Orange County Estate Planning Attorney James F. Roberts answers FAQ and gives information on what is currently happening in estate planning. For married people typically their beneficiaries on things such as IRAs, 401Ks, and other qualified funds is our spouse. There are definite tax benefits from naming your spouse as your IRA beneficiary rather than someone else. Those benefits are not available to any other beneficiary other than the spouse. If a person passes away and named their spouse as their primary IRA beneficiary for these types of account then their spouse is the only beneficiary that can roll that IRA for their now deceased spouse into their own IRA. One of the main benefits is that the surviving spouse can now delay taking their distributions until reaching 70 and 1/2 years old and can still use the joint life expectancy table because it is now their IRA. This major benefit is one of the reasons that our office recommends naming the spouse the beneficiary of ...
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