Retirement Plan Beneficiary Disasters and How to Avoid & Fix Them
Retirement plans are often a huge part of a client’s balance sheet and eventual estate. Understanding the possible traps and proper planning is essential to minimize adverse tax consequences. This presentation will review foundation concepts, describe some common disasters, and provide solutions to some of the disasters you were not there to help the client avoid. Specifically, Bob will cover the following:
- Failing to update the beneficiary designation form after a death or divorce
- Failing to provide for a spouse
- Failing to name a beneficiary
- Failing to name contingent beneficiaries
- Naming the estate as beneficiary
- Naming a non-qualified trust as the beneficiary
- Naming a potential spendthrift as beneficiary
- Naming an older relative as the primary beneficiary
- Naming a trust with older relatives who are primary beneficiaries
- Incorrect titling of an inherited IRA
- Rolling-over an inherited IRA into a personal IRA
- Failing to qualify for the charitable contribution income tax deduction
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