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Originally Posted by FL2021
For accounts such as 401k, IRA, Roth, etc., we received a mixed advice from our legal and financial services as to whether our children or the Revocable Trust should be named as the secondary beneficiary (after spouse being the primary).
For those of you who have already walked this path, is there a simple answer to this?... or perhaps there are pros & cons to either one? e g., difference in tax implications?
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Our attorney who specializes in elder law as well as trusts, etc. and who is also a CPA, informed us to leave any 401k, IRA out of any established trust and name a beneficiary or beneficiaries. The reason is specific to taxes which I won’t get into the weeds about. Our financial advisor ho is also a CPA concurred. The laws change and get very little press