Now that you’re retired, you’ll want to ensure that you have a sound financial plan that
includes trust and estate planning. With forethought, you can minimize estate taxes
and preserve more of your assets for your beneficiaries. A qualified financial and tax
professional can help you accomplish this. Bring this three-part checklist to your initial
meeting to help make your plan comprehensive and up-to-date.
Part 1: Communicating Your Wishes
• Do you have a will?
• Are you comfortable with the executor(s) you have selected?
• Have you executed a living will or health care proxy?
• Have you considered a living trust to avoid probate?
• If you have a living trust, are your assets properly titled?
Part 2: Protecting Your Family
• Does your will name a guardian for your minor children?
• Do you want to limit your spouse’s flexibility regarding the inheritance?
• Have you reviewed your life insurance needs – estate settlement, burial, survivor
income?
• Have you considered an irrevocable life insurance trust to exclude the insurance
proceeds from your estate?
Part 3: Reducing Your Taxes
• If you are married, are you taking full advantage of the marital deduction?
• Are you making gifts to take advantage of the $13,000 annual gift tax exclusion?
• Have you gifted appreciable assets to maximize future estate tax savings?
• Have you considered charitable trusts that could provide you with both estate
and income tax benefits?
Estate planning is a very valuable and important part of your financial picture.
Considering the above will help greatly in this process.