Beneficiary Reviews

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.

More Updates


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

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Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

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