Questions tagged [beneficiaries]
15 questions
29
votes
3 answers
What can my relatives do to minimize their out of pocket expenses on their fathers estate
I live in Florida with my wife; she has a brother and sister who both live in Georgia. We have some questions about the estate of their father who used to live in Pennsylvania but passed away just before Christmas.
Their father had a will in which…
user24155
8
votes
2 answers
What are the downsides to being someone's beneficiary?
In the US, what are the downsides to being someone's beneficiary?
Presumably there's some tax I have to pay on the additional income I receive as the beneficiary, but it would still be a net-positive.
All my research on this topic has yielded…
Eilon
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3
votes
2 answers
What happens if my primary and one of my contigent beneficiaries pass away? How are percentages disbursed?
When updating my benefits, how should I assign beneficiary percentages? The way I have it setup currently is:
Spouse: 100% / Primary
Child-1: 34% / Contingent
Child-2: 33% / Contingent
Child-3: 33% / Contingent
What happens if an accident…
MrDuk
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3
votes
1 answer
Beneficiary of an estate and transfers of large sum from UK to US
I am being named as a beneficiary and I would like to know what are the best options for transferring funds from the UK to the US. I do not have an active account at the moment are there any ways to receive the funds and put it into some kind of…
Eddie Espi
- 31
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3
votes
1 answer
Rollover Withdrawal Money From a Beneficiary 401(k) into Another Retirement Account
My mother passed away several years ago and my sister and I inherited her POD 401(k) account. It was a 50%/50% split into two beneficiary accounts. Last year (2016) I was informed by the bank that the account would now be withdrawn because it was…
C. Zach Martin
- 133
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3
votes
3 answers
How to name a revocable living trust?
The abbreviated context of the question is this: I have young children that are too young to name as secondary beneficiaries (my wife is the primary beneficiary) on various accounts. I am creating a revocable living trust, with the children named as…
Henry Lee
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2
votes
3 answers
Can I leave money to my child to bypass partner's student loan debt
My domestic partner and I have a young child (3-5 years old). We are both the legal parents. My domestic partner also has quite a bit of student loan debt (80K+) that is managed on a 20 year income based repayment plan.
Now, I am in the process of…
TsSkTo
- 347
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2
votes
1 answer
Can 401k beneficiaries be structured to pass through to children?
When you name multiple primary beneficiaries of a 401k, the assets can be divided proportionally among the beneficiaries, but the contingent beneficiaries don't kick in unless all primary beneficiaries predecease the account owner.
Is it possible to…
Ben Jackson
- 121
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2
votes
1 answer
Do I need a will if beneficiaries are designated?
Beneficiaries are properly designated in brokerage accounts: spouse primary, children secondary, etc. The only major thing outside brokerage accounts is the house. And I live in FL. Should I bother with a will?
jacknad
- 189
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1
vote
3 answers
What happens if a foreigner passes away and he/she has no beneficiaries for their bank accounts?
Say you're a foreigner living in the United States and you have a bank account with +$10,000 in it. You're young, your family lives far away and you haven't made anyone your beneficiary because you see no reason for that. What happens to the money…
mathemagician
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1
vote
1 answer
Is it ok to name a trust as a beneficiary to a CD?
Is there any downside to naming a trust as a beneficiary to a CD or in general, a bank account if the bank and/or credit union allows it? This is in California.
Ian
- 21
- 3
1
vote
1 answer
Trust being a beneficiary of a brokerage account
Are there any problems / issues with making the beneficiary of a brokerage account a trust? Does it matter if the trust is defective? A trust is considered defective if it counts as a trust for estate tax but not for income tax. In this case, one of…
Bob
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0
votes
1 answer
Brokerage in US Bank Won't Print TOD name on Monthly Statement
I am in USA and have Brokerage account with Bank. When I opened account, I said who it should Transfer On Death (TOD).
When I get monthly statement, it said "TOD ", but it does not print name of TOD beneficiary.
When I asked the Brokerage, the…
Marium
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0
votes
1 answer
Should I take money from my beneficiary IRA to invest in index funds?
My father passed a few years ago and left me two beneficiary IRAs. I take my minimum distributions from them once a year ($1000-2000 distributions).
I'm in my late 20s and want to invest in index funds soon. Does it make sense to take some money…
lampposteffect
- 3
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-2
votes
1 answer
How does a beneficiary receive benefits if an FDIC insured bank goes bankrupt?
I have three questions:
Generally, in the US, can a beneficiary receive the inherited benefits for a certificate of deposits (CD) in a single bank if an account holder (single) who purchased the CDs is still alive but the bank the account holder…
HelloDarkWorld
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