Have you considered the following?

  • Do you have a will?
  • Does your will name a guardian for your children?
  • Are you comfortable with the executors and trustees you have selected?
  • Have you reviewed your estate plan in the last year?
  • Do you have powers of attorney in case of disability?
  • Have you considered a living trust to help avoid probate?
  • If you have a living trust, have you titled your assets in the trust’s name?
  • If you do not have a trust, do you have beneficiary designations on all assets?
  • Are you taking full advantage of the estate tax marital deduction?
  • If you want to limit your spouse’s flexibility over his or her inheritance, have you created a qualified terminable interest property (QTIP) trust in your will?
  • Are both spouses’ estate plans designed to take full advantage of the $1 million (MN) / $3.5 million (Fed) unified credit exemption equivalent? Do you have the right amount and type of life insurance?
  • Have you planned for long-term care costs and disability?
  • Have you used an irrevocable life insurance trust to prevent life insurance proceeds from being taxed in your estate?
  • Are you taking maximum advantage of the $13,000 annual gift tax exclusion?
  • Have you made gifts of assets that are likely to appreciate in the future?
  • Have you looked into the benefits of charitable trusts?
  • Do you have a management succession plan for your business?
  • Have you considered a gift program involving your family business?

If you need more information or would like to discuss any of the questions raised, please contact Cameron Kelly at 612.295.6935 or send an email.