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BETTEN, MURPHY & WEISS
Attorneys, PA

Brevard's Elder Law Firm
1800 Penn Street, Suite 6
Melbourne, FL 32901-2625
Phone (321) 676-2525

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Brevard Elder Law

RATE YOUR ESTATE PLAN

Brevard Elder Law

*Answer the following questions "yes" or "no" with respect to your estate plan. You may want to seek professional advice for each question answered with a "no".

  1. Do you have a Will?

  2. Do you name a guardian for your children if both you and your spouse are deceased?

    3. Additional considerations in Estate Planning with Minor Children!

  3. Are you comfortable with the personal representative(s) and Trustee(s) you have selected?

  4. Have you considered a Living Trust in order to avoid probate?

  5. If you have a Living Trust, have you titled your assets in the name of the trust (funded the trust)?

  6. Are you taking full advantage of the marital deduction?

  7. If you want to limit your spouse's flexibility over his or her inheritance, have you created a QTIP Trust?

  8. Are both your estate plan and your spouse's designed to take advantage of the $1,000,000 exemptions?

  9. Do you and your spouse each own enough assets directly in order to take advantage of the unified credit exclusion amount?

  10. Have you utilized an Irrevocable Life Insurance Trust to exclude insurance proceeds from being taxed in your estate?

  11. Are you taking maximum advantage of the $11,000 annual gift tax exclusion?

  12. Have you created trusts that qualify for the annual gift tax exclusion?

  13. Have you gifted assets that have a strong probability of future appreciation?

  14. Have you considered a Charitable Remainder Trust to provide income to your beneficiaries for a period of time with the remaining principal eventually passing to charity? Have you considered a Charitable Income Trust to provide income to charity for a period of years with the remaining principal eventually passing to your beneficiaries?

  15. Do you have a management succession plan for your business?

  16. Do you have a buy/sell agreement for your family business interests?

  17. Have you considered a gift program involving your family-owned business?

  18. Are you sure you have the right amount and type of life insurance?

  19. Are you sure your estate plan is up to date and takes into account all potential tax-savings strategies?

Brevard Elder Law
Copyright © 2007 Betten, Murphy & Weiss, Attorneys, PA All rights reserved. Site Updated January 1, 2007