Retirement accounts, such as 401(k)s and IRAs, are often significant components of your financial portfolio. But do you know who will inherit these funds when you pass away or whether they will need to immediately pay tax on the inheritance? It's a crucial aspect of estate planning that deserves attention. Here, a San Diego inheritance lawyer offers expert insight into how retirement accounts are handled after your death.
Designating Beneficiaries: Your First Step
The most critical factor in determining who receives the money from your retirement account is your beneficiary designation. This is a decision you make when you open the account and can update at any time.
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