Naming The Beneficiary
In Ed. Slott’s book I read somewhere that you can name a beneficiary and if the beneficiary (for example your son) wants not to accept the money after you have passed away, the m,oney goes to the second beneficiary ( for example your grandson) named in the will.
Question: How do we name these beneficiaries?
Permalink Submitted by Alan - IRA critic on Wed, 2016-07-20 22:38
Name both beneficiaries on the IRA, one as primary beneficiary and the other as contingent beneficiary. Best to avoid reference to your estate as any beneficiary inheriting through an estate will not be able to use his life expectancy for RMDs. Naming both beneficiaries in this manner also allows the second beneficiary to inherit directly in the event the primary beneficiary pre deceases him, as well as cases where the primary beneficiary disclaims.