Beneficiary designations are commonly used to name the individuals or entities who are to receive the proceeds of life insurance policies, annuities or retirement plans after the death of the owner.
Over the last few months, I have noticed an increasing number of incorrect, incomplete and/or inadvertent beneficiary designations by my clients. If proper designations are not in place, then an estate could encounter unintended tax consequences or distributions problems.
As part of the estate planning process, I review all beneficiary designations on life insurance policies, annuities and retirement plans to be sure they are consistent with the client’s overall estate plan, and recommend changes where appropriate.
At my firm, Kevin L. Miller PC, we are happy to assist you if you have questions about the proper titling of your accounts and your beneficiary designations. I can be reached at firstname.lastname@example.org or call 405-443-5100.