Quick announcement! I’m working on building an online platform that will help you to easily create and maintain your estate plan -- if you’d like to get early access or learn more once we’re ready, fill out the 3 question form by clicking on the link below: For many, their IRA or retirement account is their largest financial asset. Find out how you should designate your primary and contingent beneficiaries, and whether you should designate a trust as a beneficiary....(read more)
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When it comes to ensuring your financial future, planning is essential. One of the many tools at your disposal is an individual retirement account (IRA). By contributing to an IRA while you're working, you'll have a reliable source of income when you retire. Another advantage of an IRA is that you can designate beneficiaries to receive the assets in the account after your death. Here are a few key things to keep in mind when designating your IRA beneficiaries. Choose Your Beneficiaries The first step in designating your IRA beneficiaries is to decide who should receive your assets. You can choose anyone as your beneficiary, including your spouse, children, grandchildren, or other family members. You can also name a charitable organization if you prefer. Be sure to choose only individuals or organizations that you trust to handle the inheritance responsibly. Know Your Options There are two main options when it comes to designating your IRA beneficiaries: per stirpes and per capita. Per stirpes is a Latin term meaning "by the roots." In this case, the assets are divided among your living children, with the share of any child who predeceases you going to that child's descendants. Per capita is another Latin term meaning "by the head." This option divides the assets equally among your children, regardless of whether any of them have children of their own. Establish Contingent Beneficiaries It's important to establish contingent beneficiaries in case your primary beneficiaries predecease you or decline the inheritance. Additionally, if you have multiple beneficiaries, you'll need to indicate how you want the assets divided among them. This is where your per stirpes or per capita designation comes into play. Update Your Designation Remember to revisit your IRA beneficiary designation periodically to ensure it remains up to date. This is especially important if you experience a major life change, like marriage, divorce, or the birth of a child. Updating your beneficiary designation ensures your assets go to the people or organizations you want to receive them. Consider Professional Assistance Designating your IRA beneficiaries may seem straightforward, but it can be more complicated than it appears. If you're unsure about how to proceed or have unique circumstances, it may be wise to seek the advice of a financial advisor or attorney. These professionals can help ensure your beneficiary designation aligns with your overall estate plan and financial goals. In conclusion, designating your IRA beneficiaries is an essential part of planning for a financially secure future. Taking the time to carefully consider your options and ensure your beneficiary designation is up to date can provide peace of mind for you and your loved ones. https://inflationprotection.org/designating-your-ira-beneficiaries-a-guide-to-help-you-navigate/?feed_id=97483&_unique_id=6460db8b40b57 #Inflation #Retirement #GoldIRA #Wealth #Investing #AccumulationTrust #Conduittrust #DesignateIRABeneficiaries #IRAbeneficiaries #secureact #TrustasIRABeneficiar #InheritedIRA #AccumulationTrust #Conduittrust #DesignateIRABeneficiaries #IRAbeneficiaries #secureact #TrustasIRABeneficiar
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