Fundamental Estate Planning Questions and Achievements to date
- Have your wills and/or trust documents been updated since 2012 (when the enactment of most recent changes to estate taxes and portability of lifetime exemptions took place)?
- If a Revocable (Living) Trust is in place, have title and ownership of assets been transferred to the Trust?
- If a Partnership or LLC has been established, have title and ownership of assets been transferred to the LP/LLC?
- Are you currently utilizing 100% of your available annual gift exemptions to children and grandchildren to reduce the size/growth of your taxable estate?
- Have you accelerated all or part of your lifetime exemption to achieve strategic wealth transfer objectives?
- If yes to the prior question, did you use intra-family leverage against the use of your lifetime exemption to increase and accelerate wealth transfer?
- Will the planning you have accomplished to date empower multi-generational stewardship, maximizing the impact of your wealth by preserving a lasting family and charitable legacy for generations to come?
- Do you presently own life insurance (whether owned in a trust, LLC, or Partnership) for the express purpose of paying estate taxes?
- If insurance is owned by an ILIT (Irrevocable Life Insurance Trust), have annual gifts been properly administered?
- If insurance utilized is permanent (builds cash value) in nature, have Premium Finance Strategies been evaluated or implemented as part of the funding mechanism?
- Is the planning team you have relied upon to this point (tax, legal, financial, insurance) up to the task of helping you finish the job of seeing that your tax, wealth transfer, and charitable objectives are achieved?
HIGHEST PRIORITY ACTION ITEMS REGARDING YOUR FAMILY’S PLANNING: