If all assets are in CD's, will POD work in place of Trust to avoid probate? Any downside? - avoiding probate
Elderly mother lives with us and has all the advantages of CD's. We continue to build confidence, but it just seems to kill the CD's commitment to pay is sufficient and does not require a lawyer.
Thursday, January 14, 2010
Avoiding Probate If All Assets Are In CD's, Will POD Work In Place Of Trust To Avoid Probate? Any Downside?
3 comments:
They are charged with the property are confused.
While the payment goes to you, you remain responsible for the succession process.
For example, if the mother dies and leaves $ 100K of debt, and a CD valued at $ 100K, is the payment to you, but in the solution) of the legalization (and the last tax return, you must specify $ 100K. A trust, however, acts as a financial institution and the taxes due only to payments from the trust.
If there is a small number (less than $ 100K) that it is probably not much. But POD does not release you from probate court or tax obligations. It is easier to make money quickly (for example) for the funeral.
Good Luck
ED
shows that if you speak a lot of money to waste 100k money to a trust fund to provide - although someone has to pay the debts to be paid (if any) and taxes - just happy to hold and still prevails in many years!
refraz im sorry!
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