Interactive Brokers - I'M MAD AS HELL!

I use Trust Accounts at IB and I am the trustee....no problems!

Check it out.

 

I also an a trustee with trading priviledges to a trust account with IB. and it is not difficult. It's cost money and time to set up a trust. Unnecessary when a lousy piece of paper can do the job.

All I'm complaining about is a lousy form Beneficiary Plan - Transfer on Death. It's a piece of paper. It has nothing to do with avoiding estate taxes, it has everything to do with avoiding probate.

If IB has the means of honoring beneficiary rights for IRAs then they have the means to do it for any account.

 

Sir, the Trust spells out the beneficiaries and IB is given a copy of the trust.

All that is need.

 

How about a revocable living trust?

Also would IB honor a power of attorney to withdraw funds in case of death?

 

Well, I guess a trust is cheaper than probate.

OK if I'm still mad?

 

incorrect yucca. the term you're thinking of is called a POD ACCOUNT(PAYMENT ON DEATH). brokers are not required to offer it but banks are. saying that many brokers such as penson do offer but ib does not

 

If you go the Trust way then all accounts, house deed, etc. will be in that Trust.

Good luck!

 

rts - you can put whatever you want in a trust, and leave out whatever you want. And FBO whomever, and desiginate whatever part you want to any people you decide to.

We are off the topic, all I want to do is rant and rave about a lousy piece of paper.

And it is my understanding from responses here that there are no discount brokers that offer the service I want.

Thanks all.

 

Obviously by giving it to the "beneficiary", it removes it from the estate. I don't see how it doesn't avoid estate taxes....IF in fact it exists as you say it does.

OldTrader

 

Assuming she doesn't poison you for your money, once she knows she stands to get a windfall after your death, then I guess it does.