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Submitted by: Amy Rose Herrick
Amy's skills combine Tax Planning, Income structuring, Cash Flow, Divorce Settlements, Debt configuration, Estate Plans, Portfolio Planning and Distribution Alternatives. She assisted an institutional investor base from '86-90, then focused her practice in '91 to the present for individuals and small business exclusively. Amy holds various professional licensing in several states. She has provided planning advice to multiple media outlets including Newsweek. Interviews are available.
Survivor's Guide: Setting up a beneficiary
Amy Rose Herrick, an investment adviser representative with Woodbury Financial Services Inc., offers the following consumer tip for surviving a shaky economy:
Regarding a KPERS $4,000 retiree death benefit:
• If you name a funeral home as the direct beneficiary, all $4,000 will go to that establishment.
• If you name a person, such as a spouse, they will receive a 1099 and be taxed on the $4,000 benefit.
• If the beneficiary requests the check be sent to the funeral home, only $3,200 will be forwarded. The other $800 is sent to the IRS as withholding on behalf of the beneficiary.
How is your beneficiary set up, and does it need updating?
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