Ed Shaw Law - No Nonsense Legal Advice
Call 800-507-0352 To Schedule A Consultation
Call
To Schedule A Consultation
Offices in St. Cloud and Brainerd, serving all surrounding areas
Coronavirus Impact and Assurance: Yes! We are still open for business!

For the last year, thanks to the hard work of all of our staff, and you, our clients, no one who works at this office has gotten Covid while working here, and we have not spread a single case to any of our clients, while getting all of our client's legal needs taken care of. With the spread of vaccination the end is in sight, normal times where we can meet our clients in person in the office are just around the corner.

During the transition we will be having some in person, in office appointments for clients who have already been vaccinated, and for whom the CDC recommended period of time has passed since their last shot. Of course, for anyone who would prefer a phone or video appointment for safety, convenience, or any other reason those types of appointments are always available.

For our clients who have not yet completed the vaccination cycle phone and video appointments are of course available, and, with the return of warm weather we will again be offering outside appointments under the tent right outside our front door. For all appointments, masks will continue to be required.

Through the transition safety of all staff and clients will continue to be our top priority, we look forward to seeing you soon.

Please see our blog for more info on pandemic response.

Do not neglect to name a beneficiary on an IRA

| May 15, 2019 | Estate Planning

In Brainerd, Minnesota, people who invest in IRAs often neglect to name primary beneficiaries when they open their accounts. People think they will name their beneficiaries at a later date but then forget to update the information. It is always a good idea to name beneficiaries on a retirement account to prevent holdings from going into an estate. Failing to update an IRA is another mistake. For instance, a person may have named a beneficiary several years ago but neglect to update the information after the beneficiary passes away.

People who value the amount of time they spent working to earn their investment monies should name their beneficiaries on the appropriate IRA documents. A single person with no heirs may want to name a charitable organization as their beneficiary. Whether leaving money to a nephew or a charity, the main thing to bear in mind is that naming a beneficiary is a simple task that only takes a few minutes.

Most people name their spouses as primary beneficiaries. Sometimes, a person may not want to name a spouse as a beneficiary, especially if the spouse is a high-net-worth individual. In this situation, a person may want to name a child as a primary beneficiary instead of their spouse. A spouse named as a primary beneficiary has the right to make the deceased spouse’s IRA their own without having to transfer funds. Other beneficiaries need to either transfer the shares or monies to their own IRAs or take taxable distributions.

A person who wants to know more about estate planning may want to contact a lawyer for more information. An estate planning attorney answers probate questions and helps a client prepare and file essential legal documents. It is easy to set up an initial appointment via a simple phone call.

Image
FindLaw Network