Check out this great article about the different ways your IRA benefits can pass at your death. This article goes into some planning details, but here is a brief summary of the author’s most important points:
Talk to your attorney or CPA about any Required Minimum Distribution (RMD) for the current year. If the beneficiary was over age seventy (70), this is more than likely the case.
Make sure your beneficiaries are up to date. Often we see former spouses or deceased individuals listed as beneficiaries. If these beneficiaries are not updated, you may leave money to someone you don’t even know.
Listing a Trust as a beneficiary can be helpful is done correctly. You can stretch out distributions from your IRA for years. Consult an attorney or CPA about the proper way to set up your IRA Trust as mistakes in planning are common.
For all of these issues and more, set up an appointment with the Weaver Firm Attorneys at 817.638.9016 or at TWeaver@weaverlegal.net
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