In today’s global economy, it’s becoming more common for family ties to stretch around the world. You should have no problem naming your nephew as your beneficiary, but accessing the money from India after your death is more complicated.
When naming a nonresident alien as a retirement plan beneficiary, make sure to include more information than the typical name, relationship, and date of birth. The issue here is that the plan sponsor, in your human resources department, will be expected to contact and verify your beneficiary. They may begin to lose patience if the process turns into “Where in the …Read More