Why are Beneficiary Reviews so important?

Beneficiaries can’t be named or changed after the death of the original account owner. A beneficiary review is the first and most important phase in determining whether or not a Multi-Generational IRA (MGIRA) strategy is available to your heirs.

The beneficiary of an IRA or other retirement account is the entity or person to whom the original account holder wants the account balance to pass to upon his/her death. As your America’s Tax Solutions™ retirement distribution specialist can explain, there are profound tax implications involved in naming beneficiaries.

But don’t forget about your uncle…Uncle Sam who stands first in line to inherit a chunk of your hard-earned retirement money! The good news is your personal advisors can demonstrate how selecting both primary and contingent beneficiaries for your IRA can grant you the flexibility to leave a tax-deferred financial legacy to your heirs.

It is especially important to make sure you review your beneficiary designation forms at least once per year and update them as needed anytime you experience a life changing event such as a birth, death, marriage or divorce.