Account Types and Registration: Rapid Fire

What this video covers

• How Joint Tenants with Rights of Survivorship (JTWROS) avoids probate while Tenants in Common (TIC) passes through the estate, and what exam language signals each one
• Why a Transfer on Death (TOD) designation supersedes a will and skips probate entirely, and why beneficiaries have no rights while the owner is alive
• How step-up in basis resets cost basis to fair market value at death, and why the heir never inherits the original purchase price for tax purposes
• When a fee-based account is suitable for active traders and when it violates Regulation Best Interest for buy-and-hold investors
• The two conditions that trigger pattern day trader status: 4 or more day trades in 5 business days AND more than 6% of total trades, plus the $25,000 minimum equity requirement
• Why the $50,000 figure is only a risk-disclosure warning, not a regulatory minimum, and when that disclosure must be delivered
• How the Automated Customer Account Transfer (ACAT) timeline works: receiving firm initiates, 1 business day to validate, then 3 business days to complete, and why re-registration at the same firm requires principal approval without the customer signing a new account form