Chippy Posted October 6, 2017 Share Posted October 6, 2017 I have a participant that passed away last year. His spouse passed away a few years earlier. His wishes are for his full account balance to be divided up between charities. What is the best way to fulfill his last wishes? Can this be paid to the estate and then paid to the charities through the estate? Link to comment Share on other sites More sharing options...
david rigby Posted October 6, 2017 Share Posted October 6, 2017 Is there a valid beneficiary designation? If not, what does the plan say about how to determine the beneficiary? BTW, what type of plan is this? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
Chippy Posted October 6, 2017 Author Share Posted October 6, 2017 yes, the beneficiary designation listed the charities. Is this a valid bene designation? This is a profit sharing plan and the participant was the owner of the company. Link to comment Share on other sites More sharing options...
jpod Posted October 6, 2017 Share Posted October 6, 2017 Assuming the plan allows for designation of charities as beneficiaries, the money must be paid to the charities in accordance with the designation. The Plan cannot pay it to anyone else. Link to comment Share on other sites More sharing options...
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