What will be the affect on any tax owed now or in the future by me in regards to my Individual Brokerage Account, once I commit a Transfer on Death Document?

I have an Brokerage Account with ETrade and want to execute a Transfer on Death and designate a beneficiary. But there is an implication that this will carry a tax affect. What if any would that or those be?

posted

There will be no effect now or in the future as far as taxes go. It's like naming a beneficiary for a 401(k) plan. It remains yours, and you can revoke it any time you want. But when you die, it pass directly to the person you name. It won't have to go through probate. That said, I'm a CPA, not an attorney.

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