Beneficiary – Rassman Law https://www.rassmanlaw.com Carlsbad Probate, Estate Planning and Business Law Fri, 20 May 2022 19:23:40 +0000 en-US hourly 1 https://www.rassmanlaw.com/wp-content/uploads/2018/12/Rassman-Law-Square-Logo-Black-150x150.png Beneficiary – Rassman Law https://www.rassmanlaw.com 32 32 Can I name my Trust as beneficiary of my life insurance? https://www.rassmanlaw.com/can-i-name-my-trust-as-beneficiary-of-my-life-insurance/ https://www.rassmanlaw.com/can-i-name-my-trust-as-beneficiary-of-my-life-insurance/#respond Fri, 28 Dec 2018 00:54:54 +0000 http://probatelawcarlsbad.com/?p=6779 As provided above, it is generally not advisable to transfer (re-title in the name of the Trust) life insurance policies to Trust.  By doing so, you may subject the proceeds from such policy on your death to creditor claims.  Under certain circumstances, however, it may be advisable to name the Trust as a beneficiary on such policy.  For example, if you have minor children and wish to ensure that on your death such children cannot have unlimited access to the death proceeds, provided your Trust is structured properly, you can name your Trust as the beneficiary on life insurance policies

]]> https://www.rassmanlaw.com/can-i-name-my-trust-as-beneficiary-of-my-life-insurance/feed/ 0 Can I name my Trust as beneficiary of my retirement accounts? https://www.rassmanlaw.com/can-i-name-my-trust-as-beneficiary-of-my-retirement-account/ https://www.rassmanlaw.com/can-i-name-my-trust-as-beneficiary-of-my-retirement-account/#respond Fri, 28 Dec 2018 00:54:21 +0000 http://probatelawcarlsbad.com/?p=6777 As provided above, it is generally not advisable to transfer (re-title in the name of the Trust) qualified retirement accounts (e.g. 401(k)s, IRAs, Roth IRAs) to Trust. Specifically, titling such accounts in the name of the Trust will jeopardize the qualified nature of such account and as a result, accelerate any tax-deferred income and eliminate any future income tax deferral in such account. Under certain circumstances, however, it may be advisable to the name the Trust as a beneficiary on such account.

For example, if you have minor children and wish to ensure that on your death such children cannot have unlimited access to such accounts, provided your Trust is structured properly, you can name your Trust as the beneficiary on your qualified retirement accounts.  Be advised, however, that the Trust must be properly structured if you wish for the retirement account to maintain its tax deferred status and maximize its tax-deferred growth.  See Tax Planning page.  Also, if you are married, federal law may not allow you to name anyone other than your spouse as primary beneficiary; although it may be permissible to name others (e.g. children or a trust) as contingent beneficiaries.

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