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Are there any advantages to naming an individual as the beneficiary of my retirement accounts?

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Are there any advantages to naming an individual as the beneficiary of my retirement accounts?

Question: Are there any advantages to naming an individual as the beneficiary of my retirement accounts?

Answer: I believe the advantages of naming an individual as the beneficiary to your retirement account is that it simplifies the tax rules that apply for that individual who inherits the retirement account. The tax rules are very complicated and you should consult with your tax advisor to identify whether or not it’s advantageous to have an individual be named as the beneficiary of your retirement account or whether it should be a trust or some other vehicle that might be used to transfer ownership of the retirement accounts to your heirs.


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