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Simplicity: TOD accounts provide simplicity by enabling the automatic transfer of assets to beneficiaries upon the account holder’s death, bypassing the potentially long and costly probate process.
For bank accounts, this process is typically referred to as payable on death — or POD. Investment accounts have a transfer on death (TOD) designation. In both cases, these designations transfer ...
Also referred to as a POD account or Totten trust, a payable on death account can be established at a … Continue reading → The post Pros and Cons: Payable on Death (POD) Accounts appeared ...
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
Under IRC § 1014(a), which applies to an asset that a person (the beneficiary) receives from a giver (the benefactor) after the benefactor dies, the general rule is that the beneficiary's basis equals the fair market value of the asset at the time the benefactor dies. This can result in a stepped-up basis or a stepped-down basis.
Beneficiary designations. Beneficiary designations are a simple, yet effective way to prevent assets from health savings accounts (HSA) and 401(k)s from going into probate. Naming one or more ...
The music video for "Boom" was recorded in the first quarter of 2002 and directed by Gavin Bowden, debuting in May with heavy rotation on MTV2 and MMUSA.It is an unusual video for P.O.D. in its obvious sense of humor; "Boom" revolves around a table tennis (aka: Ping Pong) tournament between the band, dressed in orange jumpsuits, and a Swedish team played by fellow Christian metal group Blindside.