Review the following checklist as you begin developing or updating your estate plan. In addition, seek council from your Accountant, Estate Planning Attorney, and your Financial Advisor.

• Do you have an estate plan? If so, when was it last reviewed?
• Do you have a will? If so, when was it last updated?
• Does your will name a guardian for your minor children?
• What steps have you taken to minimize the impact of probate?
• Do you have a living trust (to avoid probate for the assets in the trust)? If so, when was it last updated?
• If you have a living trust, have you titled your assets in the name of the trust?
• Are you comfortable with the executor(s) and trustee(s) you have selected?
• Do you have the right amount and type of life insurance?
• Have you considered an irrevocable life insurance trust to exclude insurance death benefits from being taxed as part of your estate?
• Have you created trusts that qualify for the annual gift-tax exclusion?
• Are you minimizing future estate costs by taking advantage of the $12,000 ($24,000 if married) annual gift tax exclusion?
• Are you taking full advantage of marital deductions?
• Does your estate take advantage of the current federal exemption amount of $2,000,000?
• Do you have a durable power of attorney for both health care and financial matters in case of catastrophic illness or disability?
• Have you made arrangements for your potential long-term care needs?
• What assets will be used to pay your estate settlement costs?
• Have you considered a charitable remainder trust to provide an income stream to your beneficiaries for a specified period, after which the remaining principal would pass to charity?

To discuss answers to any of the questions on this checklist please contact us to speak with one of our professionals or to schedule a free consultation with an Estate Planning Attorney.