Estate Planning Checklist
Does your estate plan take advantage of all available techniques to minimize estate taxes and efficiently pass property to the next generation? Have you considered the following:
- Do you have a will?
- Does your will name a guardian for your children?
- Are you comfortable with the executors and trustees you have selected?
- Have you reviewed your estate plan in the last year?
- Do you have powers of attorney in case of disability?
- Have you considered a living trust to help avoid probate?
- If you have a living trust, have you titled your assets in the trust's name?
- If you do not have a trust, do you have beneficiary designations on all assets?
- Are you taking full advantage of the estate tax marital deduction?
- If you want to limit your spouse's flexibility over his or her inheritance, have you created a qualified terminable interest property (QTIP) trust in your will?
- Are both spouses' estate plans designed to take full advantage of the $1 million (MN) / $3.5 million (Fed) unified credit exemption equivalent?Do you have the right amount and type of life insurance?
- Have you planned for long-term care costs and disability?
- Have you used an irrevocable life insurance trust to prevent life insurance proceeds from being taxed in your estate?
- Are you taking maximum advantage of the $13,000 annual gift tax exclusion?
- Have you made gifts of assets that are likely to appreciate in the future?
- Have you looked into the benefits of charitable trusts?
- Do you have a management succession plan for your business?
- Have you considered a gift program involving your family business?
If you need more information or would like to discuss any of the questions raised, please contact Karen Schlotthauer at 612-336-9324 or email@example.com.
For more information about Lommen Abdo's estate planning practice, please visit our estate planning website.