Edward Jones Transfer On Death Agreement

I realize this post is old, and I`m sorry for your loss. I just wanted to say that the reason they open an account for you and your brother is to shift the fortune of your social mothers to inherited IRAs that would be under your social. Once it has moved, you can do whatever you want, including transferring or winding up and taking over a distribution. My mother passed away a few days ago, we`re waiting for the death certificate to liquidate her pension accounts. No part of their stocks will go to the estate, we have taken steps to avoid this before they die. (1) Edward Jones Transfer on Death Agreement. “This agreement is not valid and will have no effect in the state of Louisiana.” www.edwardjones.com/images/transfer-on-death-agreement.pdf Has anyone ever taken care of it, and what are my options for closing these accounts and scattering money between me and my brother? My goal is to pay as little as possible to this company and avoid any relationship beyond what is legally necessary to close these accounts. A related problem is account holders in Louisiana who make a POD (Payable on Death) designation. Louisiana`s banking laws only exempt banks from liability to heirs or estate for the payment of a beneficiary under the name POD. However, if the account holder has different heirs because of a will or trust, the pod beneficiary may be responsible for the funds received.

(2) Merrill Lynch Joint Account Agreement. “JTWROS: Joint Tenancy with Right of Survivorship(not available to Louisiana residents).” olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/Joint_Account_Tenancy_Agreement_-_1277.pdf She has a number of accounts with Edward Jones. We talked to them today about what we need to do to liquidate their stocks. My brother and I were told that we had to open accounts at Edward Jones` house to share their funds and get the funds. (5) Charles Schwab designated the agreement on the profit plan. “The plan is not available in Louisiana.” www.schwab.com/public/file/P-831898/APP10780-16-ADA_-_5_19_2017.pdf (4) T Rowe Price TOD Agreement. “Tod is not recognized by the State of Louisiana, so we don`t offer tod for louisiana residents.” individual.troweprice.com/Retail/Shared/PDFs/todreg.pdf?src=AccountFinder good luck. We are sorry to hear from your mother. Remember that all your mothers money is legally in possession of you, and you have full rights over Jones. I have not heard anything good about this company and, for whatever reason, I do not want to open an account with them.

Example. Mom and Dad have three accounts in the investment company. Father owns a traditional IRA. Mother has a traditional IRA. And they have a common investment account. They come to the law firm to discuss how to leave the assets between themselves and their families outside the estate, and they are convinced that they have indicated the beneficiaries in all their investment accounts. Subsequently, they find that they have only been allowed to designate beneficiaries on their A.I.s, not on their common investment account. While other states allow evasion on investment accounts, such as the Death Transfer (TOD) and Survival Rights (JTWROS), these denominations are not recognized for Louisianans and investment firms do not allow their Louisiana clients to make these designations. (3) Merrill Lynch TOD agreement. Transfer On Death Accounts is available to account holders (defined below) that are established in all U.S.

states (except Louisiana). olui2.fs.ml.com/publish/content/application/pdf/GWMOL/TransferOnDeathAgreement.pdf I don`t think I can legally open an account with them. Many Louisianans are confused because they think they can designate beneficiaries on their non-pension accounts with their investment company – but they can`t.