Review Your Documents!

Review Your Documents!

Don’t wait until it’s too late…failure to review your retirement planning documents can spell DISASTER for your beneficiaries yet this failure is surprisingly common.

Recently a client discovered that her new husband hadn’t updated his beneficiary forms for his retirement plans. Unfortunately, the client didn’t find out until he passed away unexpectedly and a quick review of his important documents revealed this mistake.

The good news in this particular case is that her deceased husband’s designated beneficiaries were all aware of his intentions to leave those assets to his wife and the beneficiaries plan to honor his wishes the best way they can (however, certain tax ramifications in this case cannot be avoided).   Sadly, most stories don’t end this way and loved ones are often caught in the middle of family battles and mired in litigation lasting several years.

Marriage, divorce, birth or death can occur at any time. Tax laws change or are updated on a routine basis. Even though you cannot predict what will happen and when it will happen, you can update your retirement plans as needed when any life changing event occurs or new legislation goes into effect that impact you or your loved ones.

Review your beneficiary forms, custodial agreements and anything else you may have in place to provide for and protect your loved ones at least once a year. An annual review will help ensure your assets will still flow the way you want them to and in the most tax efficient manner.

Your retirement distribution expert and tax professional can help you with these types of reviews. These reviews should be FREE services so don’t hesitate to schedule an appointment with your personal advisor(s) if you need guidance or assistance.

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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