What Impact Do Beneficiary Designations on My Life Insurance Policies, Annuities and Retirement Accounts Have on My Estate Plan?

A Video FAQ with Mary E. Vandenack

Beneficiary designations pass assets such as life insurance and retirement accounts directly to your beneficiaries. That allows them to bypass the probate process and get directly in their hands. One of the things you do want to look at is the tax implications of any type of beneficiary designation. An IRA, for instance, will be taxable income to the recipient of the IRA proceeds so you are going to want to make sure you structure that beneficiary designation in a way that minimizes that impact.

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