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Questions and Answers
- Jim and Darlene, a married couple, have three nephews: Bryce, Ryan, and Kyle. They have assets in a brokerage account that they would like to pass to the nephews at their death, but they want to retain control until they both pass away. You would likely recommend they open which of the following accounts?
A. A joint tenants with rights of survivorship (JTWROS) account with a transfer on death (TOD) designation
B. A tenants in common (TIC) account with a transfer on death (TOD) designation
C. A joint custodial account for the three boys
D. A joint tenants account with all five individuals listed as owners
- All of the following information would normally be found on a new account application except
A. employment status.
B. address.
C. education.
D. investment objective.
3.Which of the following government-issued documents would not be considered acceptable proof of identity? A. A current drivers license issued by the State of Ohio B. A current birth certificate issued by Los Angeles County, California C. A current U.S. passport D. A current military identification issued by the U.S. Department of Defense
Study Notes
Accounts and Beneficiaries
- Jim and Darlene, a married couple, want to pass assets in a brokerage account to their three nephews (Bryce, Ryan, and Kyle) after their death, while retaining control until both pass away.
- Recommendation: open a joint tenants with rights of survivorship (JTWROS) account with a transfer on death (TOD) designation.
New Account Application
- A new account application typically includes information on:
- Employment status
- Address
- Investment objective
- Education is not typically required on a new account application.
Acceptable Proof of Identity
- Government-issued documents considered acceptable proof of identity:
- A current driver's license issued by the State of Ohio
- A current U.S. passport
- A current military identification issued by the U.S. Department of Defense
- Not considered acceptable proof of identity:
- A current birth certificate issued by Los Angeles County, California (local government-issued, not federal)
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Description
This quiz presents a scenario where a married couple wants to pass assets in a brokerage account to their nephews after their death while retaining control until then. Test your knowledge on estate planning by selecting the most suitable account option from the provided choices.
