{"id":1479,"date":"2014-11-11T10:39:11","date_gmt":"2014-11-11T15:39:11","guid":{"rendered":"http:\/\/keysolutions.us\/blog\/?p=1479"},"modified":"2014-11-11T10:39:11","modified_gmt":"2014-11-11T15:39:11","slug":"beneficiary-forms-are-you-in-a-pickle","status":"publish","type":"post","link":"https:\/\/keysolutions.us\/blog\/beneficiary-forms-are-you-in-a-pickle\/","title":{"rendered":"BENEFICIARY FORMS \u2013 ARE YOU IN A PICKLE?"},"content":{"rendered":"

As part of our firm\u2019s tax preparation<\/a> and tax planning<\/a> consultations, we periodically advise our clients to\u00a0check on who is named as beneficiaries on their pension, IRA and insurance policies. Why is this so important? A NY Post headline in 2005 was titled \u201cPension Pickle \u2013 Broke Widower Loses $1M to In-Law\u201d. The facts were quite simple. Husband did not inherit his deceased wife\u2019s $900,862 lump-sum payment because it was paid out to her sister. His sister-in-law refused to give him any of the inherited money (he claimed to be penniless). While the couple was married for almost 20 years, it was discovered upon the wife\u2019s death that she had named her mother, uncle and sister as her beneficiaries. The beneficiary form had been completed four years before the couple had met. Since the wife\u2019s mother and uncle were deceased, the entire pension benefits were paid to her sister. This unfortunate situation could easily have been averted if the married couple had only periodically reviewed their beneficiary forms.<\/p>\n

Individuals experience life events such as marriage, divorce, births of children, deaths of close relatives, adoptions,\u00a0etc. which may necessitate a change in beneficiaries. As the \u201cPickle case\u201d illustrates, it is extremely important that the named beneficiaries are periodically reviewed. Parties who can insist you with this task include your estate planning attorney, financial advisor, insurance agent, and your tax professional.<\/p>\n

If you want to learn more about the taxation of beneficiaries, we invite you to call 610-594-2601<\/a> today to make an appointment at our Exton PA CPA office<\/a> to discuss your situation. You can also schedule a consultation at Click Here<\/a>.<\/p>\n

Copyright \u00a9 2014 Keystone Financial Solutions, P.C. All rights reserved. BE SURE TO READ THE DISCLAIMER PAGE: Content in this blog is for educational purposes only and should not be considered as the rendering of tax, legal or investment advice. The publisher of this blog makes no representations as to the accuracy or completeness of any information herein, will not be liable for any errors or omissions, and shall not assume liability for any losses, injuries, or damages from the display or use of this information.<\/h6>\n","protected":false},"excerpt":{"rendered":"

As part of our firm\u2019s tax preparation and tax planning consultations, we periodically advise our clients to\u00a0check on who is named as beneficiaries on their pension, IRA and insurance policies. Why is this so important? A NY Post headline in 2005 was titled \u201cPension Pickle \u2013 Broke Widower Loses $1M to In-Law\u201d. The facts were […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[],"class_list":{"0":"post-1479","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-irs-tax-planning-ideas-tips-news","7":"entry"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9W9tf-nR","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/1479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/comments?post=1479"}],"version-history":[{"count":4,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/1479\/revisions"}],"predecessor-version":[{"id":1492,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/1479\/revisions\/1492"}],"wp:attachment":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/media?parent=1479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/categories?post=1479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/tags?post=1479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}