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On this Tax Day, Remember your 401K

Your estate plan needs to include a will, powers of attorney, maybe even a trust, and it also needs to be done in conjunction with making sure your 401Ks and IRAs have properly designated beneficiaries. If you die without listing a designated beneficiary, then the funds are paid out in a lump to your estate and can be taxed at 35%. So if you are going to be careful and save with pre-tax dollars, make sure that you limit the tax exposure by listing designated beneficiaries.

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