Courts Reiterate: Beneficiary Designation Review Is Critical for Estate and Retirement Planning
Failing to update beneficiary and estate tax forms can lead to legal battles. Adhering to the procedures set forth for designating or changing beneficiaries is not just a formality, but an essential step in ensuring that your assets are distributed according to your wishes. Stephen Ferszt, a partner at Olshan Frome Wolosky discusses the regulatory landscape and provides guidance about planning in light of upcoming tax law changes and legal recourse.
August 20, 2024 at 09:13 AM
7 minute read
A recent federal court case, Proctor & Gamble U.S. Business Services Company v. Estate of Rolison, No. 3:17-CV-00762 (M.D. Pa. April 29, 2024) ("Rolison"), serves as an important reminder of the need to be vigilant in reviewing and updating beneficiary designation forms for qualified retirement plans, employer life insurance programs, deferred compensation plans and individual retirement accounts ("IRAs"), as well as other benefits arrangements.
When starting employment, new hires are typically required to complete a number of forms, including those for enrolling in employer-sponsored retirement plans, deferred compensation arrangements, and group life insurance policies.
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