reasons why VG doesn't allow benes on joint accounts has been discussed frequently. There is little upside for VG to offer such since it will lead to problems more often than the times it is actually needed.Hi folks..my wife and I were co-owners of several mutual funds at Vanguard...they would not allow the naming of contingent beneficiaries on a jointly held account...this was concerning in the unlikely event that we both pass at the same time..to get around this policy, I removed my wife's name as co-owner and then was able to name her as primary beneficiary and our kids as secondary beneficiaries..I also gave her authorization to handle the accounts in the event I am unable..are there any other potential pitfalls with this setup? also we live in a joint tenancy state, not community property..if I pass would my wife be eligible for the full step up in cost basis since I was the sole owner? ..thank you
Statistics: Posted by LotsaGray — Mon Sep 16, 2024 1:08 am — Replies 3 — Views 504