Dying - best way to pass on $250k currently in a money market account

if you have a list of people you want to gift to, you can just go ahead and gift the money. work with your tax accountant to file any gifts over the annual gift tax exclusion to be part of the lifetime gift tax exclusion. if you aren't intending to use that account before you pass, then its easiest to just do this now rather than try to do multiple beneficiaries.

i'm sorry, OP. i hope that you do not experience too much pain.

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05/19/2024 23:18

Subject: Dying - best way to pass on $250k currently in a money market account

quote

Anonymous

I put my daughter as POD beneficiary on my MM account because she lives nearby whereas my son is in another state so simple for her to handle those type of issues. Also, I am 100% sure she will give him his half.

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05/20/2024 00:10

Subject: Dying - best way to pass on $250k currently in a money market account

quote

Anonymous

Anonymous wrote:I put my daughter as POD beneficiary on my MM account because she lives nearby whereas my son is in another state so simple for her to handle those type of issues. Also, I am 100% sure she will give him his half.

His half will count as a gift from her to him and may need her to file a gift tax return which could affect her estate’s taxable income, depending what her estate will be worth.