Name Your Beneficiaries

I am not a lawyer and can not provide you with legal advice.  However, there are many areas where legal implications and taxes overlap.  This quick tip could save your heirs a lot of headaches.  Be sure that all of your retirement accounts have designated beneficiaries.  This will give your beneficiary additional flexibility on when the money has to be withdrawn from the retirement account. 

Specifics distribution options for named beneficiaries depend upon the decedent and beneficiaries' ages, etc.  Typically, if you don't have a beneficiary designated and your retirement account goes through your will/estate your beneficiary/heir is going to lose more of your retirement account to taxes.  Proper estate planning can save you and your family lots of money and headaches down the road.  If need be, I can put you in touch with qualified legal counsel to evaluate your situation.