Believe it or not, the new year is less than three months away! As 2016 draws to a close, this is a great time to review your finances and make sure your beneficiary information is current.
In particular, designating a beneficiary on your IRA is an important part of your estate plan because it gives control over who will receive your assets. The beneficiary designations on your IRA generally supersede any other instructions—even those in your will. So if you don’t list a beneficiary, the estate is the beneficiary by default and is subject to a higher tax rate.
To make sure your beneficiary information is up to date, please notify us. You can request a Beneficiary Designation form at any RTN branch.