Grateful, Prepared, and Tax‑Smart: A Thanksgiving Checklist for Your Heirs

Thanksgiving means family around the table, full calendars, and a good reason to pause and be grateful. It’s also the perfect moment to make sure the people you’re grateful for won’t face avoidable headaches with your accounts later.

Here’s a simple Gratitude Review you can complete in under an hour. These small steps protect your family and keep more of your wealth where you want it—especially with the inherited IRA 10‑year rule now in play for most heirs.

Why this matters now

• Most non‑spouse heirs must empty inherited IRAs within 10 years. Timing and titling matter.

• Beneficiary forms control retirement accounts—not your will.

• Year‑end is ideal: family is together, and custodians are open for updates.

The Gratitude Review: 7 quick checks

1. Confirm your primary and contingent beneficiaries Pull your latest IRA/401(k)/403(b)/TSP statements. Make sure names, percentages, and “per stirpes” elections match your intent.

2. Align your beneficiary forms with your will and trust If your estate documents say one thing but your IRA form says another, the IRA wins. Make them tell the same story.

3. Decide whether a trust should really be the beneficiary Trusts can be useful, but they must be drafted correctly post‑SECURE Act. If a trust is listed, have the language reviewed for 10‑year rule implications.

4. Review ages and life events Marriages, divorces, births, and deaths change the picture. Update outdated forms. Remove ex‑spouses where appropriate.

5. Coordinate with taxes for your heirs If your heirs are high earners, consider strategies that may lower their 10‑year tax burden (e.g., Roth conversions now, charitable bequests from pre‑tax IRAs).

6. Check account titles and confirmations For each account, make sure the custodian has the latest beneficiary forms on file, and request confirmations. Keep copies in one place.

7. Create a simple “Heir Instructions” sheet List where accounts are held, how beneficiaries are set, and who to call. Keep it with your estate documents and tell your trusted contacts where it is.

Common, costly mistakes to avoid

• Assuming your will overrides IRA/401(k) beneficiaries

• Naming “my estate” as beneficiary (can increase taxes and delay access)

• Outdated percentages or missing contingents

• Trusts without SECURE‑aware language

• Ignoring the 10‑year distribution window for most non‑spouse heirs

How we help Tampa Bay families in a 30‑minute Beneficiary Review, we:

• Verify your forms (primary, contingent, per stirpes) and align them with your documents

• Flag trust pitfalls and the 10‑year rule issues

• Model simple, tax‑smart options for you and your heirs

Wishing you and your family a safe, happy, and gratitude‑filled Thanksgiving.