Article: What is Complete Estate Planning for a Proprietor’s 401(k) Plan Benefits?

Albert Feuer (Law Offices of Albert Feuer) recently published an article, What is Complete Estate Planning for a Proprietor’s 401(k) Plan Benefits?, New York State Bar Association Trust and Estates, 2022. Provided below is an abstract:

The estate planning of an individual who owns a professional or other enterprise that maintains a tax-advantaged plan, such as a self-directed 401(k) plan, requires more than the completion and filing of the individual’s plan beneficiary designations.

Complete planning requires that measures also be taken so that soon after the death of the individual a person be authorized to invest plan assets, determine the plan beneficiary(ies) and benefit entitlements, give notifications of such determinations, and make plan distributions that the beneficiary(ies) may choose.

If this is not done, the delay in making investment decisions and giving the individual’s beneficiary(ies) access to their plan benefits may place those benefits at substantial risk and expose the individual’s estate to fiduciary liability claims.

https://lawprofessors.typepad.com/trusts_estates_prof/2022/12/article-what-is-complete-estate-planning-for-a-proprietors-401k-plan-benefits.html