8 Critical Not-So-Obvious Estate Planning Questions
Estate Planning can be complicated and is one of the most procrastinated financial tasks. It often gets delayed due to the mind’s normal thoughts of ‘this won’t be happening anytime soon’… and then unfortunately, sometimes it does.
Almost 80 years of working with clients and their estate plans, the following are 8 Critical Estate Planning Questions for all our clients to have answers to…
(A ‘No’ answer to any of the following means a review is needed)
- Do I/We know how much tax we would owe if we died today?
- Do I know how much money I need to leave my family debt-free?
- Do I know how much money Family needs to have a high probability that they can maintain their current lifestyle?
- Are my legal documents dated in the state I live?
- Do my legal documents prevent or help prevent those I don’t want to get my money from getting it?
- Have I provided management of money for those who will need assistance?
- Have I made special provisions for my business to be managed or sold to those who can manage it?
- Have I given someone a list of my assets and insurances?
After taking such great care to build your estate, you want it to be as focused and efficient as possible. Through the skillful use of wills, trusts and other legacy planning tools, having answers to the above questions will help make sure your wealth is passed onto your heirs in precisely the manner you desire.
Don’t let it be complicated.
With our planning let’s simplify it… let’s bring it down to just two simple questions: Do I have enough money and are my documents correct?
We work with your other advisors to design and review the complexities for you.
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.
