[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/pod-problems-rye-brook-new-york\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/pod-problems-rye-brook-new-york\/","headline":"POD Problems \/ Rye Brook, New York","name":"POD Problems \/ Rye Brook, New York","description":"\u201cIt\u2019s not that these accounts can\u2019t or shouldn\u2019t be used, it\u2019s just they have to be coordinated carefully with the rest of the plan,\u201d says Patrick Lannon, an estate lawyer with Bilzin Sumberg in Miami, Fla. \u201cIf there is more than one child and you make a paid on death account in favor of just […]","datePublished":"2013-08-20","dateModified":"2023-08-12","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0192aca33c92.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0192aca33c92.jpg","height":750,"width":1050},"url":"https:\/\/www.amorusolaw.com\/blog\/pod-problems-rye-brook-new-york\/","about":["Elder Law","Estate Planning","Inheritance","Medicaid Asset Protection Trust (MAPT)","Probate","Retirement","Succession Planning","Tax Planning"],"wordCount":376,"articleBody":"\u201cIt\u2019s not that these accounts can\u2019t or shouldn\u2019t be used, it\u2019s just they have to be coordinated carefully with the rest of the plan,\u201d says Patrick Lannon, an estate lawyer with Bilzin Sumberg in Miami, Fla. \u201cIf there is more than one child and you make a paid on death account in favor of just one, it\u2019s bound to cause misunderstanding,\u201d he adds.Sometimes it\u2019s the simple things in life that you have to watch out for. Things that appear simple can actually be very complex. So it is with \u201cpayable on death\u201d accounts, or PODs.Forbes recently featured this subject in an article titled \u201cWhen Payable On Death Accounts Backfire.\u201dThe promise of a \u201cpayable on death\u201d account cannot be undersold. Funds subject to such an arrangement escape probate and transfer straight to the named beneficiaries. No muss, no fuss.On the other hand, whenever an asset passes \u201coutside\u201d of your estate by avoiding probate, it may not be in sync with your overall estate plan. This is true when you really intend for all of your heirs to share in your estate equally. If you have any accounts \u201cpayable on death\u201d to just one of your heirs, then he or she will receive more of your estate than intended.Perhaps you want a particular account \u201cpayable\u201d to the heir who also will be your executor. Your thinking is that such a move will enable them to have ready cash for funeral and other final expenses when needed. To avoid misunderstandings and hard feelings, makeyour intentions clear in your estate planning legal documents. For example, you could provide that any proceeds left after your funeral and final expenses will become part of the inheritance for that heir with an adjustment made to equalize the shares of the other heirs under your estate plan.In short, \u201cpayable on death\u201d accounts and other direct methods to designate beneficiaries outside of your estate planning documents can be incredibly useful when used correctly. Unfortunately, it can also be downright counterproductive if they are not properly taken into account.Reference: Forbes (August 9, 2013) \u201cWhen Payable On Death Accounts Backfire\u201dFor more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"POD Problems \/ Rye Brook, New York","item":"https:\/\/www.amorusolaw.com\/blog\/pod-problems-rye-brook-new-york\/#breadcrumbitem"}]}]