Neil R. Covert, P.A. -- Estate Planning Quiz

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Sarasota • Naples • Ft. Myers

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Volume Eight • Number Eight • August 2010

Ask Yourself

These Questions Regarding
"Beneficiary Designations"

I understand that IRAs and other Qualified Retirement Plans (QRPs) are unique assets, requiring careful planning to avoid unnecessary taxation upon my death.
Yes.
No.

I understand that the failure to designate a beneficiary (and even a successor beneficiary) for my QRP can enrich the IRS at the expense of my loved ones.
Yes.
No.

While I cannot foresee when I will die, I understand that my failure to designate a beneficiary will have greater adverse tax consequences if I die before I begin taking Required Minimum Distributions.
Yes.
No.

I understand that, if I am divorced and my ex-spouse is still the designated beneficiary of my ERISA QRP, then my ex-spouse may inherit such funds upon my death, despite any state laws to the contrary.
Yes.
No.

I generally find the whole prospect of planning (on my own) for the protection and preservation of my QRP rather overwhelming.
Yes
No

If you are not satisfied with any of your answers, it may be time to schedule an appointment with your attorney to review your legal planning. If you would like to meet with us, please call the office at (800) 660-7564 to schedule an appointment.

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