posted by Chris | As you go through the various stages of life, it is important to periodically update your beneficiaries on your life insurance, annuities, IRA’s and other qualified retirement plans.
We have all heard stories of the ex-spouse receiving the current spouse’s benefits upon the death of person who DID NOT change their beneficiary designation. Did you know that utilizing your beneficiary provisions for philanthropic donations ( while a great idea ) can cause your other natural person(s) beneficiaries to lose their ability to stretch their payments from an IRA or qualified plan?
Have you discussed the ramifications of titling your beneficiary as “estate” with your advisors ( CPA, Attny, or CFP) ? Beneficiary designations can be a powerful and effective way to disperse funds to various entities.One you are gone, there is no changing who receives the proceeds from your beneficiary designations. [Other posts by Chris linked at the end of this post]
Christopher J. Conner
Certified Financial Planner TM
Certified Fund Specialist
5200 W. Newberry Road E-7
Gainesville, Florida 32607
352-225-3132 (Fax) 352-225-3784
Advisory Services offered through Jonathan Roberts Advisory Group.
Securities offered through J.W. Cole Financial, Member FINRA/SIPC
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Other Posts by Chris