"A gift is a gift is a gift....how does listing anyone circumvent potential gift taxes if one is otherwise subject to them?". #72:  Sounds like your grandmother did not realize what power she was giving to the person who is her POA. Before you do anything else, I would speak to grandma and maybe she can change the CD back to you being POD if she is well enough to still do this. now he has passed and his family put a block on the accounts . I guess I am no longer one of their "certain" customers so I am trying to get our other banks to redo our checks to be compliant with Chase's rules. A professional should be consulted....  All are primarily funded by the Feds and administered by the States...all are funded by previously provided taxes. We do not want them to know that they may be beneficiaries. For some reason, PNC not only converted my brother's CDs, but it also converted my CDs. This is answer to my above question that I received directly from the FDIC: Interestingly, having the "POD" designation in the account title is not required for credit unions. My concern is that him being in another country will cause delays once the I-130 is approved and moving to the next step. joint owner becomes sole owner or, if none, to the beneficiaries. I would suggest that you physically go to a Bank Of America branch along with the death certificate and your ID information. You laugh?? Some parents decide to save the money in a 529 account for the beneficiary’s children. Is my son able to claim it? thanking my aunts would get ahold of me when the time came to close the CDs.but i never heard from them and now 19 or20 yrs later i ask about the CDs i find out the oldest aunt signed my name and they cashed out.i realy dont know what to do these people are my family .i dont even know  who to talk to about this or do i just look the other way and forget about it . Sibling told him she went to bank several times in the last year asking questions about the account & kept after him to add her name too. Do you always have to have the last post especially to idiots?? My Experience as a Beneficiary Claiming POD Bank CDs, CD Interest, Bank 1099-INT Forms and Taxes, Important Details of CD Early Withdrawal Penalties. If they agree to do this, then be sure that you get explanation of this in writing for your tax records. This is why they are named as Executors so they can take care of this responsibility and see that everyone named becomes aware of what they get and where it is. I think once you find out who changed the account number and why, you will then get to the bottom of what is going on here. My step mother has mentioned recently that she feels it is unfair that he is leaving this large sum of money to us. To me, it is a little suspicious that the account number changed prior to distributions to the proper beneficiaries. If she had you listed as beneficiary or POD, I don't know if he could bypass her wishes and close the CD. Only funds from the Estate can be subject to any requirement for paying off debts. You are fortunate that he is still alive and can take care of this. Partial map of the Internet, with nodes representing IP addresses, Galactic (including dark) matter distribution in a cubic section of the Universe, Information embedded in an abstract mathematical object with symmetry breaking nucleus, Visual representation of a strange attractor, with converted data of its fractal structure. Step 2 – Provide your beneficiary's information. I have no idea where, or how, to locate them, or any records of them. It is 'that which reduces uncertainty by half'. Medicare isn't that good. Generally, you can name anyone with whom you have a relationship as beneficiary. She passed a year before he did, but I don't think he ever updated the pod. No PODs without a SS#. I don't see them anymore...Anybody knows? People really need to know how to leave money to those they love in the proper way to make sure they get it. If it was, the sister took it. It was the bank responsibility to do what was/is right...either now or earlier in time. #75:  Yes. What about your Uncle's home or other property? of days a check is generally invalid and the funds should revert to the account. Do your own due diligence to determine whether your estate actually requires an LT.Do not automatically take a lawyers  advice that you need one. I have learned that you do not trust anyone. If she did, she would not need Medicaid in the first place. I am no expert but I would think the POD designation is invalid and if anything happened to the bank, you may be ineligible for FDIC insurance. 26. Syntax as an area studies the form of communication in terms of the logic and grammar of sign systems. This is great information. He just wanted to see the cashier checks. It depends who the owner/owners of the account(s) are, and the beneficiaries involved. I have typed all the info and put it in the folder I have set up with copies of all CDs the person is the beneficiary of. I have a somewhat similar bad banking experience, but with SPACECOAST Credit Union (FL). All expedite requests are reviewed by USCIS on a case-by-case basis, and are granted at the […] POD. as beneficiaries. You did not make it clear if grandma is still alive and competent. Semantics is the study of the meaning of signs - the association between signs and behaviour. I don't see why a lawyer needs to get involved as long as you verify he is your son. That is the difficult part about going into a nursing home and ending up on Medicaid especially if you don't have a spouse on the outside who can use some of any money to live on. Is it possible I can ask the bank to email me the forms and drive them to the jail to have them signed, then fax them back to the bank? My problem is when I faxed those docs to BofA and introduced myself to them they told me they cannot help me and I should talk to the executor. This is very odd. Nothing personal, just generalize the problem? My father in law has a CD in trust for my husband. I noticed you had issue with Wells Fargo in the past and would like to know if there is anything else I would need to do or if WF has a way of preventing me from getting the funds. I’m driven by panic here, and would love to know if there’s anyway I can speed up the process? Most financial companies can handle direct rollovers, which are never subject to the 20% tax withholding. In English, "information" is an uncountable mass noun. The bank's own internal processes and policies will determine whether they can convert an account or not. Is there any truth to such a claim? and is of sound mind, etc. Only one was done wrong. Mom passed away in 2005. I am tired of contacting the same government officials and the FBI, I am not mentally ill or handicapped this is the lies the frauds used to steal my money, but I was never notified by any court officials or lawyers about these fraudulent court cases that were going on behind my back. I posted question # 18, i have an update with what happened and i wanted to know your ideas guys hope you could help me on this. As no one, not a lawyer nor anyone at the courthouse, ever heard of such a thing. Thanx. Both have recently passed away. Try to get a "free" consultation with a lawyer and fine out what your options are and if the child is too young for you to use the POA. Information is associated with data. This made it easier for the banks to look up the accounts in their system, but I don't think this was necessary for all cases except for that one Wells Fargo CD in which they had used the wrong beneficiary form. Pragmatics is concerned with the purpose of communication. I am thinking that I will get a 1099 when my father passes away and I will have to pay all of the taxes when I will be splitting it evenly among my siblings. #361 answer to a #12 post will help this person. but it was no good. . Maybe I was a lawyer in another life. It can help you to get around online censorship in your home country, access geo-restricted services form your home country when travelling or working abroad, and even save money when you are shopping online.In this article, we will explain exactly what geo-spoofing is, how it works, how you can benefit … Nursing home was applying for Medicaid but for unknown reasons, he never received Medicaid. I'm assuming that they are using the IRS code as the reason that they require this be done. ISLAMABAD: As the country reported 1,920 new coronavirus cases and 46 deaths in a single day, the Drug Regulatory Authority of Pakistan (Drap) on Monday approved another … Other posters take note. 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