COO Basics
This term describes when ownership of an account changes.
What is a Change of Ownership (COO)?
This document confirms that the account owner has passed away.
What is a death certificate?
Where in CRAVE can a representative find a client’s cost basis information?
What is under the Portfolio section?
A client calls and asks to sell stocks or place a trade in their account.
What is Investments?
This person is listed to receive the account after death.
Who is a beneficiary?
A COO due to death usually happens after this event occurs.
What is the death of the account owner?
This document may be needed if there is no beneficiary on file.
What is a CLOT
After an account owner passes away, cost basis is usually updated using this method.
What is a step‑up in cost basis?
A beneficiary calls and asks how to disclaim or refuse inherited assets
What is COO ADV?
If no beneficiaries are listed, assets generally go here.
What is the estate?
COO Primary can provide general information but cannot do this.
What is give legal or tax advice?
What document is required for a third party to receive documents related to a decedent’s account?
What is a Letter of Authorization (LOA)?
A step‑up in cost basis is generally based on this date.
What is the date of death?
A client asks whether stepping up cost basis would be better for their taxes.
What is a Tax Professional?
What information is required for decedent security.
What is the decedent’s first and last name, the last four digits of their Social Security number, and their full address? (Account Number)
If no beneficiary is listed on an IRA, who is typically entitled to the assets?
Who is the spouse?
Why is additional documentation required when beneficiaries are listed by relationship?
What is a Beneficiary Identification (Bene ID) form?
This type of account typically does NOT use cost basis.
What is a retirement account (like an IRA)?
A caller reports that the decedent passed away and lived in New Jersey.
What is COO ADV(COO Complex)?
Why do we place a Notice of Death (NOD) on an account?
What is to alert the firm that the account holder has passed away and to prevent unauthorized activity while the COO process begins?
What resource tells us whether a COO call is in scope?
What is COO triage?
Which document may replace full probate documentation in qualifying estate cases?
What is a Small Estate Affidavit (SEA)?
What does it mean when shares in a decedent’s account are considered non‑covered?
What are shares for which the firm is not required to track or report cost basis to the IRS?
A caller has completed the COO process but now wants personalized advice on how to manage their account.
What is RSG?
What type of case do we create when beneficiary changes are identified after the account holder’s death?
What is a COO Specialty Cases?