For example on a bank account/CD? They seem to be the same to me!
2007-10-26 04:41:22 · 7 answers · asked by Anna 4 in Business & Finance ➔ Other - Business & Finance
They are the same...you would owe taxes on either.
If an account is JOINT then it is joint monies..and would automatically go to the joint account holder and stay out of will distribution.
2007-10-26 04:46:28 · answer #1 · answered by foxinsox 6 · 0⤊ 1⤋
Something that is POD can be paid out with a death certificate and a letter from the court, if the estate is in probate. A beneficiary is the term used mostly for property and insurance but the same "rules" apply for the most part.
Taxes are only paid on estates over 1.5 million dollars.
2007-10-26 04:47:11 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Beneficiary is the person or persons that will inherit or get what ever the person who passed away leaves behind money property and so on. The POD is self explanatory. When and only when death occurs will there be a pay out to the beneficiary.
Smooches
WonderWoman
2007-10-26 04:48:01 · answer #3 · answered by wonderwoman 4 · 1⤊ 0⤋
Leaving something to a beneficiary will be tied up in probate court until the estate is settled. POD is transferred automatically to whomever is specified.
2007-10-26 04:45:12 · answer #4 · answered by Debbie 5 · 0⤊ 1⤋
I may not have this right, but I believe that a Beneficiary may have to wait for the payout until the probate is over... POD can be paid out immediately, without going thru probate...
2007-10-26 04:44:58 · answer #5 · answered by meanolmaw 7 · 0⤊ 1⤋
Maybe that beneficiary is already designated and POD has to be determined after investigation.
2007-10-26 04:45:11 · answer #6 · answered by benejueves 6 · 0⤊ 2⤋
POD to the beneficiary..... THATS THE DIFFERANCE
2007-10-26 04:44:41 · answer #7 · answered by Anonymous · 1⤊ 1⤋