Is the financial legacy you leave behind entirely in your control? The answer to that question may be shocking. For now, let’s just say “It can be, but only with careful planning and guidance.”
Let’s set the scene: You’ve worked hard, saved diligently, and built a solid nest egg in your Individual Retirement Account, or IRA. But one of the most important decisions comes toward the end—who gets it when you’re gone?
You decide to work with a reputable estate attorney to draft a last will and testament that clearly defines who will receive what assets after your death, from your house right down to the last family heirloom.
Then you meet with your financial planner and when asked about naming beneficiaries on your retirement accounts, you believe that since your wishes are already clearly defined in your will, you can just name your estate.
Wrong.
I get it—it sounds tidy and all-encompassing to name your estate as beneficiary, but in reality, it can actually complicate matters... a lot. In many, many cases it is inefficient and costly for your heirs and can jeopardize your financial legacy.
Welcome back to The Retirement Fix, a monthly podcast offering strategies for less stress and more success in your go-go retirement years. I’m your host, John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and I’m here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset protection. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money.
In this episode I am going to break down a very important financial decision that can shape your future and the future of your loved ones - who you name as the beneficiary of your IRA.
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