CONTENT
  DEPARTMENTS



  DETAILS
Legend for Icons
 Article    Q&A

 Podcast  Video

 Blog  Discussions

PDF    Powerpoint
BankingQuestions.com Web


New Reply
Topic Options
#28672 - 05/08/10 01:05 PM is there a limit to a Totten trust balance?
Anonymous
Unregistered


Is there a limit on the amount that you can have in a totten trust and still retain the passing probate angle.


Edited by Assoc Editor (05/11/10 09:29 AM)
Edit Reason: New title for separate thread

Top Reply Quote Quick Reply Quick Quote
#28691 - 05/11/10 09:33 AM Re: is there a limit to a Totten trust balance? [Re: Anonymous]
Assoc Editor Administrator Online   content
Power Poster

Registered: 12/09/08
Posts: 5046
Loc: Massachusetts
There's no federal limit, since it's a property ownership and probate issue that is typically left to state law to decide. I also am not aware of any state law that sets a cap on Totten trust balances that would prevent larger balances from being passed to the next owner without probate. However, you should check with an attorney familiar with your state's laws.

Top Reply Quote Quick Reply Quick Quote
#31307 - 03/01/11 10:39 AM Re: is there a limit to a Totten trust balance? [Re: Assoc Editor]
Anonymous
Unregistered


Is a Totten Trust recognized in Canada?

Top Reply Quote Quick Reply Quick Quote
#31468 - 03/29/11 11:11 AM Re: is there a limit to a Totten trust balance? [Re: Anonymous]
Assoc Editor Administrator Online   content
Power Poster

Registered: 12/09/08
Posts: 5046
Loc: Massachusetts
Probably not, since such trusts are generally traced back to a U.S. court case that set their parameters. If Canada does recognize such an informal "trust" deposit account, it is likely given a different name. In many states, Totten trusts have largely been replaced by "pay on death" accounts, which accomplish the same thing, but under statutory rules rather than common law.

Top Reply Quote Quick Reply Quick Quote
#31470 - 03/31/11 05:41 AM Re: is there a limit to a Totten trust balance? [Re: Assoc Editor]
Anonymous
Unregistered


Thank you ^^
___________________________________
Card sbobet This new version is usually made ​​a cash card or credit card to a so players. sbobet more convenient.

Top Reply Quote Quick Reply Quick Quote
#31475 - 03/31/11 06:18 PM Re: is there a limit to a Totten trust balance? [Re: Anonymous]
Anonymous
Unregistered


is totten trust taxable?

Top Reply Quote Quick Reply Quick Quote
#31476 - 04/01/11 08:05 AM Re: is there a limit to a Totten trust balance? [Re: Anonymous]
The editor Administrator Offline
Power Poster

Registered: 07/25/08
Posts: 4422
Tax liability is attributed to the owner, the minor.


Edited by The editor (04/01/11 08:06 AM)

Top Reply Quote Quick Reply Quick Quote

Quick Reply:
HTML is disabled
UBBCode is enabled