(PRWEB) July 14, 2012
The Law Firm of Pozzuolo Rodden, P.C. has released the topic question of the month of July 2012 of "Should I Specifically Designate a Beneficiary to my Life Insurance Policies, Annuities and Individual Retirement Accounts?" and released a newsletter analyzing this topic question. Below is a sample of the analysis of the topic question. If you would like to read more, please read the entire July 2012 article at http://www.pozzuolo.com/Pubs_Newsletters.shtml
Sample of Analysis:
I. Name a Beneficiary
First, you should always name a beneficiary. Not naming a beneficiary is a big mistake. If you do not name a beneficiary, then the applicable contract language will control. For example, when a person dies, his IRA most likely goes into his estate if he did not designate a beneficiary. All assets in the IRA must then be distributed within five years to the estate’s beneficiaries, eliminating any opportunity for tax deferral and potentially triggering a large tax bill. Not naming a beneficiary is similar to not leaving a will when you die – your property will go to someone, but maybe not the person you wanted it to go to.
Second, you should make sure to update your beneficiary designations and to name contingent beneficiaries where possible. Circumstances and relationships, such as marriage, divorce, birth and death, change and you must make sure to account for those changes in your beneficiary designations.
Third, you should take time to consider who or what to name as beneficiary as you can benefit from specific financial and estate planning aspects depending on who you name as beneficiary......
If you would like to read more please see the July 2012 Newsletter at http://www.pozzuolo.com/Pubs_Newsletters.shtml
This press release was provided by Pozzuolo Rodden, P.C., Counselors at Law, which provides specialized cost-effective legal service to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103