866-589-9366 toll-free Making mistakes with your IRA can be costly. There are simple mistakes that can be avoided. As a member of Ed Slott's Master Elite IRA group I have extensive training on avoiding these mistakes. It is much more common that people realize. After spending just a few minutes with me people realize that there are potential issues they were *never* told about. Without the extensive training I have, I'd think the accounts were setup properly too....(read more)
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When it comes to Individual Retirement Accounts (IRAs), naming beneficiaries is a critical aspect of retirement planning. Beneficiaries are the individuals who will inherit your IRA assets after your death. However, many IRA holders make beneficiary designation mistakes that could jeopardize their beneficiaries' financial security. In this two-part series, we will discuss some of the most common IRA beneficiary mistakes and ways to avoid them. 1. Not naming a beneficiary One of the most common mistakes IRA holders make is failing to name a beneficiary. In some cases, people assume that their IRA assets will go to their spouse or children automatically, but this is not always the case. If you don't name a beneficiary, your IRA assets could end up in probate, meaning the court will decide who gets your assets. To avoid this mistake, make sure to name a beneficiary on your IRA account. This will ensure that your assets go to the person or people you want to receive them, and it will also help your beneficiaries avoid probate. 2. Naming a minor child as a beneficiary Naming a minor child as a beneficiary is another common mistake that IRA holders make. While you may want to leave your IRA assets to your children, it's important to remember that minors cannot legally inherit property. If you name a minor child as a beneficiary, the court will appoint a guardian to manage the assets until the child reaches the age of majority. To avoid this mistake, consider setting up a trust to manage your IRA assets for your minor children. The trust can specify how and when the assets will be distributed to your children, and it can also allow you to choose a trustee to manage the assets. 3. Failing to update beneficiary designations Many people forget to update their beneficiary designations after major life events, such as getting married, having children, or getting divorced. If you don't update your beneficiary designation, your IRA assets could end up in the wrong hands. To avoid this mistake, review your beneficiary designations periodically and make updates as necessary. This will help ensure that your assets go to the person or people you want to receive them. In conclusion, naming beneficiaries is a critical aspect of IRA planning, and it's important to avoid common mistakes to protect your beneficiaries' financial security. By naming a beneficiary, avoiding naming minor children, and updating beneficiary designations, you can ensure that your IRA assets go to the right person at the right time. Stay tuned for part two of this series for more IRA beneficiary mistakes and tips on how to avoid them. https://inflationprotection.org/avoiding-mistakes-as-an-ira-beneficiary-part-1-of-2/?feed_id=84946&_unique_id=642e036be578d #Inflation #Retirement #GoldIRA #Wealth #Investing #Calrima #CalrimaFinancial #edslott #Educational #Finance #individualretirementaccount #ira #iramistakes #iratechicalanalyst #MasterEliteIRASpecialist #onesta #onestawealthmanagement #qlac #richardloek #rickloek #Rolloverfinance #rolloverira #InheritedIRA #Calrima #CalrimaFinancial #edslott #Educational #Finance #individualretirementaccount #ira #iramistakes #iratechicalanalyst #MasterEliteIRASpecialist #onesta #onestawealthmanagement #qlac #richardloek #rickloek #Rolloverfinance #rolloverira
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