218 North 14th Ave, P.O. Box 317, Sturgeon Bay, WI 54235

920.743.9117

Door County WI Estate Planning Blog

Friday, January 29, 2010

6 Biggest IRA Beneficiary Form Mistakes

Do you want your heirs to have to chase after their IRA Money? Better make sure you have an up to date beneficiary form. The Supreme Court of the United States decided last year in the case of Kennedy vs DuPont, the ex-wife who was still listed on the beneficiary form gets the money, even though the divorce court ordered  her rights terminated and she signed a waiver.

So what are the Biggest mistakes:

1. You cannot find the your IRA Beneficiary Form. The Supreme Court made it clear, the beneficiary form rules. Without the form you are stuck with the default provisions of the plan.

2. The IRA Beneficiary Form is out of date. Have there been any changes in your life, such as marriage, divorce, a death. Your will cannot change the beneficiary of your plan!

3. You have not named a backup beneficiary. If you do not name a back up beneficiary in your IRA Beneficiary Form, then  who knows who gets the money.

4. Naming a minor as a beneficiary. This will result in a trip to the Probate Court and later when the child turns 18 to the Sports Car Dealership. The only question will be what color.

5. Missing out on the Stretch IRA Opportunity. This can turn a modest IRA into Millions for your beneficiary.

6. Not providing Creditor Protection for the Beneficiary. The Retirement Benefits Trust is just the solution.


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218 North 14th Ave, P.O. Box 317, Sturgeon Bay, WI 54235
| Phone: 920-743-9117 | 866-743-9117
2300 Riverside Drive, Green Bay, WI 54301
| Phone: 920-743-9117 | 866-743-9117

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