Guide to Elder Planning, A: Everything You Need to Know to Protect Yourself Legally & Financially

122 A GUIDE TO ELDER PLANNING

probably be less than their parent’s or grandparent’s. In addition, the

amount of the yearly required distribution will be smaller than that

required for the surviving spouse and children because it is based on life

expectancy tables. Thus, the money is able to compound longer on a tax-

deferred basis. And of course it should be noted that if the IRA is a Roth

IRA, no income taxes will be due because the money is distributed over the

life of a surviving spouse, child or grandchild.

Key A properly executed beneficiary designation form is abso-

lutely essential to any after-death estate planning. If beneficiaries are