• Rome Area Chamber of Commerce
    139 W. Dominick Street
     Rome, NY 13440
    Phone: (315) 337-1700
    Fax: (315) 337-1715
    Email: info@RomeChamber.com
  • Welcome to the Rome Area Chamber of Commerce

    Providing business advocacy, community promotion, and encouraging economic growth in Rome, New York since 1912.

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  • 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 to lose or see a reduction in benefits.  Instead of naming that person directly, naming a supplemental needs trust can make sure that those funds actually go to help the beneficiary.
     
    Bray also points out the importance of taking into account that a beneficiary may not be living.  Many people suppose that if a child beneficiary is deceased, his or her share will go to the grandchildren.  That may be the intent, but it only happens if the beneficiary form is properly completed.  Otherwise a person might end up unintentionally disinheriting grandchildren.
     
    Designating beneficiaries is an important part of sound estate planning.  Failure to do so properly may result in unintended and undesirable consequences.
     
     
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