Is It Time For an Estate Planning Check-Up?

Nashua client wants to know: Should I have an estate planning check-up?

The start of a New Year is an excellent time to consider whether your estate plan could use a check-up. A properly executed plan can protect you and your family in the event of sickness, accidents or untimely death. With just a little advanced planning, you can give yourself some piece of mind and help your family avoid administrative or financial hardship.

You estate plan should be reviewed on a regular basis. There have been major estate and income tax law revisions in the past few years. Depending on your specific personal situation, an out-of-date estate plan might be missing valuable planning opportunities and could cost your family down the line in the form of unnecessary taxes and administration costs.

Here is a checklist that can assist you to determine if your estate plan could use a check-up:

• If you have a will or trust in place has it been reviewed within the last three to five years?
• Does your current health care power of attorney appoint the correct individual(s) to make emergency health care decisions for you in the event you are unable to do so?
• Are you certain that your current estate plan will minimize possible state and federal estate taxes at your death, including taxes on your IRAs?
• Does your will contain provisions to avoid possible will contests and disputes during the administration of your estate if you have concerns about your heirs relationship?
• Are you satisfied with the individuals you have named in your estate planning documents as guardians of your minor children or Trustees of your revocable trust?
• Does your current estate plan provide creditor and lawsuit protection for assets passed to your surviving spouse and/or children?
• If you have a revocable living trust in place as part of your estate plan, is your trust fully funded so your family can avoid the delays and expenses of probate?

Author: John Polgrean

We can help you develop strategies for a successful navigation of New Hampshire’s estate planning and estate and gift tax landscape. Please contact Attorney John Polgrean if you have questions or concerns about your business and estate planning. (603) 883-0797. jpolgrean@lawyersnh.com

This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion. At Welts, White & Fontaine, P.C. our lawyers have experience with representing families and closely held businesses.