Page 6 The Shoreline January 2005
Think About Estate Planning “Check List”
Submitted by Greg Patterson of Edward G. Jones
You may think it ’ s too soon to do estate
planning. Yet none of us can predict the
future, so you’ll want to be prepared for
anything. Where do you begin? Consider
developing an estate planning “check
list.” Here’s one to consider:
Assemble your estate-planning team
Your estate-planning team can include
an investment professional, an attorney,
a tax professional, an insurance consult
ant, and you. Use this team to help you
complete the following steps.
Identify your objectives
Your first step is to set out some broad
goals, such as these: Distribute assets
fairly to your family members, designate
someone to handle your financial affairs
if you become incapacitated. Support
charitable, religious or educational insti
tutions. Name a guardian to take care of
your minor children, should you and your
spouse die prematurely
Create a list of all your assets
You’ll need an accurate list of all the
assets you own, as well as the registration
of these assets and any beneficiary desig
nations associated with them. Ask your
investment representative or attorney if
he or she can provide a document that will
help in organizing this information.
Create the legal papers you’ll need
Estate planning can involve a variety
of legal documents. Here are some of the
most common ones: Will - Insures that
your assets transfer in the manner that
you choose.
Revocable living trust - Assists in dis
tributing assets to beneficiaries, protect
ing assets, carrying out your wishes if you
become incapacitated and minimizing
estate taxes.
Durable power of attorney - Names
someone to make financial and health
care decisions on your behalf should you
become unable to do so.
Health care directive/living will - Pro
vides evidence of your wishes regarding
the administering of life-prolonging pro
cedures when you are no longer able to
communicate.
Estimate estate taxes
Your taxable estate consists of the value
of your gross estate - including your sav
ings, investments, real estate, insurance
policies, retirement plans, etc. - less any
deductions. In 2005, you can pass along
up to $1.5 million of your estate, free of
federal estate taxes, to your heirs. This
estate tax exclusion rises gradually over
the next several years.
Explore ways to reduce estate taxes
Here are a few widely used strategies
for lowering estate taxes: Gifting - You
can give up to $11,000 per year, to as
many people as you choose, free of gift
taxes.
Establish “bypass trust" - When cre
ated, your assets will “detour” past your
surviving spouse’s taxable estate - so you
may protect up to $3 million in assets
($1.5 million each in estate tax exclu
sions) from estate taxes. This figure will
rise as the exclusion increases. Create
“irrevocable life insurance trust” - By
putting your life insurance policies into
an irrevocable trust, you can avoid estate
taxes on the proceeds - which could be a
considerable part of your taxable estate.
Appoint a qualified individual or pro
fessional to manage your estate
You’ll need to choose someone who
will have the experience, knowledge, time
and desire to carry our your wishes and
handle your financial affairs.
Get started soon
In a real sense, your estate plan sums up
the most important chapters in your life -
and you’ll want this story to have a happy
ending. So, start the estate planning pro
cess soon.
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