Skip to content
Round Logo — Smalller size
Wills, Trusts, & Estates Prof Blog
Formerly Hosted by the Law Professor Blogs Network

Review Your Retirement Accounts

By Gerry W. Beyer

Ira

The beginning of the year is a good time to ensure the beneficiary designation forms for your retirement accounts are up to date.  The best way to designate your beneficiary will depend on your goals.  Here are a few options:

  • Name your spouse as the beneficiary, but be sure to name contingent beneficiaries as well.

  • Stretch out your IRA to give your heirs more time to extend the tax advantages. 

  • If a child has predeceased you, provide for your grandchildren by making per stirpes distributions.

  • Preserve assets by naming a trust as the beneficiary of a retirement account.

  • Give your heirs options by naming alternates, who will inherit an account if the primary beneficiary decides to disclaim.

  • Save income and estate taxes by naming a charity as the beneficiary.

See Deborah L. Jacobs, How to Leave Your IRA to Those You Love, Forbes, Jan. 3, 2014.

Posted in:
Estate Planning - Generally and Non-Probate Assets