Do you know who you’ve named as your primary beneficiary on your IRA or 401k?
How about your contingent (secondary) beneficiary? You should double check!
Retirement accounts are tax-deferred; you don’t pay the taxes until you withdraw the money.
Annuities work in a similar fashion.
Life Insurance is income tax free.
All of these may also be subject to estate taxes if your estate is large enough at your death.
None of these assets flow through your Will or Living Trust, they go directly to your beneficiary.
Please consider naming us, as your primary or contingent (secondary) beneficiary on your retirement accounts, life insurance (even the group life insurance you get at work) and any annuities you may have. By naming ST. PAUL THE APOSTLE, HORSESHOE BAY, TEXAS, as your beneficiary, you control and spend it through your lifetime. You can even name several beneficiaries by stating a percentage amount. Because these accounts each have separate beneficiary forms, you will need to use the form provided by that institution, many of which allow you to make these adjustments on-line, or through your HR Department.
When you pass away, we’ll receive the amount you’ve specified completely TAX FREE!
Here’s how:
Primary Beneficiary: ST. PAUL THE APOSTLE, HORSESHOE BAY, TEXAS, (__%)
OR
Contingent Beneficiary: ST. PAUL THE APOSTLE, HORSESHOE BAY, TEXAS, (__%)