Timothy Sumer

In this short video, Joe and Al discuss five of the most common mistakes people make with their IRA (individual retirement account ) beneficiary forms. Find out why naming the trust as the beneficiary of your retirement account is not the best idea. Feel rest assured that your legacy remains intact and is handed down to the right people after you pass. Important Points: 0:04 "Some of this seems logical but we're seeing these mistakes over and over again like for example: some of you have IRAs or 401(k)s where you don't even have a beneficiary form on file" 0:26 "How about if it's an outdated form? You have your prior spouse on there...guess what? That spouse is going to receive your IRA or 401(k) unless you change the beneficiary statement" 1:36 "Here's the biggest one - naming the trust as the beneficiary. Huge, huge mistake because a trust is an entity - not a human being. It doesn't have a life expectancy" 2:11 "

Experts in trust and estate law explain typical IRA beneficiary scenarios and why it’s critical to review EVERY time you set up or rollover your IRA to avoid probate. #ira #retirement #retirementplanning #beneficiaries #actec #actecfellow The American College of Trust and Estate Counsel, ACTEC, is a national association of approximately 2,400 peer-elected lawyers and law professors from across the United States and abroad with expertise in estate planning, probate and trust administration. In this video: 00:00 Open 00:13 What happens if you do not have an IRA beneficiary designated? 01:20 Do you need to redo your beneficiaries when you roll over an IRA? 01:42 IRAs and surviving spouse as the beneficiary. 02:38 IRA with a young surviving spouse who does not want to defer. 03:41 How does an inherited IRA work? 04:55 Minor children of an inherited IRA. 06:39 Advice on preparing the IRA beneficiary designation form.... ( read more ) LEARN MORE ABOUT: IRA Accounts T