Are Your Beneficiaries in for Surprise?

A: For most the documentation surrounding who they have designated as their beneficiaries related to their IRAs, 401ks, annuities, and life insurance policies are often completed at the time the accounts are opened and then filed away and forgotten about. However, today considering several proposed tax policy changes you should gather your forms and take a different approach to who you are leaving what asset. You need to think about what income bracket your heirs and their families are in today or might migrate to at a point when you might no longer be here. It is particularly important to evaluate what accounts you are leaving to whom under new and proposed tax laws. You could be exposing both your heir’s income and your assets to excessive taxes if this is not properly designed.

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