October 10, 2017

There are ten key questions that you should consider in the process of thinking about giving away money as part of your estate. 

Consulting with a knowledgeable estate planning lawyer can help you get half the way towards protecting your interests and ensuring that you’ve considered all potential outcomes. These questions include:

• Have you already appointed someone to make medical decisions on your behalf and have you told them what you would want?
•       Can you afford to give away your money now? You may be able to take advantage of the annual gift tax exclusion rather than waiting till you pass away.
•       Do you have the appropriate beneficiary listed on your life insurance and retirement account?
•       Do you have a will?
•       Are you worrying about federal estate taxes unnecessarily?
•       Should you maintain your Roth IRA for your heirs?
•       Does your state impose an inheritance or estate tax?
•       Are the charities you support running properly?
•       Have you talked to your adult children about your intentions with your estate?
•       Could you donate appreciated assets to save even more on your taxes?

These are just a sampling of the questions that you should walk through before scheduling a consultation with a knowledgeable estate planning attorney.