If adjectives assets are contained by compact disc's, will POD work surrounded by place of Trust to avoid probate? Any downside?
Elderly Mother lives next to us and have All assets within disc'S . We are self hounded to set up Trust, but seem close to a simple Payable on Death attachment to the disc's would suffice and not involve an attorney.
Answers:
You may be confusing wage next to ownership.
While the return go to you, you are still responsible for probate process.
Example: If mother dies and leaves $100K of debt, and have a compact disc worth $100K, the salary go to you, but within settlement of probate (and final export tax return) you owe the estate the $100K. A trust, equally, act as a financial entity and taxes are due with the sole purpose on the payments drawn from the trust.
If you are dealing in small numbers (ie beneath $100K) than it's probably no big settlement. But, POD does not absolve you from any probate or export tax liability. It of late make it easier to bring back the money like greased lightning (ie for burial).
Good Luck
ED
im sorry refraz!
look unless you are conversation in the order of deeply of money over 100k do no excess the money setting up a trust fund -- any instrument some one will own to settle debts (if any ) and income taxes -- basically maintain her jubilant and hope she lives several more years!
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Answers:
You may be confusing wage next to ownership.
While the return go to you, you are still responsible for probate process.
Example: If mother dies and leaves $100K of debt, and have a compact disc worth $100K, the salary go to you, but within settlement of probate (and final export tax return) you owe the estate the $100K. A trust, equally, act as a financial entity and taxes are due with the sole purpose on the payments drawn from the trust.
If you are dealing in small numbers (ie beneath $100K) than it's probably no big settlement. But, POD does not absolve you from any probate or export tax liability. It of late make it easier to bring back the money like greased lightning (ie for burial).
Good Luck
ED
im sorry refraz!
look unless you are conversation in the order of deeply of money over 100k do no excess the money setting up a trust fund -- any instrument some one will own to settle debts (if any ) and income taxes -- basically maintain her jubilant and hope she lives several more years!