Readers in the Seattle area may take a lesson from an unfortunate tale that left one man's wife grieving while his ex-wife harvested a $1 million windfall. In a case of tragic oversight, the deceased man never followed up to change the beneficiaries of his lush retirement account and life insurance policy. The result of this all-too-common error undoubtedly sabotaged the man's wishes for his second wife and highlights the importance of competent estate planning early in life.
Residents in the Seattle area who are concerned with matters of estate planning may have been following recent news reports regarding inherited individual retirement accounts. Max Baucus, the U.S. Senate Finance Committee Chairman, has proposed tougher requirements on IRA transfers to beneficiaries, although he said he would hold back for now on an effort to change the laws regarding inheritance.