Tax season means many people are reviewing accounts, making (Roth) IRA contributions, depositing refunds, and generally tidying finances. This is a great time to verify that beneficiary designations are up to date and aligned with your estate plan on all of your accounts. Beneficiary designations can play a key role in a comprehensive estate plan, particularly for those concerned about tax implications.
Specific circumstances vary, however, and details like account type and who or what a beneficiary is can make a big difference in whether what you plan to do will work as intended—so you should always consult with an attorney and a financial advisor regarding your specific situation before including beneficiary designations in your estate planning.
Please contact us if you would like to set up an appointment to explore your options.