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Gelinas Financial Group, Inc.

LISTEN, UNDERSTAND, RESEARCH, HELP. Money management has a new reality. Financial-planning efforts must consider “the whole client.” We offer a multi layer approach that starts with education. We strive to gain your trust then deliver the results you seek. At Gelinas Financial Group, Inc., our passion is supporting our clients by adding value: You need information to make correct decisions. We’ll help you achieve higher levels of success and better process management through cutting-edge solutions, training, mentoring, and continuing education. Our objectivity and independence mean you get the financial-planning and risk-management solutions that meet the unique demands of your present situation. We offer our expertise in the following areas: Financial Planning Retirement Planning Insurance Investment Coaching Annuities More Hope is not a strategy. We meet with our clients regularly to scrutinize their investments and make adjustments.

Beneficiary designations

Shawna Kreis Shawna Kreis , 2/4/2015
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PlanningAs part of your overall estate planning, one of the most important decisions you will make is how to designate beneficiaries on various accounts. Keep in mind, retirement accounts such as Defined Benefits Contribution plans or 401(k) plans are governed by a federal regulation known as ERISA. This rule means that your spouse is automatically the beneficiary of these accounts unless they waive their rights in writing. Waiving rights as a beneficiary  Married couples in a non-community property state like Georgia have the right to designate any beneficiary they wish to in nearly all cases. For example, your life insurance policies and traditional IRA accounts may have your spouse or anyone else you wish to have designated as beneficiary. If you have funds in an employer sponsored plan however, you may need a waiver from your spouse to override the federal laws. The wording on these forms must be very specific and should be irrevocable so that your spouse may not change their mind later. It is also important to note that if you have rolled over an employer-sponsored retirement account that you must name your beneficiaries on the new account as they do not carry over automatically. Keeping beneficiaries up to date  Smart estate planning involves keeping your beneficiary designations current. Those who have changed jobs, gotten married or divorced or have had children or adopted children should check all of their beneficiary designations. Keep in mind, divorce does not automatically end your ex-spouses right to your federally protected retirement accounts; you actually have to update your beneficiary designations after a divorce. The last thing you want is the courts determining who will be the recipient of your assets in the event of your death. Working with a qualified financial advisor at Gelinas Financial you can ensure your assets are properly distributed at the time of your death with as few entanglements with the court as possible.