2017-00208683-CU-CO

Dora Briscoe Smith vs. Fidelity Investments

Nature of Proceeding: Hearing Re: Court Approved Settlement

Filed By:

Appearance required.

The Court has reviewed the additional briefing, exhibits, and declaration of Dora Briscoe-Smith (“Dora”), and does anticipate approval of the stipulation. Counsel’s appearance is requested simply to clarify some of the statements in the memorandum and proposed Order, as set out below.

The Court would note that UCR (the “beneficiary entity”) is in full agreement with the accounts being changed back over to plaintiff Dora, per the proposed Stipulation. The papers further explain what was not initially apparent–that while plaintiff Dora becomes the new primary successor for her children’s 529 plans, she is under the same constricts and rules as any primary successor. And, that Dora is not becoming a “named beneficiary” under the 529 plans; as noted “The Plans stay intact as is, and only the primary successor participant… changes to plaintiff.” (Memo at p.3, ¶ 7.) Yet, it must be noted, the proposed Order, (p. 9, ¶ 21) provides that for each listed account for each of the three (3) minor children, the “beneficiary” changes from U.C. Riverside foundation, “To: Dora Briscoe Smith.” This would appear to be inconsistent with the representation that Dora merely becomes the new primary successor for the plans, and is not becoming a “named beneficiary.” This discrepancy should be explained at oral argument, and, if necessary, a new order provided clarifying Dora’s status.

The declaration of Dora would appear to make clear (¶ 10) that all of the accounts in which her children are named beneficiaries will remain unchanged in terms of the named beneficiaries. In this paragraph she requests the court appoint her “as the primary successor participant for each account” to allow for proper administration of the accounts for the benefit of her children. The Order should make this clear, as well.