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 karen@lommen.com.


For more information about Lommen Abdo's estate planning practice, please visit our estate planning website.