2022 Financial Planning Cheat Sheet
IRA beneficiary designations specify who should receive your retirement account funds if you are to pass away. But there’s much more to it than that. Despite the importance of naming IRA beneficiaries, it is often at the bottom of the investment and financial planning to-do list.
IRA beneficiary designations are of major importance for a well designed retirement plan and should not be neglected. As our lives change, we need to be diligent in making sure our records are up to date and reflect our current goals and objectives. Failing to do so may result in major problems that could negatively impact relationships with family members. If you are serious about investing and saving for retirement, you need to get serious about IRA beneficiary designations.
⚠ Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and investment advisors. 👍
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What happens when the primary dies 8 days after owner? Does it go to probate, or to the contingent.
How long it takes to transfer IRA to Beneficiary IRA? My father had rolled over IRA using E-trade. After my father passed away, I request to transfer my father's IRA to my Beneficiary IRA. However, it seems taking long. It has been 6 weeks gone by, still not transferred.
First off, the explanation that you offer is easy to understand. Nice Job! I inherited a tradional IRA when my father passed last september. My brother and I were beneficiaries. However, in the state of West Virginia, where my father resided (and also in a lot of other states), there is a thing called augmented estate or elective share. We cannot get a straight answer as to whether or not that these IRA's are included in this elective share, or not, and IRA specifically is not mentioned. It is costing us a TON in legal fees to defend these IRA's from my step-mother and her adult children. You have any advice or content that would cover this?? Thanks!
Can you make a video series of HSA thanks
How does one retrieve proceeds from an IRA when designated as the Primary designee