YEAR-END ESTATE CHECK-UP

By: Susan H. Confair

As the new year approaches it is time to once again review your estate. Your estate can never be "too small" or "too unimportant" to address the following enumerated estate issues:

1. Do you have an updated Will that provides for the disposition of your property as you desire?

2. If you have minor children, have you named a guardian in your Will and provided for your children's care and support in the event you would die suddenly?

3. If you have a Living Trust have you provided for the transfer of your desired trust assets into the trust's name?

4. Do you wish to have a Living Will which would allow you to designate the type of medical life sustaining treatments that you do or do not want performed or if you have a Living Will do you wish to make changes to this document?

5. Do you or a family member need a Power-of-Attorney to allow the person you designate, your attorney-in-fact, to act and sign documents on your behalf in regard to certain legal matters and such other matters that would require your signature?

6. Have you reviewed your life insurance policy or policies to confirm your coverage and the named beneficiaries?

7. Are you familiar with the $600,000 liftetime estate and gift tax exclusion that is available to you and do you know to what extent, if any, you have already used any of the exclusion?

8. If you own assets in excess of $600,000 have you considered planning your estate to minimize or eliminate federal estate taxes?

9. If you are a family business owner have you considered making gifts of the business interest to younger family members who are taxed in a lower tax bracket?

10. If you are a business owner, have you secured a means to your business's succession in the event of your death, retirement or sale of your interest?