QUESTION
YES
NO
DON'T KNOW
Do you have a Will?
!
!
!
Do you have a Health Care Power of Attorney and Living Will?
!
!
!
Do you have a Durable General Power of Attorney?
!
!
!
Does your will name a guardian for your children if both you and your spouse are deceased?
!
!
!
Are you comfortable with the persons you have named to make financial and/or medical decisions for you or your children if you are unable to act?
!
!
!
Have you considered a Living Trust in order to avoid probate?
!
!
!
Are you taking advantage of your Unified Credit (the $675,000 exemption)?
!
!
!
Are you taking full advantage of your Marital Deduction?
!
!
!
If you want to limit your spouse's flexibility over his/her inheritance, have you created a QTIPTrust in your will?
!
!
!
Are you certain your assets are properly titled to effect the estate planning you have put into place?
!
!
!
Do you and your spouse each own enough assets directly in order to take advantage of the $675,000 exemption?
!
!
!
Have you utilized an irrevocable life insurance trust to exclude insurance proceeds from being taxed in your estate?
!
!
!
Are you taking maximum advantage of the $10,000 annual gift tax exclusion?
!
!
!
Have you created trusts that qualify for the annual gift tax exclusions?
!
!
!
Have you gifted assets that have a strong probability of future appreciation?
!
!
!
Do you have a management succession plan for your business?
!
!
!
Have you considered a gifting program involving your family-owned business?
!
!
!
Are you sure you have the right amount and type of life insurance?
!
!
!
Are you sure your estate plan is up-to-date and takes into account all potential tax-savings strategies?
!
!
!
How Comprehensive Is Your Estate Plan: Seek Advice For Every "No" And "Don't Know" Answer.
This article was edited and reviewed by FindLaw Attorney Writers | Last reviewed March 26, 2008
This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw’s team of legal writers and attorneys and in accordance with our editorial standards.
The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area.
Was this helpful?