However, sometimes there are legal restrictions on who you can name as a beneficiary of your IRA or Qualified Plan. ?Most restrictions on IRAs are based upon state law. ?If you are married and live in a community property state, state law may provide that you must name your spouse as your beneficiary or obtain your spouse's consent if you name someone other than your spouse.
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Most restrictions on Qualified Plans are based upon federal law. ?The Employee Retirement Income Security Act of 1974 (ERISA) and the Retirement Equity Act of 1984 (REA) are two federal laws that govern most Qualified Plans. ?These laws were enacted to protect both employees and their spouses. ?If you are an employee, the main protection is found in the "anti-alienation" rules. ?These rules prevent you from transferring your interest in your Plan during your lifetime and also prevent others (such as creditors) from gaining access to your benefits. ?In addition, these rules protect your spouse by providing default provisions in the event of your death.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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