Failure to keep beneficiary designations up-to-date can be a very costly mistake. Most people have some life insurance, retirement accounts, IRAs, and other contracts that designate a recipient or beneficiary. When the primary beneficiary becomes disabled, enters a nursing home, or dies, the owner of these contracts frequently fails to update the beneficiary designation. This can cause problems with probate, estate taxes, especially state estate taxes, and inheritances.
Your Cincinnati Elder Law Attorney
Paul A. Nidich
http://paulnidich.webs.com
It destroys the special needs planning. Why? With no beneficiary named for the IRA proceeds, the money becomes part of wife's estate.
