Estate Plan Checklist

Planning for the Your Future

 
     
 
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EstatePlan

Two Required Documents

Two estate planning documents should always be included in your estate plan, a durable power of attorney and a will. The durable power of attorney is for managing your property during your life, just in case you are not able to do so yourself. The will is for the management and distribution of your property after death.

 

 

Power ofAttorney

Power of Attorney

The durable power of attorney is the one document that can be even more useful than a will. It gives a person you appoint the power to act in your place for financial purposes in the event you become incapacitated.

 

 

Estate Plan Checklist

Coastal Law can help you - Consultation at 843-488-5000

Estate Planning Checklist

 

Communicating Your Wishes 

  • Do you have a will?
  • Have you executed a living will?
  • Have you considered a living trust to avoid probate?
  • Do you have a living trust?

Protecting Your Family

  • Does your will name a guardian for your children if both you and your spouse are deceased?
  • Are you sure you have the right amount and type of life insurance?
  • Have you considered creating trusts for family gift giving?
  • Have you considered an irrevocable life insurance trust?

Reduce Your Estate and Income Taxes

  • If you are married, are you taking full advantage of the marital deduction?
  • Do you and your spouse each individually own enough assets for each of you to qualify for the applicable exclusion amounts, currently $2.0 million?
  • Are both your estate plan and your spouse's plan designed to take advantage of each of your applicable exclusion amounts, currently $2.0 million?
  • Are you making gifts to family members that take advantage of the annual gift tax exclusion, currently $12,000?
  • 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?

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.)

Things to Remember

  • A plan helps you minimize estate and income taxes, administrative expenses, executor's commissions and attorney's fees.
  • Your plan can help you determine what steps you need to take to help provide an adequate income to your survivors.
  • An estate plan helps you preserve the assets you have worked hard to accumulate.


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    Telephone: Coastal Law - Main Office:  1-843-488-5000

    Monday to Friday   8:00am to 5:00pm (EST)

    Saturdays, Sundays and federal holidays please leave a message. If you have a legal emergency, please let us know and we will respond as soon as possible.

     

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