Jump to Navigation

The 5 Biggest Estate Planning Blunders

Austin Frye featured on
logo.jpg



Leaving your IRA to your estate
Do not-repeat, do not-name your estate as your individual retirement account beneficiary or it will be subject to claims and creditors during probate, the legal process for settling your estate.

When you die, your individual retirement account would be used to pay off any debts in your name. Whatever money remains, if any, gets distributed to your heirs-and not in a timely fashion. Probate is costly and can take years to complete.

"If the deceased had bad credit card debt or is upside down on a loan, the entire IRA could be used up," said certified financial planner and estate lawyer Austin Frye, founder and president of Frye Financial Center.

However, naming a live person-or all of your children equally-instead as the IRA beneficiary allows those assets to pass outside of probate free and clear, away from hungry creditors, Frye said.

Read the full article

No Comments

Leave a comment
Comment Information
2015 top 100 lawyer ASLA
Avvo Rating Excellent Top Attorney Estate Planning
Subscribe To This Blog's Feed

Contact Form

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FindLaw Network