IRA Beneficiary Review

Why perform an IRA Beneficiary Review? If you have an IRA (Individual Retirement Arrangement or Account) you likely filled in the beneficiary form.  Either way, the nagging question is, “What’s wrong with the beneficiary form?”  I have a bet for you – if I fail to expose an issue with your IRA Beneficiary forms I’ll provide you with a $50 gift card.  Restrictions apply**

I have yet to meet with any prospective client whose current beneficiary form did not have issues!  How can that be?

When your adviser explained to you Per Stirpes and Per Capita as you filled out the beneficiary form did that conversation seem clear?  Were you left with questions?  It might not be important to you that your hard earned money goes where you want.  Your beneficiaries will survive.

The reality

The harsh reality is this – when you have died or are incapacitated your ability to make changes to the beneficiary form is limited at best.  Most likely your form is set and can’t be changed.  It will be too late.

What type of mistakes do we see?  Making a trust the beneficiary has been popular lately. Having the wrong person named. Naming minor children is an issue.  Maybe a trust is required but the trust is not properly setup.

I have seen an amazing IRA trust.  Very special, the families paid extra money.  There were three issues that would keep the expensive IRA trust from working.  How can that be?  If you have a need for an IRA trust we can use our complex checklist to review the trust ability to protect – or not protect – your IRA.

** Available to people who are paying for a financial review.  Can be a gift card or a $50 reduction/refund of your fees.