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Financial Planning / Tax Strategies


Subject:  Re: Unexpected windfall Date:  6/22/2007  1:01 PM
Author:  trepanne Number:  94979 of 127753

Maybe I should open an online account for Mom with her tax ID. That would seem the simplest thing...

it is.

one thing you can do is have your mom fill out a transfer on death (TOD) instruction for a new brokerage account funded with the assets, naming your son (or yourself) as beneficiary. that's not a bad way to go... although it won't prevent your mom from changing her mind later & using the money for something else, so there's that to think about.

donating to a 529 plan isn't a bad idea, either, except i haven't yet seen one with a terrific-looking slate of investments to choose from. if you're a good investor, the loss of control, plus the management fees, is kind of a tough pill to swallow.

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