Missteps for Divorce and Death
After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.
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After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.
The SECURE Act killed the stretch IRA but instead of mourning, advisors can help clients make up the loss.
Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
There have been several law changes that affect IRAs passed since December 2019.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on in light of the current pandemic.
Most consumers are familiar with the beneficiary designation form they complete when opening an IRA or 401(k). The form designates who receives the asset if the account owner dies. However, these forms can create confusion, unintended bequests, and family turmoil if not adequately monitored.
The Secure Act will force faster withdrawals from Inherited IRA Accounts.
This is a big one. The IRS would love for you to take every penny out of your 401(k) when you change jobs for one very good reason: more tax revenue.