Many people who prepare a will or trust don’t realize that many (and sometimes most) of their assets won’t pass under that document. So if you have a life insurance policy or a retirement plan, chances are you have prepared a document designating a beneficiary for those plans when you die. Those assets will go to that designated beneficiary when you die, even if your will or trust say your assets are to go to someone else.
With regard to retirement plans, in particular, you may want to consult with your estate planning attorney to determine how they might best be used to achieve your planning objectives. You can obtain some insight into the intricacies of retirement plans by reading one or more of the following books. I think you will quickly realize that it is best to consult with your CPA, tax advisor and/or estate planning attorney concerning more detailed planning regarding wealth protection.
- Choate, Natalie B. Life and Death Planning for Retirement Benefits. Boston: Ataxplan Publications, 2011, 7th Edition.
- Slott, Ed. Parlay Your IRA Into A Family Fortune. New York: Penguin Books, 2008.
- Slott, Ed. The Retirement Savings Time Bomb… And How To Defuse It. New York: Penguin Books, 2012.