Query:
Currently, boiler-plate wills are predominantly "per stirpes" and not "per capita." In any event, will are generally written to leave estates to the first generation, the children, but obviously can be written favoring the grandchildren and bypassing the children. I am sure that remains the case but my hunch is that gradually there will be increasing emphasis on the grandchildren and not the children.
Reply:
Next.
Query: TOD designations and lifetime gifting vs trust?
Reply:
Now.
Look closely at each risk in choosing TODs vs trusts.
It's been said that one
risk of a TOD (rather than a trust) is that if the named beneficiary is
not of legal age when the benefactor dies, some financial institutions
won't release a TOD asset to an underage beneficiary.The problem with minors as beneficiaries, trusts vs TODs:
With regard to a UTMA, how does one set one up? Through a bank, brokerage account, other?
Taxes on a UTMA account:
