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What Does Payable On Death (POD) Mean?

beneficiary: What Does Payable On Death (POD) Mean?

You may have heard the terms Payable on Death (POD) and Transfer on Death (TOD), but do you understand their importance? When should each be used? Do you need a POD? An experienced Estate Planning Attorney can answer these and many other questions. What is a Payable On Death? A Payable On Death (POD) is a legal document that is utilized to transfer money in your bank accounts, money market accounts, and certificate of deposits to a beneficiary upon your death. Having a POD in place bypasses the probate courts by moving the money into the desired person’s account instead of waiting...

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What is a Transfer On Death (TOD)?

What is a Transfer On Death (TOD) Deed?

When working through your Estate Plan, there are many options. Should you use a Will or Trust? Who are your beneficiaries? Should your assets be established as Transfer on Death or POD? Working with an experienced Florida Estate Planning Attorney will help ease the confusion and establish a customized Estate Plan. What Is A Transfer On Death? A Transfer on Death is an instrument or deed that is used mainly with stocks, bonds, a brokerage company and retirement accounts such as a 401(k) and an IRA. Transfer On Death (TOD) deeds are named beneficiaries that receive assets after the death of the...

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Real Estate Ownership: Options for Owning a Primary Residence, Vacation Home or a Rental Property in Florida

Real Estate Ownership: Options for Owning a Primary Residence, Vacation Home or a Rental Property in Florida | Florida Estate and Elder Law Attorney Barry D. Siegel at The Siegel Law Group, P.A

Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate ownership and offer advice about the best form of ownership for each. Primary Residence  Because your primary residence receives special tax treatment, you should carefully consider how your home is owned. In some states, tenancy by the entirety offers married couples creditor protection from the creditors of one of the spouses (with a...

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How Does a Florida Lady Bird Deed Help With Medicaid Planning?

How Does a Florida Lady Bird Deed Help With Medicaid Planning?| Florida Estate and Elder Law Attorney Barry D. Siegel at The Siegel Law Group, P.A

Many people think they have too many assets to qualify for Medicaid assistance to help pay for healthcare, and they pay out-of-pocket for their long-term care until they have sold their home and all their other assets. But with careful Medicaid Planning, you may be able to receive the financial help you need without losing your home. A Florida Lady Bird Deed, also called an Enhanced Life Estate Deed, allows you to avoid probate and pass your property to your loved ones while maintaining eligibility for Medicaid assistance. 4 Benefits Of A Lady Bird Deed A Lady Bird Deed as part of your Estate...

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Do I Have to Pay a Florida Inheritance Tax?

Florida Estate Planning: Do I Have to Pay a Florida Inheritance Tax?

Florida has a reputation for being a tax-friendly state. There is no state income tax and Floridian's Social Security, retirement accounts and pension plan income are all free from taxes. Florida does not have a State estate or inheritance tax. These are two different types of taxes often called death taxes because they are paid after someone dies. Heirs and beneficiaries in Florida do not pay income tax on the money they inherit from an estate, called an estate tax, because inherited property does not count as income for income tax purposes. Someone who does not live in Florida but...

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FAQs: Is It Better to Have A Trust Or A Will?

FAQs: Is It Better to Have A Trust Or A Will? | Florida Estate and Elder Law Attorney Barry D. Siegel at The Siegel Law Group, P.A

Estate Planning options and jargon can be confusing. So how do you know the best way to transfer your property to your loved ones after you pass away? Many people will argue that a Will is the best method; while others recommend a Trust. In many cases, someone will have both a Will and a Trust. There are benefits and drawbacks to each. Your decision on whether it's better to have a Trust or a Will should take into consideration your personal concerns and priorities, as well as the nature of your estate and beneficiaries. First, let’s look at how Wills and...

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This Father’s Day, Gift Your Children Peace of Mind

Father and 2 Children: This Father's Day, Gift Your Children Peace of Mind | Florida Estate and Elder Law Attorney Barry D. Siegel at The Siegel Law Group, P.A

Father's Day falls on Sunday, June 21. Traditionally, children give their dad a gift on Father's Day to show they love them. This year, for Father's Day give your children the gift of peace of mind and protection. Planning for your end-of-life can be uncomfortable and even frightening, which may explain why nearly 60% of Americans don’t have a Will or Trust. There are many reasons adults don't have a will, including: • They're too young to have a Will or Trust • They don't have enough money and assets to need a Will or Trust • It's too expensive to create a Will...

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The What, Who, and How of Undue Influence (And How To Protect Yourself)

Image of a senior person's hands symbolizing vulnerability to undue influence

Most will be familiar with the names of at least one of these famous people: Groucho Marx, (movie actor, comedian) Pauly Shore (movie actor, comedian) and Stan Lee (founder of Marvel Comics and creator of Spider-Man).  Why do I mention them and what do they have in common?  They’ve all been involved in legal proceedings involving a claim of undue influence. So what is undue influence and how can it impact us and our loved ones? Let’s have a look.  What Does Undue Influence Look Like? When it comes to our personal estates, we plan carefully to ensure our families are provided for after we’re...

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Keeping Your Family Out of Probate Court

Looking to avoid probate court? The Siegel Law Group can assist your family. Get in touch today by calling (561) 955-8115 for a free consultation or browse our website for more information. Keeping your family out of probate court may be the best thing that you can do for them. The death of loved ones is emotionally devastating. It is even more stressful when families end up in probate court, potentially facing long and expensive legal battles, while waiting to close an estate. Fortunately, there are many ways to ensure that your family...

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How Often Should You Review Your Estate Plan?

living trusts and estate planning

Ready to review your estate plan and plan for the future? Get in touch with the Siegel Law Group to get started today! You drafted a will with your attorney, and then you filed it away and promptly forgot about it. In fact, maybe you forgot about it for decades! Many people assume that drafting a will is a one-time event; but it really is only the first step in the process. The truth is that you should review your estate plan for necessary changes on a regular basis, and when major...

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