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Other than a personal residence, the largest single asset class consists of financial assets. These accounts may be 401(k)s or IRAs, annuity or insurance contracts, or a variety of brokerage or bank accounts.
The crucial planning aspect of these types of accounts or contracts is that they can be transferred through beneficiary designations. Though a seemingly simple expedient, beneficiary designations vary among types of accounts and each comes with its own nuances – and traps, which can lead to severely adverse tax and practical outcomes.
This program provides a real-world guide to understanding, reviewing, and drafting beneficiary designations in trust and estate planning.
- How beneficiary designations vary depending on the type of custodial account involved
- Differences among retirement accounts, bank accounts, brokerage accounts, life insurance policies
- How designations differ depending on the type of beneficiary – individual, institutional, trust, etc.
- "Payable on Death" agreements for bank accounts
- Practical guidance on how designations are made & common drafting traps