Bulletin Board Notice
Wanted: IRA beneficiary litigation stories
I hear sad stories from around the country about messed-up beneficiary designations. “The bank admits they lost the beneficiary designation form.” “The beneficiary form was internally contradictory and nobody noticed until after the participant died.” “The broker distributed according to the 1999 beneficiary designation form, then realized that the decedent had filed a new form, naming different beneficiaries, in 2001.” And on and on.
Despite all the mistakes I hear about, I never hear about survivors suing the IRA provider or professional advisers due to these mistakes. Maybe the amounts involved are too small. But if you are a lawyer who handles beneficiaries' claims (malpractice or otherwise) against IRA providers, plan administrators, and/or professional advisers in connection with beneficiary designation snafus, I'd like to hear from you.
I have two motives. First, I need to know your name, so I can send people to you who come to me with these sad stories, because maybe you can actually help them. Second, maybe there's an article in this that you or I could write for Trusts & Estates or some other publication. So contact me.