Estate Planning
1. If something happened to you or your spouse tomorrow, would your existing estate planning
documents ensure that your affairs would be handled in the manner you desire and by the person or institution
you desire? Have your will, durable power of attorney, and healthcare proxy been reviewed or updated in the past
three years?
2. If you own assets in more than one state, do you
have a revocable living trust? Without one, your estate may
be subject to probate in more than one jurisdiction. That can be time consuming and expensive, disrupt the flow of
any business operations, and impede the transfer of your assets to your beneficiaries.
3. Has there been a birth, death, marriage or
divorce, or falling out in your family recently? If so, have you reviewed your estate planning documents to see if
any changes need to be made? By the way, who will
take care of your minor children should you and your spouse are both become unable to do
so; who will have control of your assets for your children's benefit? Should your children
get control at age 18? Age 21? Age 23 or
25?
4. Do you own an
interest in a closely held business? If so, how have you planned for the succession of the business control and
operation if something happens to you or your co-owners?
5. If you have
retirement plans or deferred compensation plans, do you have copies of the designated beneficiary forms? Have you
considered both the income tax and the estate tax consequences when you die?
If you’d like more information about protecting your family and finances,
contact us for a no-cost initial consultation.
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