Encore: The Fine Print of Beneficiary Designations

Big Picture Retirement

Today we're bringing back a fan favorite from 2022. The Fine Print of Beneficiary Designations.

This is something that seems straightforward at first glance - just fill out a form naming the people you wish to inherit your account in the event that you pass away.

Seems simple enough, right?

What lurks in the background is some nuance contained within these designations that may result in unexpected outcomes.

Two examples:

-Not properly designating per stirpes vs. pro rata can actually lead to accidentally disinheriting members of your family that you had NO intention of cutting out

-Leaving a trust as the beneficiary can be the perfect solution or the worst solution (depending on the language in your trust)

In this episode, John and Devin discuss how to ensure your assets will be passed in accordance with your desires (without leaving a tax bomb as a parting gift).

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Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

Contact Devin’s team at https://www.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/