Hi folks..my wife and I were co-owners of several mutual funds at Vanguard...they would not allow the naming of contingent beneficiaries on a jointly held account...this was concerning in the unlikely event that we both pass at the same time..to get around this policy, I removed my wife's name as co-owner and then was able to name her as primary beneficiary and our kids as secondary beneficiaries..I also gave her authorization to handle the accounts in the event I am unable..are there any other potential pitfalls with this setup? also we live in a joint tenancy state, not community property..if I pass would my wife be eligible for the full step up in cost basis since I was the sole owner? ..thank you
Statistics: Posted by petras52 — Wed Aug 28, 2024 10:35 am — Replies 1 — Views 68