Dear Ladies,

I had the unfortunate job this week to inform a recent widow, 50 years old, that her husband’s IRA beneficiary is her MOTHER-IN-LAW!  That’s right.  Read that sentence again.  Her husband of 11 years never changed his IRA beneficiary to his wife after they were married.  As a result, my new client’s MOTHER-IN-LAW is now the proud recipient of her son’s IRA.  The mother-in-law is 78 years old, wealthy, and very needy (this was her only child).  She has decided to hold the IRA money over my client’s head by telling her she will receive the money after her death and, oh by the way, she sure would appreciate a trip to the grocery store.

Watch the video below!

GET A COPY

You may think this could never happen to you, but I am here to tell you, I see it more often then you think.  There are so many divorces and second, third, fourth marriages; and we are all so busy, busy, busy watching the Bachelor and Dancing with the Stars.  Please, please check your beneficiary forms on your’s AND your partner’s IRA AND get a copy of it.  Believe it or not, that is one of the most difficult tasks because so many companies have changed ownership after ownership (i.e., NationsBank, Countrywide, Merrill Lynch are all now Bank of America).

CLICK HERE to request a Beneficiary Checklist.

TAXES

And then there’s the issue of taxes.  Do you know that this MONSTER-IN-LAW (thank you Jennifer Lopez and Jane Fonda!) is considering liquidating her deceased son’s IRA and putting it into her checking account.  That is so sad and detrimental to a slew of people including my client’s son, but it sure is grand for the government.  Just think how this poor man worked for the county for almost 25 years saving through his IRA just to give it to the government (up to 80%) and his mother’s checking account who doesn’t even need it.

WATCH THIS VIDEO

IT’S UP TO YOU

It’s up to you and I can help.  Take a moment and think about your IRA.  Now think about your partner’s IRA. If only I had met this woman before her husband died, things could have been different. What will it be like for you? 

CLICK HERE to request a Beneficiary Checklist.