Should Your 2nd Spouse Be Your IRA Beneficiary?
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- Опубліковано 12 чер 2024
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In this video, I dig into what actually may happen to your IRA after you pass away, particularly if you are married and with even more emphasis on if you're married and you have children from a previous marriage.
0:00 Should Your Second Spouse Be Your IRA 100% Primary Beneficiary
0:21 Example: Jason is in 2nd Marriage and Has a $3 Million Traditional IRA
1:07 Jason's Estate Planning Goals
1:43 Estate Planning Differences Between Brokerage Accounts and IRAs
1:58 Estate Planning with Brokerage Account
4:12 Estate Planning with IRAs and a Second Spouse
7:12 Should Married Person Leave Their IRA to a Trust?
9:40 Should a Married Person Name Their Spouse and Children as Primary Beneficiaries?
12:22 Make Informed Decisions About Designating Beneficiaries of IRAs
That's how I thought of it. My first thing would be to think of just name the kids as 1/3 beneficiaries when you have a second spouse. And two kids.
Fantastic and very clear explanation! Thank you.
Thank you so much! Navigating through these is complicated since we are not educated, details are not disclosed nor do we know the questions to ask for the answers. Your detailed examples are great 👍 . You make it simple and easy to understand. Again, thank you for your efforts in making these short and taking the time to post them. God bless you.
Thank you for this - much appreciated - so helpful!
Makes me glad I'm still married to first wife. :-)
Thank you I never considered that that’s valuable information
Great information.
Sounding pretty sharp.
So many men sell out their children from their 1st marriage,.. to keep ''the boss' happy in their 2nd or 3rd marriages. It is so pathetic what men will do just to keep the peace,...even if it means disowning their older children.
Well said
Happened to my sister and I twice!
Yep!
Happening now to me and my brother. I contested the will but my brother just withdrew his objection.
And if the man has children with your "new mom"you can almost guarantee you won't get anything..
Thank you for all this amazing content. As a starting attorney in trust and estates, I find it very helpful.
Best of luck!
My 13 cousins and I own the grandparents farm. One group of them has probated for 8 years. But I did my part in 1 year. How does that grab you ??
Excellent,
Many many thanks
Yep exactly!!
I found the various taxes (estate, inheritance, income, capital gains) very confusing. I was the sole beneficiary on my Father's annuity and had to pay a significant income tax when I cashed it in. I found out later I should have taken it in increments, where it was still taxable but would not have kicked me up into such a high tax bracket.
My father passed away and stepmother ghosted myself and brother…. My father said I would be the executor of the Will… I have not seen the Will as of today… (2yrs later) I’m not sure how or why I have not been issued my fathers will nor heir of his established in the Will I assume that I was /am still part of…. I have done little research on this subject and looking for answers without paying out the a** for a lawyer
The lawyer who prepared the will should be contacted. They don't read wills like on TV.
Excellent explanation, thank you! Now if we can just figure out if the IRS is expecting us to make corrective prior year RMD (2020, 2021....) distributions under the new 10 year rule we will be all set. Telling us the penalty is waived doesn't exactly clarify if we still need to make the distributions.
The IRS announced last month no RMDs for 2020, 2021, 2022 or 2023 from inherited IRAs after Dec 31, 2019.
@@mski13339 Thank you for the update.
Quick question, if I am an executor of an estate with no will, can I finance a car to a third party with a monthly payment at fair market value? The car is worth probably $10k.
What about converting the IRA to Roth by using the proceeds from the brokerage account. Then put the Roth account into trust with the children as beneficiaries when the wife dies . No RMD, no IRMA, no taxes for the heirs.
My husband of 25 years left all of his Ira to his only son we worked together to put I finance towards our retirement plan so now the spouse has no rights
What about naming the trust & the 2 kids the beneficiary? The trust would pay the wife and preserve the rest for his kids. While his 2 kids would get their portion up front.
Anyone like "Cynthia" who married for money shouldn't be entitled to anything. This is a failure as a parent to leave control up to a second spouse who is not the parent of their children. I had a discussion with a family friend who is an attorney who said an easy way to cut through the BS is to leave the spouse the assets, and get a life insurance policy where the kids are the sole beneficiaries. That's IF you want to leave something to different individuals/parties who have no relation beyond your death. I think the biggest mistake people make is assuming the 2nd spouse (or 3rd or 4th) will do right by YOUR children. 🙄 That's naive to say the least!
I would hope those adult children have advanced enough to take care of themselves without an inheritance. If the second wife ( me) has been married to him for over 30 years and commingled all assets , and he has been supporting and giving those children funds to the point it has harmed our well being , I believe it is fine what’s left of his assets is designated to me. We are co- owners in our trust and automatically inherit. I am the beneficiary on his irá and he’s mine.
If your kid is crazy leave them a $1