California Estate Planning Attorney Offers Exam To Determine Your Fiscal Fitness

Now is a good time to assess your fiscal fitness as you near the year-end tax planning season. Many people like to review their tax situation, including their estate plans, at the end of the year while there is still time to make changes to lower their tax burden for the current year.

After you have reviewed these questions, please consult with your California estate planning attorney if you answered "no" to any of them.

1. Do you have a valid estate plan, signed and dated?

2. When was the last time you reviewed your will or trust? Was it within the last three years?

3. Does your estate plan allow you and your spouse to double what you can transfer at death free of estate taxes?

4. Do your heirs have your estate planning attorney's contact information in the event of your death?

5. Have you recently reviewed your Executor or Trustee decisions to determine if the individual is still the right person for the job?

6. Does your estate plan include a durable power of attorney that allows your attorney-in-fact make gifts of your property?

7. Is a life insurance trust included in your estate plan to lower your taxable estate?

8. Does your estate plan name a guardian for your minor children or disabled adult children and provide for their care?

9. Has your estate planning attorney integrated your IRA, Pension and life insurance beneficiary designations into your estate plan?

10. Has your estate planning attorney contacted your investment advisor since the 2008 market meltdown to review the asset distributions in your estate plan?

11. Does your estate plan include provisions to allow you to use the $13,000 per person gift allowance?

These questions are just the starting point for you to consider as you consult with your estate planning attorney. Given the financial market meltdown and the ensuing housing price declines, you may need to rebalance the bequests you are leaving to your heirs and to any charitable organizations that you may have named in your will or estate plan. Your certified estate planning specialist can guide you through that process.

If you would like more information concerning your estate planning options, consult a certified estate planning specialist who can walk you through the various options you have for your estate plan. Whether your estate planning goals are immediate or long-term, a qualified estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.