Website | The Firm | Practice Areas | Our Team | Contact Us

Who Should I Name as the Beneficiary of my Retirement Assets?

Deciding who to name as the beneficiary of retirement accounts is a very important aspect of creating a sound estate plan. Naming a trust that includes specific provisions to qualify for certain tax benefits is the most effective way to ensure the retirement funds actually end up in the hands of the beneficiary.

If you have named your children as outright beneficiaries of your retirement plan, those funds could be vulnerable to creditors, a divorcing spouse, and estate tax.

If you've named a trust that does not include certain provisions for retirement assets, you have passed up the opportunity to stretch out the distributions over time and maximize the income tax deferral benefits of the IRA.

But, there is a way to have it all: a stretch-out, the protection a trust provides, and tax savings. For more information on naming a trust written with the necessary tax provisions, follow this link: Who Should I Name as Beneficiary of Retirement Assets?

Please be aware that this email cannot receive replies. If you would like to contact us, please email us at blum@theblumfirm.com or click here on Our Team to locate contact information for a specific attorney.

This communication contains generalizations and simplifications. Prior to implementing any estate plan, you should consult with competent tax and legal counsel to assess your specific circumstances and determine whether any particular technique discussed in this communication would be appropriate for you and could be implemented in a manner designed to achieve the desired favorable outcome. This communication including any attachments is not intended to be, and should not be construed as, U.S. federal tax advice for purposes of Circular 230 and may not be used for the purpose of avoiding penalties under the Internal Revenue Code. Additionally, this communication including any attachments is for education purposes and is not intended to be used for, and should not be used for, the purpose of promoting, marketing or recommending to another party any transaction or matter addressed herein.