Estate Management Checklist

Part 1 -- Communicating Your Wishes

• Do you have a will?
• Are you comfortable with the executor(s) and trustee(s) you have selected?
• Have you executed a living will or health care proxy in the event of catastrophic illness or disability?
• Have you considered a living trust to avoid probate?
• If you have a living trust, have you titled your assets in the name of the trust?

Part 2 -- Protecting Your Family

• Does your will name a guardian for your children if both you and your spouse are deceased?
• If you want to limit your spouse's flexibility regarding the inheritance, have you created a qualified terminable interest property (QTIP) trust?
• Are you sure you have the right amount and type of life insurance for survivor income, loan repayment, capital needs, and all estate settlement expenses?
• Have you considered an irrevocable life insurance trust to exclude the insurance proceeds from being taxed as part of your estate?
• Have you considered creating trusts for family gift giving?

Part 3 -- Reducing Your Taxes

• If you are married, are you taking full advantage of the marital deduction?
• Is your estate plan designed to take advantage of your applicable exclusion amount?¹
• Are you making gifts to family members that take advantage of the $14,000 annual gift tax exclusion?
• Have you gifted assets with a strong probability of future appreciation in order to maximize future estate tax savings?
• Have you considered charitable trusts that could provide you with both estate and income tax benefits?

Part 4 -- Protecting Your Business

• If you own a business, do you have a management succession plan?
• Do you have a buy/sell agreement for your family business interests?
• Have you considered a gift program that involves your family-owned business, especially in light of "estate freeze" rules? (These rules were enacted by Congress to prevent people from artificially freezing their estate values for tax purposes.)