In this Elder Law Minute, Kaye Dent explains the importance of ensuring proper beneficiary designations for retirement assets.
Video Transcription:
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law, here with an Elder Law Minute for you. These videos are intended to educate you about the elder care journey—which begins earlier in life than you might think. We hope you find them useful, and if you have further questions, please call us at Dent Coulson Elder Law.
If you’ve watched our videos before, you’ve heard us talk about the importance of funding your estate plan—whether that’s through an estate that might be subject to probate (via a will) or through a trust-based plan.
“Funding” means making sure your assets are properly titled—either in the name of a trust or with correct beneficiary designations. That may include naming direct beneficiaries or, when appropriate, designating your estate or trust.
Since 2020, IRAs have become a particularly significant part of the funding process—and they are often misfunded or incorrectly designated. That’s why it’s so important, if you have retirement assets like IRAs, 401(k)s, or 403(b)s, to review your beneficiary designations carefully and understand the consequences of those choices.
A federal law called the SECURE Act changed how IRAs are treated at your death, and it has made planning for retirement benefits more complicated, more challenging, and—frankly—more risky if not done correctly.
Because of that, it’s essential to work with an estate planning attorney who truly understands retirement benefits and how they should be designated when you pass.
Here at Dent Coulson Elder Law, we’re happy to help guide you through that process. You’re welcome to contact us today for a consultation.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
