The Limitations of POD and TOD Designations in Estate Planning

This chapter explores the drawbacks and potential issues of using pay on death (POD) or transfer on death (TOD) designations as an estate planning method, particularly when transferring assets to a minor child. It emphasizes the importance of early estate planning, especially in situations involving long-term care or Medicaid qualification, and discusses the benefits of Medicare and Medicaid planning, trust setup, and long-term care insurance.