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Home >> IRAs and Beneficiaries – an Important Checkup

IRAs and Beneficiaries – an Important Checkup

September 16, 2011 by Robert Kulas. Leave a Comment

Part two of two

In part one we talked about re-visiting your IRAs from time to time, especially as life changes occur, to ensure that your beneficiary or beneficiaries are up to date.

Many people aren’t aware that they can:

  • Name more than one primary beneficiary.
  • Name a contingent beneficiary or beneficiaries, who will inherit your funds should you and your primary beneficiaries pass away.
  • Use percentages to split up beneficiaries’ inheritances.

When you set up an IRA, most fund administrators don’t call much attention to these options.  But with a bit of planning and maybe some guidance from your Estate Planning attorney you may find that some of these options are good for you and your heirs.  Also, changing beneficiaries in an IRA account is a simple process.

Note also that if you have a Trust or a Will in place, that naming your beneficiaries in your IRA will take precedence over a Trust or a Will unless you designate in your IRA document that your IRA funds should go to your estate.

Let’s talk a bit more about options when it comes to primary beneficiaries.

First, it’s a good idea to be familiar with these two terms as you are naming a primary beneficiary: per capita; per stirpes.  These terms may vary from one state to another.

The per capita arrangement addresses a situation where you have more than one primary beneficiary named, and one of them predeceases you.  The intent is to provide for any children that the beneficiary may have had.  An example: you have a son with two children and a daughter with no children.  Each of your children is named a 50/50 beneficiary in your IRA.  Should your son die before you do, the IRA beneficiary arrangement would change so that it’s split into three equal parts instead of two: equal parts for the two children and the daughter.

The per stirpes arrangement (it’s sometimes called rights of representation) is similar to per capita.  It does not affect any additional primary beneficiaries but it does deal also with a beneficiary who dies before you do.  It simply arranges for the children of that beneficiary to share equally in the IRA funds that you meant to leave to that beneficiary.

When naming beneficiaries be sure that you avoid general phrases such as “all of my children” – always state full legal names and their relation to you.

And be sure to consult with your Estate Planning attorney, who can help you plan your IRA beneficiaries in light of your other Estate Planning tools.  Note, too, that IRA withdrawals have tax consequences, so professional advice is recommended.

Filed Under: Estate Planning, Retirement Planning Tagged With: Estate Planning, IRA

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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