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.