8 Important Maintenance Questions

All too often I have had clients start down the path of estate planning only to then allow those plans to become outdate and obsolete. The hurdle of initiating estate planning can be a high obstacle, however, once cleared, it is vital that those plans are reviewed and updated as family situations, tax requirements, and federal and state legislation change. As you talk with your clients about plans for their future, here are some important estate planning questions to review.

1. Do you have a will or trust in place? If so, has it been professionally reviewed within the last two years?
2. Does your current health care power of attorney permit the person of your choosing (spouse, child, family) to make emergency health care decisions for you in the event you are unable to do so?
3. Are you certain that your current estate plan will minimize possible state and federal taxes at your death, including taxes on your house, life insurance and IRAs?
4. Have you taken steps to avoid possible will contests and disputes during the administration of your estate?
5. Are you satisfied with the persons you’ve named as guardians of your minor children in your current estate plan?
6. Does your current estate plan provide creditor and lawsuit protection for assets passed to your surviving spouse and/or children?
7. If you have a revocable living trust in place as part of your estate plan, is your trust fully funded so your family can avoid the delays and expenses of probate?
8. Does your estate plan protect your children’s inheritance in the event your surviving spouse chooses to remarry?

   We are available to answer estate planning implementation and/or maintenance questions. If you, your clients, or prospective clients are motivated to move forward, please call to discuss the steps you need to take to protect your client’s wealth.

    We also offer free workshops in our office. These workshops are designed to answer the most frequently asked questions about estate planning as well as provide the attendee with planning options they may not have previously considered. See more information on these workshops below.