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Where are copies of the beneficiary forms kept? |
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Can the copies be found? (Do they match what is on file with the plan? If not, request copies from the plan or file new forms with the plan.) |
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Do beneficiaries or the executor of the estate know where to find copies of the beneficiary forms? |
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2. |
Are the beneficiary forms current? |
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Do they consider any recent changes in the IRS rules? (i.e. the correct life expectancy table is being used for required distribution calculations) |
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Do they consider state or federal estate and tax law changes? (i.e. state estate tax decoupling that could mean estate tax due at death) |
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Do they consider plan limitations? (i.e. no stretch opportunity) |
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Do they consider life events that could change my beneficiary elections? |
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adoption |
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beneficiaries to eliminate |
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births – child or grandchild |
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deaths |
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divorces |
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marriages |
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special needs beneficiaries |
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other life events |
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3. |
Is there a contingent beneficiary named on each beneficiary form? What would be the effect of disclaiming? |
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4. |
Is a signed beneficiary form on file with the Trustee/Custodian/plan provider for each retirement account? |
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5. |
Is there an acknowledged copy of each most recently signed beneficiary form? (In case the plan provider “loses” its copy.) |
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Does the Advisor have a copy of each most recently signed beneficiary form? |
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7. |
Can the Trustee/Custodian/plan provider locate and/or produce its copy of each most recently signed beneficiary form? |
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8. |
When the estate plan was drafted, did it take into account the retirement assets? (Retirement assets will pass according to the beneficiary form, not the will.) |
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9. |
The beneficiary form should name a person not an entity as beneficiary unless the retirement assets are being left in whole or in part to a charity or a trust. |
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10. |
Does the beneficiary form allow the beneficiaries to stretch payouts? |
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11. |
Who are the primary beneficiaries and what % do they inherit? (Should = 100%) |
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12. |
Who are the contingent beneficiaries and what % does each inherit? (Should = 100%) |
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13. |
Are there multiple primary or contingent beneficiaries? |
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14. |
If there are multiple beneficiaries, make sure each beneficiary's share is clearly stated. |
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15. |
If there are multiple beneficiaries, is there a need to create separate accounts for them now? |
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