Questions to Keep in Mind When Creating an Estate Plan

<p> This article is the second in the series covering estate planning.  When creating an estate plan there are many questions that you should keep in mind.  Although we cannot go over all of them, here are a few examples of questions that you might ask yourself. <p/>

<p> Q: In the event that you pass away before your spouse would you like to provide for him/her financially? <p/>

<p> Q: Many people transfer all of their property to their spouse in order to utilize the unlimited marital deduction.  This allows no estate taxes to be paid at the time of your death.  If you take this deduction are aware that your child’s inheritance will be delayed until the age of 65 or 70 years old? <p/>

<p> Q: How do you want your property in your trust invested? <p/>

<p> Q: Would you like your children to get equal portions of inheritance? <p/>

<p> Q: Would you like other family members like grandchildren and siblings to get an inheritance? <p/>

<p> Q: Do you have a spouse or child from a previous marriage that should be considered for inheritance? <p/>

<p> Q: Do you have a family business in your estate?  If so should it be passed only to the children currently active in the business?  Should other family members be compensated? <p/>

<p> Q: Would you like your children’s inheritance distributed over a period of time or directly at your time of death? <p/>

<p> Q: Are you a business owner?  Have you planned for the business to continue after your death? <p/>

<p> Q: Would you like to make plans for long term care for yourself or other family members? <p/>