Minors as beneficiaries? - suze orman advice on 401k rollover
I caught a minute of the Suze Orman show the other night. They gave advice to a mother who tried to bundle her will. Suze said that minors are not legally able to receive an inheritance. Is that true? If so, where can I register the recipients of my plan of life insurance, 401K, etc.? Of course I want to take money for my children if something happens to me and my husband.
Thursday, February 18, 2010
Suze Orman Advice On 401k Rollover Minors As Beneficiaries?
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2 comments:
Suze Orman to be done as bequests in a will, true, but life insurance, 401 (k) s and other services provided to beneficiaries vary depending on the type of service you have.
Successions are governed by your state and follows the laws of your state taxes. Since the property and cultural heritage of the whole, transmitted to a receiver, because the original owner's death, most states require that this version is a legacy of 18-year-old. If the recipient is under 18 years, is usually a guardian appointed under the will. If a custodian, usually a solicitor of the deceased was the confidence in real estate until the recipient reaches the age of 18.
In the case of life insurance policies, which have been dependent on politics. But most of lifeCompanies to enable their beneficiaries who are minors. In the case of minors, it is possible to recover the debts. Most insurance companies invest the money in a trust and leave it, if the recipient is 18 years.
401 (k) is even more complicated, because the IRS regulations to determine who the agent. Please note that 401 (k) distribution of pre-tax contributions and investment with dividends and there is more than the payment of life insurance and asset complicated in a will.
Current regulations require that participants IRS married name (your spouse as primary beneficiaries, regardless of whether the couple separated). Of course, avoid this, the spouses have a notarized statement that it is acceptable to a person other than the main characters.
The beneficiaries are minorscan gain only at the age of 18, but the state taxes, and it is the decision of the recipient when he / she wants to retire or continue to invest funds or rollover to.
I think you can call your "Name of the property" as a receiver, then one will be done if someone to become a guardian for minor children.
In any case, the recipient of 401 K () or life insurance is not "legacy".
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