Attorney Andrew Bethel discusses what should be done with investment and retirement accounts, such as brokerage accounts, 401(k)s, and IRAs, when planning an estate. The general rule is to remember the probate threshold, which in California is a gross estate of $184,500 or more. Brokerage accounts should typically be placed in a trust to avoid probate, even if they alone won't trigger a probate issue. Retirement accounts can have designated beneficiaries who can claim the assets without going through probate, and it is usually recommended to choose individuals as beneficiaries, rather than the trust. However, a trust can be designated as a beneficiary, and this can be advantageous in certain situations, such as when taxes are owed on assets in an IRA or 401(k). Trusts can be amended during the client's lifetime, and the trust can serve as a safety net if the initial beneficiaries predecease the client.
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*Disclaimer*
Viewing this video does not create the expectation of an Attorney-client relationship. The information from this video is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.
