jIMOh
Thinks s/he gets paid by the post
I asked this question on facebook, and an attorney told me "it depends". So curious what kind of answers I get here.
Question:
If my 401k and IRA benficiaries are my kids at 50% each, and the contingent is my 75 year old father, what happens to the 401k and IRA assets if one of my kids dies before I change the beneficiary? FYI I am divorced.
Does my other kid inherit 100%
Does my dad inherit the 50% which was allocated to my deceased child?
Or what other considerations are in play?
And I know setting up a trust solves the problem. Curious if anyone has seen this happen, and what state are you in where that was the flow of assets?
Question:
If my 401k and IRA benficiaries are my kids at 50% each, and the contingent is my 75 year old father, what happens to the 401k and IRA assets if one of my kids dies before I change the beneficiary? FYI I am divorced.
Does my other kid inherit 100%
Does my dad inherit the 50% which was allocated to my deceased child?
Or what other considerations are in play?
And I know setting up a trust solves the problem. Curious if anyone has seen this happen, and what state are you in where that was the flow of assets?