• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Kuhn and Kuhn Law Firm

South Carolina Estate Planning Attorneys

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Talkin Law
  • Services
    • Asset Protection & Business Planning
    • Charleston Pet Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family Farms and Businesses
    • Healthcare Documents and DPOAs
    • Incapacity Planning
    • LGBTQ Estate Planning
    • Living Trusts
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Will Packages
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning for Niches
    • Trust Administration
  • Resources
    • Client Resources – Estate Planning
    • Consumer Resources – Estate Planning  
    • Elder Law Reports
    • Professional Resources
  • Contact Us
    • Directions to Our Charleston Office
  • Blog
Home / Estate Planning / Are POD Accounts A Trap?

Are POD Accounts A Trap?

June 29, 2012 by John Kuhn, Estate Planning Attorney

Sometimes you can be lulled into a false sense of security because you feel as though you have taken a step that provides protection on some level without actually seeking professional guidance. This is something to beware of when you consider the value of payable on death accounts.

These accounts, sometimes referred to as transfer on death accounts, allow for a beneficiary to assume ownership of the resources that remain in the account after the death of the primary account holder. While this may sound like a very simple and streamlined estate planning solution there are many things that payable on death accounts do not accomplish.

Some people are in a position where they have to concern themselves with the realities of the federal estate tax, and these accounts do not provide estate tax efficiency. Asset protection is a concern for many individuals as well and since you directly own the resources that are in the account throughout your life they are not protected from creditors and claimants.

The possibility of incapacity is another thing to consider. If you were to become incapacitated and unable to handle your own financial affairs your beneficiary would have no immediate access to the funds in the account.

The message here is to avoid falling into the trap that exists in the form of overly simplistic solutions to somewhat complicated situations. Providing for the loved ones that you will be leaving behind is a serious matter, and it is something that requires the advice of an expert.

Should you be interested in devising an intelligent, holistic, and informed strategy for the future well-being of your loved ones take action right now to arrange for a consultation with a seasoned, savvy South Carolina estate planning lawyer.

  • Author
  • Recent Posts
John Kuhn, Estate Planning Attorney
Former South Carolina State Senator, John Kuhn is a founding partner of the Kuhn & Kuhn Law Firm.The Kuhn & Kuhn Law Firm is a boutique estate planning (wills, trusts and probate) firm, which he and his wife opened in 2002.The law firm was created to serve clients who want an excellent and thorough estate plan.
Latest posts by John Kuhn, Estate Planning Attorney (see all)
  • Preparing for Coronavirus - March 10, 2020
  • Incapacity Planning - December 20, 2018
  • Special Accounts for People with Special Needs - December 17, 2018

Filed Under: Estate Planning Tagged With: Estate Planning, Inheritance Planning

Primary Sidebar

Subscribe to Our Blog

Kuhn & Kuhn Law Firm

Charleston
473 Savannah Highway
Charleston, SC 29407
Phone: 843-577-3700

Charleston Map

map for Charleston office

Kuhn & Kuhn Law Firm

Summerville
421 Old Trolley Road
Summerville, SC 29485
Phone: Our Satellite Office

Summerville Map

map for Summerville office

Opening Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

  • About The Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

© 2023 Kuhn and Kuhn Law Firm
All Rights Reserved.
Attorney Advertisement

footer-logo

Subscribe to our newsletter

  • Facebook
  • Linkedin
  • Youtube
  • Twitter

© 2023 American Academy of Estate Planning Attorneys, Inc.

Copyright © 2023 · Kuhn & Kuhn on Genesis Framework · WordPress · Log in