The Beneficiary Mistakes That Could Cost Your Family And How to Avoid Them

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. Key Timestamps 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 About the Show 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.