Be Careful When Naming Beneficiaries

Ilion & Rome, NY – Naming beneficiaries on assets like life insurance and retirement accounts seems pretty straightforward. However, ignoring a couple of key issues can result in unintended consequences, according to Chris Bray, a partner at Rheinhardt & Bray, PC, attorneys in Ilion and Rome.   Suppose the beneficiary is in a nursing home on Medicaid or is disabled and receiving Supplemental Security Income.  If that person receives life insurance proceeds or an IRA as a direct beneficiary they are likely