QUESTION
How should a life insurance policy be handle with a revocable trust?
Asked on Feb 24th, 2014 on Trusts and Estates - California
More details to this question:
What is the best way to have the beneficiary set up? 1st is the spouse and 2nd the trust or vice versa?
1 ANSWER
I generally advise the spouse as primary and the trust as contingent. However, there are instances (elderly people) that it makes more sense to just name the trust as the primary. I should add that the selection of beneficiaries for IRAs, 401ks and other retirement plans is much more complicated as there are tax issues to consider. Good luck. -John
Answered on Feb 25th, 2014 at 2:48 PM