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Form 5305 S Rev March SIMPLE Individual Retirement Trust Account

Form 5305 S Rev March SIMPLE Individual Retirement Trust Account

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Greetings from sunny Florida. My name is  Rick Gans. I’m an ACTEC Fellow from Sarasota,   Florida, and I’m joined today by Al Stashis,  who is an ACTEC Fellow from Naples, Florida,   and our topic today is Common IRA Beneficiary  Designation Scenarios. And so, Al,   what happens if you don’t have  a beneficiary designation? Hi Rick. Well, it’s great to be with you.  Yeah. If you die with your IRA account and   no beneficiary designated, what happens  is the plan documents will determine who   the default beneficiary is. So, typically, it’s  the decedent’s estate or the surviving spouse. And if it’s the estate, the thing  that you have to worry about is, well,   that may mean you need to open a probate which  you otherwise would not have needed to commence,   and the other issue to be concerned about  there is, by having the IRA pass through   the probate estate, it may become subject to  claims of the decedent’s creditors which you   could h

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