How Is Your Family’s Financial Planning IQ?
Take the Planning Deficiencies Check-Up Below.
See What Is Missing that may Leave Your Loved Ones in the Lurch.
Without Complete Financial Planning, a Judge or State Law determines what happens to your loved ones if something happened to you. This can lead to unwelcome or even devastating results and can be a very costly way to pass assets to your loved ones – even if those assets are small. An estate plan isn’t just about tax and probate avoidance, it is about establishing a clear process for your care and the care of your loved ones upon your incapacity or death.
A well-structured estate plan provides benefits in five key areas:
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Peace of Mind. Your affairs will be managed by trusted people you choose, and your loved ones taken care of.
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Incapacity. Your emergency health care decisions will be planned for.
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Assets. Family disputes will be prevented and no public probate will be necessary.
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Protection. Your spouse and children will have protection from lawsuits and divorce.
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Taxes. Your estate taxes will be minimized or eliminated on life insurance and IRA’s.
Current Estate & Financial Planning Questionnaire
The following questions will help you determine if your current family estate plan is sufficient to accomplish your goals of providing for your care during incapacity, protecting your loved ones, and passing your assets to whom you want, when you want, and in the way you want.
Do you have a Will or a Trust in place?
____Yes ____No ____I don’t Know
Has your Will or Trust been reviewed in the last two years?
____Yes ____No ____I don’t Know
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?
____Yes ____No ____I don’t Know
Does your estate plan contain a customized plan to determine if you are mentally disabled?
____Yes ____No ____I don’t Know
Does your current estate plan give instructions for your care and the care of your loved ones in the event of disability?
____Yes ____No ____I don’t Know
Are you certain that your current estate plan will minimize possible federal estate taxes at your death, including taxes on
your house, life insurance and IRA’s?
____Yes ____No ____I don’t Know
If you have a Revocable Living Trust in place as part of your estate plan, is your trust fully funded so that your family can avoid the delays and expenses of probate?
____Yes ____No ____I don’t Know
Have you taken steps to avoid possible will contests and disputes during the administration of your estate?
____Yes ____No ____I don’t Know
Does your estate plan protect your children’s inheritance in the event your surviving spouse chooses to remarry?
____Yes ____No ____I don’t Know
Have you recently checked the beneficiary designations of your retirement plans and life insurance policies, and are you confident that you have not listed your estate or any minor children as either primary or secondary beneficiaries?
____Yes ____No ____I don’t Know
Does your current estate plan provide creditor and lawsuit protection for assets passed to your surviving spouse?
____Yes ____No ____I don’t Know
Does your current estate plan provide creditor and lawsuit protection for assets passed to your children’s inheritance?
____Yes ____No ____I don’t Know
Are you confident that your current estate plan is income tax efficient?
____Yes ____No ____I don’t Know
Does your current plan protect your children’s inheritance from a divorcing spouse?
____Yes ____No ____I don’t Know
Are you satisfied with the persons you named as guardians of your minor children in your current plan?
____Yes ____No ____I don’t Know
Are you satisfied with the persons selected as executor and trustee in your current estate plan?
____Yes ____No ____I don’t Know
Are you confident that your executor, power of attorney, and successor trustee are prepared to act on your behalf when asked to?
____Yes ____No ____I don’t Know
Spencer Ball
Estate Planning Attorney
(801) 453-2000
If you answered No or Don’t Know to any of the questions, you can sign up for a FREE no cost, no obligation estate planning consultation. Complete the bottom of this form or call us at (801) 453-2000 and we will contact you to schedule the complimentary consultation. This is an Educational Opportunity for your Family you cannot afford to miss! *** You can print the questions above by clicking here.
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