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We’ve written about transfer on death issues before on this ME-P.
Link: https://medicalexecutivepost.com/2023/10/23/transfer-on-death-tod-deeds/
But, what are the tax implications?
Despite the convenience of avoiding probate, a TOD account does not inherently provide tax benefits or protections against estate or inheritance taxes.
Upon your death, estate taxes may apply if the total value of your estate exceeds the federal exemption threshold, which is $13.61 million in 2024. Most people won’t come anywhere close to this level. However, a handful of states do impose inheritance taxes, which are paid by beneficiaries, though these exemption amounts are also generously high.
For capital gains, beneficiaries get a step-up in basis to the fair market value of the assets at the date of your death, which can provide significant tax benefits if the assets have appreciated in value.
CITE: https://www.r2library.com/Resource
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Filed under: "Advisors Only", Accounting, Estate Planning, Ethics, Risk Management, Taxation, Touring with Marcinko | Tagged: estate, Estate Planning, Marcinko, TOD, TOD account, TOD Deed, transfer on death | Leave a comment »
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