Separate IRAs with different beneficiaries

jkom51August 25, 2007

Some folks who have multiple children/grandchildren prefer to have separate IRAs with a different beneficiary listed on each. I just read in my latest Forbes magazine that Vanguard has changed its policy and DOES NOT allow this any longer. In fact, they are receiving criticism because if you change the beneficiary on one IRA but not any others at their company, they will unilaterally change all your beneficiary designations on your IRAs to match, even without your consent.

Apparently T. Rowe Price also has a policy of not allowing different beneficiary designations on separate IRAs held at their firm. No other major brokerages have this policy.

Obviously, this doesn't apply to most people, but I thought it was a little-known fact that might prove useful to some in their estate planning.

Thank you for reporting this comment. Undo
dadoes

A solution would be to have the accounts at different financial institutions.

    Bookmark   August 25, 2007 at 4:06PM
Sign Up to comment
More Discussions
Ontario - Canadian law question
Hi: I am hoping I can find someone on the forum who...
mistopheles52
Do I need to give a 1099-misc to the lady who cleans for me?
For the first time ever, I began having a lady clean...
sogofan
Buying a car
I am planning to buy a car, but my credit rating is...
HerscheLL
Here's a question for those who pay with cash
It happens occasionally, I'll be in a checkout line...
SnidelyWhiplash
Buying a new house financial questions?
This seems silly, but I don't have anyone else to talk...
Butternut
Sponsored Products
Cuisinart GR-4N Griddler
Overstock.com
Unbranded 1-Light Antique Pewter Original Schoolhouse Globe Ceiling Fan Light 25
$56.84 | Home Depot
Hydro Systems Bathtubs Concord 5 ft. Center Drain Bathtub in White CON6042ATOW
Home Depot
Kamila Girl Flower Quilt and Sham Separates
Overstock.com
Juno Straight Downlight Satin Chrome 6" Baffle Trim
$29.98 | Lamps Plus
Rosalia Antique Bronze Two-Light 9-Inch Wall Sconce with Royal Cut Clear Crystal
$256.00 | Bellacor
ACF by Nameeks ACF CP06-LC City Play 22-in. Single Bathroom Vanity Set - Larch C
Hayneedle
Timothy Straw Blend 1/2x1/2 Glass Tiles
$15.99 | TileBar
© 2015 Houzz Inc. Houzz® The new way to design your home™