Episode Summary

Attorney Daniel Bernard addresses common beneficiary designation mistakes that can disrupt estate plans in New York and Florida. The episode explores how incomplete or poorly planned beneficiary designations can lead to probate delays, liquidity issues, or unintended tax consequences, particularly with retirement accounts under the Secure Act. It highlights the role of trusts in managing complex family dynamics, protecting assets for minors, and ensuring equitable distribution, emphasizing the need for professional guidance to avoid costly errors.

00:00 - Show Introduction and Welcome

01:30 - Understanding Beneficiary Designations

05:00 - Risks of Incomplete Beneficiary Designations

09:00 - Why Beneficiaries Are Not Enough

13:00 - Risks of Naming Minors as Beneficiaries

17:00 - Dangers of Relying on One Beneficiary

21:00 - Tax Implications of Retirement Accounts

25:00 - Horror Stories of Beneficiary Mistakes

29:00 - Benefits of Trusts as Beneficiaries

33:00 - Planning Ahead to Avoid Last-Minute Issues

37:00 - Conclusion and Call to Action

Estate Planning with Bernard Law is a podcast dedicated to simplifying estate planning for individuals and families in New York and Florida. Featuring attorney Daniel Bernard, the show provides expert insights into wills, trusts, probate avoidance, and beneficiary planning. Through clear explanations and practical advice, the podcast empowers listeners to protect their assets and secure their family’s future.