ESTATE PLAN DEFICIENCY CHECKUP:

ESTATE PLAN DEFICIENCY CHECKUP:
Did You Know...?
If you don't have a valid will or trust, then state laws will determine how your assets pass, to whom they pass, and when they pass. This could lead to unnecessary estate and income taxes, your estate being consumed by creditors, your estate being tied up in probate court (possibly for years ...), and other undesired results, and is perhaps the most costly and emotionally draining way to pass assets to your loved ones.
ANSWER THE FOLLOWING QUESTIONS AND SUBMIT THIS FORM OR CALL FOR A FREE CONSULTATION AT (949) 413-6535.
PLEASE ANSWER: "YES", "NO", OR "I DON"T KNOW" TO ALL OF THE FOLLOWING QUESTIONS.
Do you have a Will or a Trust in place?
Even if you marked "Yes" above, Congress, state legislatures, and the courts are constantly changing the rule book. In fact, there have been several major estate and income tax law changes in recent years. Depending on your circumstances, an out-of-date estate plan might be missing valuable planning opportunities and could cost your family dearly in extra taxes and administration costs.
Has your Will or Trust been professionally reviewed in the last two years?
If you are a gun owner, does your estate plan include a separate gun trust to carry on the firearm legacy and to avoid the commission of accidental felonies by your spouse, trustees, agents under powers, and advisors?
If you own a business, are your entity documents current and consistent with your estate plan?
Are you certain that your estate plan will minimize possible federal and state death taxes on your house, life insurance and IRAs?
Are you confident that your estate plan is income tax efficient?
Does your plan unnecessarily fund an irrevocable subtrust by formula?
Does your estate plan allow flexibility at the first death to avoid both estate tax and capital gains tax at the death of the surviving spouse?
Does your Advance Health Care Directive permit the person of your choosing (spouse , child, family) to make emergency health care decisions for you in the event you are unable to do so?

Does your estate plan contain a customized plan for determining whether you are mentally disabled?
Does your estate plan give instructions for your care and the care of your loved ones in the event of disability?
If you have a Revocable Living Trust in place as part of your estate plan, is your trust fully funded so that your family can avoid the delays and is expenses of probate?
Have you taken steps to avoid possible will contests and disputes during the administration of your estate?
Does your estate plan protect your children's inheritance in the event your surviving spouse chooses to remarry?
Have you recently checked the beneficiary designations of your retirement plans and life insurance policies, and are you confident that you have not listed your estate or minor children as primary or secondary beneficiaries?
Does your estate plan provide creditor and lawsuit protection for assets passed to your surviving spouse?
Does your estate plan protect assets passed to children in case of divorce, or from squander by those children, or seizure by creditors?
Does your estate plan include a separate retirement trust protecting inherited retirement funds from divorce, creditors, and squander by children while maximizing tax savings and stretch-out growth?
Are you satisfied with persons named as guardians of your minor children?
Are you satisfied with the persons selected as executor and trustee?
Are you confident that your executor , agent under power of attorney , and successor trustee(s), are prepared to act on your behalf when asked?
Did you answer ''No" or "I Don't Know" anywhere on this list? If so, please email your Deficiency Checkup Form to WFB Legal Consulting, or simply give us a call.
WFB Legal Consulting

EMAIL: bill@wfblegalconsulting.com

(949) 413-6535 (Cell)

(949) 698-6222 (Office)

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