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Financial Planning / Tax Strategies
|Subject: Re: Estate question||Date: 6/21/2012 7:24 AM|
|Author: HMALETTER||Number: 116314 of 125206|
This particular account is a rollover IRA which originally came from a company plan years ago. It truly is a TOD account, Transfer on Death, now not hypothetical.
The TOD accounts do bypass Probate. TOD accounts also supersede anything contained within a Will. My unknown issue was income taxes, since the estate is not large enough to incur estate taxes. Now I know.
I have no idea how this account will be distributed, have to get in contact.
TOD accounts are a great way to avoid the messy probate process. It's efficient, and the administration is fairly cheap. It's also a convenient way to provide a certain amount to beneficiaries directly. For those with larger estates, there are far more options that can and should be looked at.
Thanks to all for the help.
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