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A contingent beneficiary receives a benefit if one or more of the primary beneficiaries is unable to collect (perhaps because of death). In the event that a primary beneficiary is unable to ...
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...
A transfer-on-death account is an arrangement that allows the assets held within a brokerage account or bank account to pass directly to a named beneficiary upon the account holder’s death, thus ...
The treatment of a brokerage account based IRA as a trust for tax purposes is largely a legal fiction. If Article 8 is set aside and the brokerage account is considered purely under principles of common law , there is a possibility of construing the collection of brokerage accounts in the intermediated custodial holding chain as a collection of ...
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
fixed beneficiaries, who have a simple fixed entitlement to income and capital; and discretionary beneficiaries, whom the trustees must make decisions as to the respective entitlements. Where a trust gives rise to sequential interests, from a tax perspective (and also from the point of view of trustee's duties), it is often necessary to ...
Adding a beneficiary or a joint account holder to your bank accounts is a great way to transfer assets to your family in a clear-cut way. You avoid the hassle of probate, and your assets are ...
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...