Nothing is immune from the far-reaching tentacles of the coronavirus pandemic. One of the problems that can occur when a loved one passes has been exacerbated. The good news is that it can be avoided with proper planning.
Erroneous or outdated beneficiary designations can result in distribution of retirement plan assets, life insurance policies, and annuity contracts to unintended beneficiaries, unfavorable income tax consequences, and expensive and protracted litigation in some cases.
If you’re married, you and your spouse have estate planning documents that were prepared before 2009, and the current and projected lifetime value of your estate is less than $5.5 million, or potentially $11 million, your plan may be outdated.
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Advisory services offered through Retirement Income Center, a Registered Investment Advisor
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