Beneficiary designations are an important part of your estate plan and must be monitored regularly. Designations on retirement accounts, investments, and life insurance are the most common forms that people will encounter. But, there are many assets that can be transferred via beneficiary designation. Multiple beneficiaries can be named with a designated percentage to each. Charitable donations can be made using this method and may result in tax incentives. You need to fully understand the process to be sure distribution to a beneficiary fulfills your intent and protects the gift from being squandered or collected by a creditor of the beneficiary.
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