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What is TOD registration? New jersey. My aunt was given a…

Customer Question
What is TOD registration? ...

What is TOD registration?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

New jersey

Accountant's Assistant: Has anything been filed or reported?

My aunt was given a guardian

Submitted: 5 months ago.Category: Tax
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Answered in 6 minutes by:
11/9/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,991
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane.

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, on three continents, since 1986

...

A TOD designation is a way of adding a beneficiary to an account that would normally go through probate (individually owned accounts, for example).

...

TOD (Transfer on Death) is for brokerage firms and POD (Payable on Death) is for banks.

...

Qualified accounts such as IRA's and 401(k)s, as well as accounts owned in a form of joint ownership, as well as life insurance and annuities ALL go directly to a named beneficiary at death (without having to have the will or the state's intestate laws, when there IS no will, direct where the assets go.

...

A POD or TOD designations creates that same situation for individually owned and other accounts that would (without that TOD or POD) have to go trough probate.

...

And again, probate is simply the execution of a will, or of the laws of intestate succession (typically blood lines, a little different in every state) when there IS no will or trust.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Hi, Lane here.

...

I’m just checking back in to see how things are going.

...

Did my answer help?

If so, I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

But if you need more on this please let me know

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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