![]() ![]() There are a few benefits that this type of account has over a JWROS account. This is simply adding one or more beneficiaries to your account. Most financial institutions will allow you to structure an account “Transfer on Death,” or TOD. If the purpose of adding a joint owner to your account(s) is to give them access to your assets upon your death, there’s a better way to do it. In Pennsylvania, where my office is located, the inheritance tax to a child would be 4.5% if assets are passed to a lineal decent. In this scenario, the assets would transfer back to the parent, and depending on the deceased’s state of residence, state inheritance tax could be due on 50% (or more) of the account value.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |