Personal Planning and Requirements Checklist
This checklist will help you assess your current legal situation. By dealing with all of these issues in a proactive, strategic manner you will be better able to protect yourself from legal complications and achieve your goals.
- Have you completed your estate planning and is it up-to-date?
- Have revocable trusts been funded?
- With regard to irrevocable insurance trusts, have Crummey letters been sent out each year?
- Do you have currently dated durable powers of attorney and health care declarations designating patient advocates?
- Should you be considering an annual gifting program and substantial additional gifts utilizing your lifetime exemption to minimize estate taxes?
- Have you fully evaluated your exposure to claims – from (i) your business, (ii) personal guaranties, (iii) uninsurable or under insurable risks? Have you done any type of asset protection planning to minimize risks and protect your assets? Do you have personal and/or business umbrella policy? Are your home and contents adequately insured?
- Have you reviewed your life insurance coverage in light of changed circumstances and reduction in term insurance costs?
- Do you have adequate disability insurance?
- Have you considered long term care insurance?
- Have you evaluated your investment programs? Is your financial planning/investment counselor achieving satisfactory results considering your risk tolerance and overall market conditions?
- Have you considered new methods to fund children’s/grandchildren’s college education?
- Are you fully funding retirement plans?
- Are your retirement plans (401(k), IRA, SEP) beneficiary designations properly coordinated with your estate plan and designed to maximize tax deferral?
- If other than your first marriage, have you changed your estate plan, life insurance beneficiary, and retirement plan beneficiary designations?
If this checklist raises any issues you need help with, or simply a question or two you would like answered, please call or email us.