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tenants by the entirety

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  • CM
    replied
    Originally posted by endo4jc View Post

    Within the last week I opened a brokerage account at Fidelity. The only options listed online were “Joint With Rights Of Survivorship” and “Joint Tenants In Common”. What kind of account did open at Fidelity?

    At Vanguard, I opened a Tenants By The Entirety brokerage account.
    I can't remember the details at this point, but I talked with the reps at Fidelity, made sure they understood TBE, and then followed their directions to open the account.

    Leave a comment:


  • endo4jc
    replied
    Originally posted by CM View Post

    Your Schwab experience was better than mine. I made multiple calls and could not manage to get my account ownership converted. Ultimately, I had to open a new account as TBE, then transfer my assets out of the old account into the new one.

    I wrote about it here, and I believe the pulm doc who is a financial advisor wrote that the asset protection may not work in some circumstances if the ownership type was a conversion rather than a new account opened as TBE. I don't know if that is true or not, but I decided to open a new account at Fidelity as well, and transfer assets out of the old accounts there as well.
    Within the last week I opened a brokerage account at Fidelity. The only options listed online were “Joint With Rights Of Survivorship” and “Joint Tenants In Common”. What kind of account did open at Fidelity?

    At Vanguard, I opened a Tenants By The Entirety brokerage account.

    Leave a comment:


  • braindoc
    replied
    Thanks everyone!

    Leave a comment:


  • CM
    replied
    Originally posted by deeppizza View Post
    I've recently changed all my brokerage accounts to tenants by the entirety. By far the easiest was Fidelity, which just basically had me right a letter of instruction to them to change the title. Schwab was a little more involved by filling out a specific form and submitting it along with another form that deletes the beneficiaries we previously had on our account (Schwab does not allow beneficiaries or TOD with joint accounts titled as tenants by the entirety). But within a week, it was changed. Vanguard is the most painful - you have to open a new brokerage account, and have it specifically titled tenants by the entirety. The problem is that this specific title isn't listed as an option when you open a new account online. I ended up calling them (waited about 45 min on hold) before someone was able to help. They began the application online, and then basically save it to your profile. You then fill out the rest and submit it online. After the new account is made, you have to mail in another form to transfer all the assets from your previous joint account to the new one. One caveat is that you will lose all cost basis data with the rollover, so keep good records. Obviously the easiest is just to open all your joint accounts as tenants by entirety from the start (if your state allows), but remember that some brokerages prevent you with having beneficiaries on such accounts (Vanguard and Schwab).
    Your Schwab experience was better than mine. I made multiple calls and could not manage to get my account ownership converted. Ultimately, I had to open a new account as TBE, then transfer my assets out of the old account into the new one.

    I wrote about it here, and I believe the pulm doc who is a financial advisor wrote that the asset protection may not work in some circumstances if the ownership type was a conversion rather than a new account opened as TBE. I don't know if that is true or not, but I decided to open a new account at Fidelity as well, and transfer assets out of the old accounts there as well.

    Leave a comment:


  • deeppizza
    replied
    I've recently changed all my brokerage accounts to tenants by the entirety. By far the easiest was Fidelity, which just basically had me right a letter of instruction to them to change the title. Schwab was a little more involved by filling out a specific form and submitting it along with another form that deletes the beneficiaries we previously had on our account (Schwab does not allow beneficiaries or TOD with joint accounts titled as tenants by the entirety). But within a week, it was changed. Vanguard is the most painful - you have to open a new brokerage account, and have it specifically titled tenants by the entirety. The problem is that this specific title isn't listed as an option when you open a new account online. I ended up calling them (waited about 45 min on hold) before someone was able to help. They began the application online, and then basically save it to your profile. You then fill out the rest and submit it online. After the new account is made, you have to mail in another form to transfer all the assets from your previous joint account to the new one. One caveat is that you will lose all cost basis data with the rollover, so keep good records. Obviously the easiest is just to open all your joint accounts as tenants by entirety from the start (if your state allows), but remember that some brokerages prevent you with having beneficiaries on such accounts (Vanguard and Schwab).

    Leave a comment:


  • Tim
    replied
    https://www.thebalance.com/tenants-b...enants-3974805

    State specific where allowed. On your brokerage account it will have type of ownership indicated
    Name (TBE) vs (WROS) vs (TIC).

    Your county keeps the deed records if you need to make a change.

    Leave a comment:


  • CM
    replied
    The brokerages will allow you to title the account in different ways. Tell them you want the form to open an account as tenants by the entirety.

    From experience I can tell you that some of the people who answer the phone may not understand the difference between tenants by entirety and other forms of joint ownership; you may have to explain it to them in order to obtain the correct form.

    I purchased our house under my name then went down to the government offices to change the title to tenants by entirety after I married. If you are buying a house as a married couple just make sure to have it titled properly from the get-go.

    Leave a comment:


  • braindoc
    started a topic tenants by the entirety

    tenants by the entirety

    Two questions regarding tenants by the entirety.

    1. Is opening a joint brokerage account the same thing as opening it as tenants by the entirety (assuming you live in a state that allows this)?

    2. How/when do you title your home as tenants by the entirety?


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