Questions tagged [beneficiaries]

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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 ...
HelloDarkWorld's user avatar
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's user avatar
  • 21
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 ...
TsSkTo's user avatar
  • 347
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 ...
Ben Jackson's user avatar
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 ...
Marium's user avatar
  • 351
1 vote
1 answer

Trust being a beneficiary of a brokerage account [closed]

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 ...
Bob's user avatar
  • 1,420
1 vote
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 ...
jacknad's user avatar
  • 179
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 ...
Henry Lee's user avatar
  • 163
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 ...
lampposteffect's user avatar
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: ...
MrDuk's user avatar
  • 1,371
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 ...
Eddie Espi's user avatar
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 ...
C. Zach Martin's user avatar
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 ...
x457812's user avatar
  • 991
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....
Eilon's user avatar
  • 183
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 ...
mathemagician's user avatar