Gifting to Save New Jersey and Federal Estate and Death TaxesĪre you Responsible for Your Spouse’s Debts After They Die? Who Has the “Final Say” Over Your Body and Funeral Arrangements? I felt good about my choice.īelow are some questions YOU should ask yourself when reviewing your existing estate plan documents. If you are searching for a special attorney, someone who is experienced, likeable as a person and professional, call Mr. (Note that references to a “Will” in this checklist are generally interchangeable with the term “Revocable Trust”, which can also be used as the centerpiece of an estate plan.) However, irrevocable trusts – such as a Life Insurance Trust or Asset Protection Trust as well as other estate planning documents should also be reviewed periodically to see if they are still appropriate to your life. The estate planning checklist I have created for you below focuses on the foundation of your plan, including the creation of documents such as a Last Will and Testament, Revocable Trust, General Durable Power of Attorney, and Living Will. We recommend that our clients review their estate planning documents once every five (5) years or so, especially after a major personal or financial change. Without doubt, new laws will be passed by the state and federal government as well as the IRS. As the years pass, you and your family will age, perhaps grow in number, and your assets will change. Your estate plan is all about you! It’s an investment in you and your family’s future.
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