Mom is back and she is NOT excited about beneficiary designations BUT we really blew her mind when we dove into the exciting world of beneficiary designations and why they are so important.
For example, did you know that a beneficiary designation on a life insurance policy or retirement account SUPERSEDES anything you put in a Will?
Or, did you know that there is a tax benefit to putting beneficiaries on retirement accounts?
Or, did you know that life insurance that goes to a specific beneficiary and is, therefore, protected from creditors?
These things are some of the reasons why you need to understand what beneficiary designations are and how they can really mess up your estate plan. Or, make your estate plan awesome. Choose your own adventure!
