Are Your Beneficiaries Correct?

This year one of our goals is to double check all of your beneficiaries for you. 

During tax season your tax preparer may inquire about any retirement, life insurance or other accounts that might require a beneficiary.  We recently learned of someone who’s mother passed away in 2010, and the only beneficiary on the account was her father who had passed away in 1995.  Unfortunately this means any money in the account will go to probate and or the estate, and be taxed much higher than an IRA should be taxed.  

The review may have to be done after tax season, but we feel it is a vital part of both tax and financial planning.


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