@aol.com>
Sent: Wednesday, June 26, 2024 7:23 PM
To: Andrea Maroney <amaroney@elgwa.com>
Cc: DAP AERO <craig@dapaero.com>; Sheri Craven <scraven@elgwa.com>
Subject: Re: TEDRA for Mike

 

Thanks Andrea for the prompt reply:  see below

On 6/26/24 3:45 pm, Andrea Maroney wrote:

Hi Curt –

 

Thank you for the detailed update. I’ve put you on the calendar for an in-person meeting on Monday, July 8 at 9:00. Our office is closed on July 4 and 5, so you should expect a confirmation call on Wednesday, July 3.

 

Regarding Bonnie’s Will: I’m happy to make any changes to her Will that she would like, but I need to hear that from her directly. The best way to accomplish this would be for Bonnie to call into the office and schedule a time when it would be convenient for me to give her a call. Alternatively, I could just speak with her at the July 8 appointment.

With the short week, lets plan to go over a draft of the revised Will on the 8th. 

 

B-  If Curt or Craig die without descendants, their share is put in the scholarship endowment fund.  Understood, Leave as is

 

The description on page 6/paragraph 4 of what would happen to Curtis or Craig’s share if either one of them were to pass away without descendants is really just an explanation of the terms of Clyde’s Will, if Mike is removed as a beneficiary. That is, if one branch of the family dies without descendants, the trust would be divided into two, rather than three shares. If we were to change it as you suggest, this would materially impact the rights of the Prior boys. They would need to made parties to this Agreement and would need to receive something in return for their concession. I would suggest either 1) leave it as is, given the unlikeliness of this scenario, or 2) waiting until Bonnie is ready to make the advance to the Prior boys and use a single TEDRA for both Mike and the boys.

 

C-  TERM #5,  We understand this agreement technically deals with Clyde's trust, but please clarify that it is Bonnie giving the house to Mike as his rightful share of the total estate.  This agreement DOES constitute an acknowledgement of an advance inheritance from Bonnie.   Mike recognizes that he is not named in her estate plan , not for lack of....   

 

Technically, Bonnie is giving Mike the house as his rightful share of the trust. This is because Mike does not have a rightful share of Bonnie’s estate, unless and until Bonnie passes away and names Mike as a beneficiary of her estate. However, because the understanding is that, by accepting the immediate distribution, Bonnie will remove him from her Estate Plan, I included the statement on page 7 that Bonnie does not intend to name him in her Estate Plan because she is already providing for him for under the TEDRA Agreement. 

The appraised value of the house is more than Mike's rightful share of the entire estate.  The trust is only half of the gift.  If Mom's half of the gift cannot be explained and acknowledged in this TEDRA, then we need an simple one page letter of understanding that outlines the total picture.    

Thanks

 

 

Thank you,

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From: Curtis Andrews <andrewscc@aol.com>
Sent: Tuesday, June 25, 2024 10:11 PM
To: Andrea Maroney <amaroney@elgwa.com>
Cc: DAP AERO <craig@dapaero.com>
Subject: TEDRA for Mike

 

Hello  Andrea:

We have had discussions with our accountant, several scholarship endowment funds and Mike Prior.   We are in agreement that it is best to reduce the total estate to four million, and for Bonnie to: 

  1. Immediately:   change her Will to remove all Priors and remove the one half of her estate going to legacy fund. 
  2. Next month: give the house in Moses Lake to Mike Prior.
  3. August:  finish valuing the estate and meet with tax adviser  to make final decisions on what goes in Clyde's trust. 
  4. September: Decide if prudent to give $400k each to both Prior boys and the terms of their trust.

We would like to give Mike a draft TEDRA  for his review.  Please change the following from your last version:   A- Remove the yellow highlights.  B-  If Curt or Craig die without descendants, their share is put in the scholarship endowment fund. C-  TERM #5,  We understand this agreement technically deals with Clyde's trust, but please clarify that it is Bonnie giving the house to Mike as his rightful share of the total estate.  This agreement DOES constitute an acknowledgement of an advance inheritance from Bonnie.   Mike recognizes that he is not named in her estate plan , not for lack of....   

Any other documents Mike needs to reviewor be aware of to receive his house?

We fully expect that Bonnie will give the two Prior Boys their inheritance in advance.  Removing them from the Will now makes this process cleaner.  We will use the same TEDRA agreement, except the funds will be put in a trust.  We will put the Oregon house on the market to sell it for cash to give to the two boys. 

Bonnie's estate is then divided equally between Curt and Craig.  Add some language that states the Clyde and Bonnie Andrews request that a quarter of their total estate be given for causes of their interest, as funds are available.   

We have not been impressed with our discussions with the endowment funds, and we don't want to be forced to sell real estate to get cash to fund the legacy funds, so with Priors out of the estate process, Curt and Craig can give to scholarships or other non profit gifts annually as desired by their parents.

 We are going to place in Clyde's trust, real estate that will probably not be sold, that includes: Battleground townhouses #106  $420k, #110 $415, #112 $428, 30 acre farm, and stock to make it total $2.18m   We expect to have final farm value end of July. 

 Please provide a draft of Bonnie's new Will for our tax advisor to review ASAP.   I possible, we would like to meet with you at 9AM on July 8th to finalize these next steps.  

 

thanks

Curt

-- 

Thank You
 
Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
-- 
Thank You
 
Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
-- 
Thank You

Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
-- 
Thank You

Curtis Andrews
1336 E Oak St. 
Othello WA 99344
andrewscc@aol.com
509 346 8108
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