Are Pensions Treated the Same in Your Estate Plan as Other Retirement Accounts? from Austin Estate Planning Attorney Liz Nielsen

Pensions

The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted away from pensions to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most […]

Difference Between Transfer on Death and Payable on Death Designation from Austin Estate Planning Attorney Liz Nielsen

Designation

When tackling estate planning, adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set […]