Multiple Beneficiaries

[Kathleen Reynolds]

#4261

The plan may be split death between multiple beneficiaries at the owner’s death (or the spouse’s if there is a rollover). The beneficiaries are entered on the Client Information window.

To indicate that multiple beneficiaries are used, check the Use Multiple Beneficiaries after the Death of the Owner checkbox. Enter the percentage each beneficiary should receive.

When using multiple beneficiaries, the displayed results for all years after the death of the owner are the aggregate numbers. For example, the “Retirement Plan Beginning Value” is the total value of all the heirs’ Retirement Plans at the beginning of each year. To see a breakdown of the individual heir values, select the Retirement Accounts Distributions to Multiple Beneficiaries analysis report.

If the Separate Accounts Rule has been satisfied, check the Apply Separate Accounts Rule checkbox. In some circumstances, the Separate Accounts Rule applies but cannot be applied in the year after the owner’s death. If this is the case, then click Delay Separate Accounts Rule.

[Author]

Posts