What it is:
401(k), IRA, other retirement accounts
Why this can be a powerful tool:
Simplicity: This is a simple opportunity to give to the BPSF. No lawyers are needed, simply name the BPSF as the beneficiary on your retirement account.
Control: This has no effect on your ability to utilize your retirement income during your life. If circumstances in your life change, the beneficiary may be changed at any time by you.
Tax Advantages: You avoid both income and estate tax on the remainder of your retirement accounts.