CRITICAL QUESTIONS

These 15 questions are core to the success of your financial planning process. Go through these questions and see if you answer 10 or more with a,  "Yes!"

1. Have you been updated within the past three years?

 

2. Has your trust been updated within the past 24 months?

 

3. Have you a Bypass Trust equal to the lifetime exemption?

 

4. Does your trust language protect against capital gains taxes?

 

5. Are you currently using your annual gift tax exclusion?

 

6. Have you bought life insurance to pay your estate taxes?

 

7. Have you purchased long-term care protection to protect against the emotional, physical, and financial consequences?

 

8. Have you performed a life insurance audit on your current policies?

 

9. Does your living trust have a lifetime asset protection benefit provision?

 

10. Have you used all or a portion of your lifetime exemption credit?

 

11. Do you have an irrevocable trust owning your life insurance policies?

 

12. Have you titled to your home and vacation home in a Qualified Personal Residence Trust (QPRT)?

 

13. Have you formed one or more family limited partnership(s) to which you have transferred a portion of your estate?

 

14. Have you established a Tax Defective Grantor Trust to freeze your estate?

 

15. Have you set up a Capital Gains Tax Exempt Bypass Trust?