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) / $2 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 $12,000 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 Scott Nelson at 612-336-9320, 800-752-4297, scott@lommen.com.