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J.S. Burton Blog

Wednesday, November 17, 2021

Did you know you could unintentionally disinherit your children from receiving your IRA?

Due to a little known rule, if you list your children on your IRA as your primary beneficiaries, they could be disheartened if you remarry. According to federal law under the Employee Retirement Income Security Act of 1974 (ERISA), if you remarry your new spouse gets all of your retirement funds despite whomever you name as the beneficiaries. This little known reality can unexpectedly happen to blended families. How do you protect your children from being disinherited? Have your new spouse sign a form waiving rights to your qualified retirement plan.

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477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, McLean, VA 22102 (By Appointment Only) | Phone: 757.301.9500