Question: Should my IRA be a part of my estate plan?
Answer: Absolutely! Your IRA (and other retirement plans, such as 401Ks, 403Bs and Deferred Compensation Plans) is often the largest asset in your estate. And yet, how it passes at your death is often dependent upon one single document you fill out in usually 5 minutes – a beneficiary designation form. That form, which is completely separate from your last will or trust, can completely ignore the strategies in those other documents as to how your heirs will receive their inheritance. A consultation with your estate planning attorney is essential in order to coordinate your retirement plans with the rest of your estate.
-Attorney Jack N. Alpern
