Trust
Who handles trust accounts when it involves a due to death situations?
COO Advance. Always remember, we never handle a trust due to death situation in COO Primary.
What digital pathway(s) can be used to complete an internal gift?
CXD and Intelledox
In this resource, you can find everything related to COO?
COO Hub
A client calls in who has an advisor, the client has 7.5 million in their trust account. They want to transfer 50,000 from their trust account to their individual account, who handles this call?
This call will be handled by COO Advance. While the transfer is a simple one, due to the amount and they fact that they have an advisor.
Is gifting to an UTMA/UGMA account revocable or irrevocable?
Irrevocable
What type of agent authorization can a trust account have?
Limited Agent Authorization
For the year 2024, what is the gifting limit before it becomes a taxable gift?
Single: 18,000
Joint: 36,000
This COO resource lets you know what digital pathway is best to use in different COO related situations?
COO NAV tool
When a person move assets from their account to their spouse account is that a gift or a transfer?
This is a transfer.
If the former minor (reaching the age of termination) calls in wanting to transfer their account to an individual, what does the custodian need to do first?
Nothing, there is nothing the custodian needs to do.
What documents are needed to establish a trust account here at Vanguard?
Trust name, Trust date, Current acting trustees’ names, Signature page(s) signed by the persons, who were required to sign under law.
What type of transfers would not be consider a gift?
To a spouse and to account with the same owner, SSN or EIN.
What resource is being retired and will create a NIGO if you use it for SOME transactions?
Formless
For a transfer from a joint account (WROS) that moving more than $500K, what type of security do we to go through in order to complete the transfer?
OVER $500k + phone security + VV/OTP needed for ALL owners
When transferring a UTMA/UGMA account which resource should you look at to make sure the transfer is able to happen?
Infowave- Age of termination
A Successor trustee calls in and states that he/she wants to disperse the trust to the beneficiaries. Is this a living or due to death call and who handles this call?
This is a living call, the due to death process has been completed and now living trustees are on the account and they are trying to move the assets out of the account. So this call would be handle by COO primary
Gifts from and to retirement accounts are handle by who and who handles organization gifting (internal)?
The Retirement Department and COO Advance
What does the Cross Registration tool determines for us?
The Cross Registration Tool is a critical tool to determine the level of security we will need based on the assets a client would like to move.
Client calls in saying she is getting a divorce and want to move assets from her joint account to her individual account. Who handles this calls and what paper work do we needed to do the transfer?
COO primary and we don't need any paper work on file. This is going to handle like any other retail transfer. Just check the cross registration tool to make sure you meet all the requirements.
Who can be a custodian for a UTMA/UGMA account and what criteria does the custodian needs to meet to be over the account?
An adult family member, a court appointed guardian, or organization.
The custodian must reside in the United States or a U.S. Territory and be either a U.S. citizen or alien.
A trustee calls in and wants to resign and put a successor trustee on their trust account. What documents do we need to complete this request?
Trustee Certification form, Trust doc and Resignation letter that is notarized and it must be mailed in.
Alternatively,
If the client is unable to provide a notarized resignation letter, then the resigning trustee must complete the "Notice of Trustee Resignation" in Section 2 of the TCF with a notary.
Notarized documents for resignation need to be mailed to Vanguard (certification is required to be original).
Gifts from a joint account are all handle the same expect for one particular account registration when dealing with a certain amount. What account registration is it and what are the requirements that make it different?
Joint Tenants with Right of Survivorship (JT WROS) accounts, for transfers up to $500,000, Change of Ownership Form with the signature of only ONE owner + MSG, Voice Verification (VV) or OTP of that one owner who signed this form is needed to make these requests.
A client is moving assets from their individual account to their trust account. What resource do you need to look up to understand what is needed to complete this type of transfer?
Infowave: Individual transfer guidelines
What types of transfer can only be completed using Formless 1.0 for the time being?
1. Joint WROS to UTMA account
2. Joint WROS to Trust Sue and Mary ( different owners)
3. 3 owner Joint WROS to Joint account
4. Joint Registration other than JT WROS to most account types.
5. Non-retirement Estate (1 or 2 Executor) to Any Non-retirement Account
6. Trust (where TCF states All trustees need to sign) to Any Non-retirement Account
7. Guardian to Guardian
8. Organization/Charity to Any Non-retirement Account
9. Some ESA Transfers (refer to COO Nav)
When the minor reaches the age of termination, universal buy/sell freeze will be added to the UGMA/UTMA account. Why is this placed on the account, and does it need to be removed to do the transfer?
This is placed on the account to prevent the custodian for making any transaction on the account and it does not have to be removed for the transfer to occur.