If you can’t hold the fund at other brokerages, you would have to sell and incur taxes. I wouldn’t do that.
Can you write the desired contingent beneficiaries in your will?
If this account is large, you could put it under one name, as Vanguard suggests. But I would create a second joint account, with a smaller balance. If you give the other spouse limited authority on the bigger account, then they could transfer money, as needed, to the joint account. The joint account is useful for transferring money to/from IRA’s. It might be easier to link a joint bank account to the joint brokerage account, but I am not sure if that is actually true.
Some estate lawyers here have suggested that it’s not a good idea to put additional beneficiaries on such taxable accounts, but I don’t know all the reasons for that. You might want to investigate those reasons. I suspect there must be a reason behind PA’s, and hence Vanguard’s, restriction
Can you write the desired contingent beneficiaries in your will?
If this account is large, you could put it under one name, as Vanguard suggests. But I would create a second joint account, with a smaller balance. If you give the other spouse limited authority on the bigger account, then they could transfer money, as needed, to the joint account. The joint account is useful for transferring money to/from IRA’s. It might be easier to link a joint bank account to the joint brokerage account, but I am not sure if that is actually true.
Some estate lawyers here have suggested that it’s not a good idea to put additional beneficiaries on such taxable accounts, but I don’t know all the reasons for that. You might want to investigate those reasons. I suspect there must be a reason behind PA’s, and hence Vanguard’s, restriction
Statistics: Posted by rkhusky — Mon Jun 24, 2024 9:43 am