Brady,
Morton,PLLC
4141 Parklake Avenue
Raleigh, NC 27612
Phone: 919-782-3500
Fax: 919-573-1430
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Estate Planning Self Examination For The Fiscally Fit
It is not simply enough to have money saved. It is very important to have your estate well planned for unforeseen circumstances or in preparation of death. By having your affairs in order, you can help to guarantee that your assets will be properly taken care of and distributed in the manner of your choosing should you pass away or become incapable of making the appropriate decisions.
Our experienced North Carolina estate planning attorneys have provided the following self exam to help you determine if you are "Fiscally Fit."
__________ 1. Have you done anything to plan your estate?
__________ 2. What is the date of your Will or Trust? Have the documents been reviewed in the past three years? Are they still valid?
__________ 3. Have you and your spouse planned your estates to double your tax-free transfers and, if so, are your properties titled correctly to carry out the plan? Does your trust allow you to avoid probate?
__________ 4. Are you giving away the right type of asset?
__________ 5. Have you and your spouse both used each of your available $2,000,000 generation skipping exemptions?
__________ 6. Are you taking advantage of the $12,000 annual transfer exclusion which is limited to "Present Interest" gifts?
__________ 7. Have you set up a trust that will qualify for the present interest exclusion?
__________ 8. Is your Executor or Trustee the right choice today? May they be changed after your death?
__________ 9. Do you have a durable power of attorney and if so, may the attorney-in-fact make gifts of your property?
__________ 10. If your spouse is not a U.S. citizen, have you established a Qualified Domestic Trust?
__________ 11. Does your will name a guardian or custodian for minor children, or an adult spouse or child with a special need?
__________ 12. Have you created a trust to exclude life insurance proceeds from your taxable estate?
__________ 13. Did you know that federal estate taxes have a flat 45% rate with an estate more than $2,000,000?
__________ 14. When did you last review the beneficiary designations on your IRA? Have you reached age 70½? Have you properly funded your trust with IRA benefits?
If you cannot accurately and confidently answer any of the above questions, then you owe it to yourself and your family to become "Fiscally Fit."
A qualified North Carolina estate planning attorney can help you to get your affairs in order and help to ensure you of control of your assets. Call 919-782-3500 or fill out our online form
to schedule a consultation with R. Daniel Brady. He is certified by the North
Carolina State Bar as a Specialist in Estate Planning and Probate Law.
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