The Beneficiary Tree: Answering Questions About Retirement Plans and Beneficiaries

For everyone who follows my blog stories, this one may be a bit confusing. I need to say, before I leave you with this chart, we do understand what needs to be done and will be happy to answer any questions you have about your own retirement plans and their beneficiaries.

One overriding principle most successful clients fail to realize was pointed out to me a month ago by one of my clients who has always had real insight into his own planning issues. He said he was talking to some of his employees when one of them said how much money he had in his retirement plans.

Rich properly pointed out to his friend, “You know Bill, you have to pay federal, state, and local taxes on all of that money.” I do?

Yes, you do ... and your spouse, children and grandchildren also have to pay taxes on ALL that money in your retirement plans after you die. How they take the funds is also extremely important. It is one of the most inefficient ways to pass on your legacy.

For ideas on how to use the above chart, how to more effectively pass assets to your family members, and other great estate planning ideas, stay tuned to our site at www.enspheremg.com.

We look forward to continuing to serving your needs. Remember to make sure your beneficiary designations are up-to-date. Children under 18 cannot take receipt of cash.

Send me your questions.

Mike Giffin, Ensphere Marketing Group