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Estate Planning for Everyman
Old 10-26-2007, 05:41 PM   #1
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Estate Planning for Everyman

I went to an estate planning seminar at my broker yesterday. Very interesting, got me to thinking about this somewhat off-putting topic.

Under current law and with my current net worth I don't have an issue with federal estate tax.

So what I am trying to do is be sure TOD (transfer on death) POD (pay on death) and retirement account beneficiary designations are in place.

Mostly I have consolidated to 2 stock brokers and one commodity broker. These allow me to make the above designations. Ditto my bank accounts and CDs.

I also have some US savings bonds in paper form, as well as 2 MLPs which I keep registered directly to me to make tax preparation easier.

I'll call the transfer agent to see if I can get a POD, TOD or beneficiary designation on the MLP securities.

My question mainly relates to the Savings Bonds. Can I get a similar directive associated with these? Would it require switching them to book entry? Has anyone done this?

Thanks,

Ha
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Old 10-26-2007, 05:44 PM   #2
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Savings bonds can have PODs on them. Inquire about having them re-issued.
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Old 10-26-2007, 07:16 PM   #3
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My mother-in-law had joint accounts and POD and TOD accounts. She lived in Louisiana. The rules are different in different states. If you believe that these tricks will help you when you are dead, your heirs will be surprised.
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Old 10-26-2007, 07:55 PM   #4
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The POD designation will work on savings bonds. Here are the directions for a reissue: Individual - Replacing or Reissuing EE/E Bonds
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Old 10-27-2007, 03:42 AM   #5
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make sure tod accounts are legal in your state. not all states accept them on anything but bank accounts. new york only passed a bill accepting them about 2 years ago.
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Old 10-27-2007, 12:29 PM   #6
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Thanks for all the suggestions. I'll check all this with my attorney, as I also need to get my will redrawn.

Ha
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