You have just landed your first job with benefits. As a young healthy person, you might not put much thought into whose name you put on the line as the beneficiary of your retirement account or life insurance policy, but the choice is important. If you are single, it seems logical to name your parents. But depending on their age and financial situation, you could do them more financial harm than good with this simple designation.
Before putting your parents? names on the line, ask the simple question ?do they need the money?? They may already have plentiful resources and the addition of yours might expose them to additional estate taxes and even income taxes. On the flip side, if they don?t have many assets, your money could disqualify them from government benefits and assistance with nursing home costs.
If you are concerned about your parents? future care, consider setting up a Maryland Trust and name the trust as the beneficiary on your 401K. Trustees can be instructed on how to spend the money according to your wishes.? If the Trust is set up properly, the money will not be a detriment to their potential Medicaid benefits. So be sure to consult an Annapolis estate planning attorney to make sure your assets will help the people you love instead of making their lives more difficult.
An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
Source: http://hyattweberestateplanning.com/estate-planning/should-you-name-parents-as-beneficiaries/
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