My friend Steve Hartnett, Director of Education for the American Academy of Estate Planning Attorneys has a clear blog post addressing the most basic differences between use of a transfer on death (TOD) or pay on death (POD) designation for an account rather than planning through a trust. These designations, like joint tenancy with right of survivorship, have a lure of simplicity which in my judgement is false. They do not address a variety of potential problems which might arise, they leave you with multiple different contractual arrangements for dealing with change — which may not all be the same — and fail to address needs for managing accounts in the event of your incapacity. I hope you enjoy Steve’s post and if you would like to know more, I would be happy to share my own thoughts in more detail.
Latest posts by Mark Costley (see all)
- Understanding the Types of Special Needs Trusts - October 26, 2019
- 5 Things You Need to Do Immediately If You Are the Executor - June 6, 2019
- New Tax Proposal re: Retirement Savings - June 3, 2019