Advisors can help clients avoid retirement-beneficiary missteps

It's easy for retirement-account owners to forget to name beneficiaries, experts say, yet it's critical to consider IRAs and 401(k)s when doing estate planning. Many account holders also fail to consider the tax implications of naming a beneficiary and don't know how to handle the transfer of money to a minor or someone incapable of making financial decisions. "We're always asking clients about these accounts and they look like deer in the headlights," said Karen Altfest of Altfest Personal Wealth Management.

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