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What steps are required for transferring retirement plans to the Trust?

Generally, transferring ownership of retirement plans to the Trust is unnecessary and may have adverse tax implications. Instead, designate beneficiaries to receive proceeds at your death, allowing flexibility in distribution. Consider naming the Trust as an alternate beneficiary for controlled distribution. Each plan administrator provides Beneficiary Designation forms for updating designations. Consult your tax advisor for guidance based on individual circumstances.

Updated on 01 Apr 2024