General information | Yes | No | N/A |
1. Has relevant personal information been gathered? – Personal details – Family details – Current advisory team – Goals and expectations | |||
2. Has financial situation been assessed? – Assets – Liabilities – Life insurance policies – Other insurance coverage – Income – Expenses | |||
3. Have current documents been reviewed? – Will – Trust documents – Power of attorneys – Medical directives – Insurance policies – Buy-sell agreements – Deeds, leases, mortgages, and land contracts – Guardian nominations – Separation/divorce agreements – Tax returns | |||
4. Have funeral arrangements been made? | |||
Notes: | |||
Basics | Yes | No | N/A |
1. Is there currently a valid will? | |||
2. If yes, does will reflect current goals and objectives? | |||
3. Does choice of executor remain appropriate? | |||
4. Has durable power of attorney been executed? | |||
5. Have medical directives been executed? | |||
6. Have beneficiary designations for retirement plans and life insurance policies been reviewed? | |||
7. Has impact of probate been considered? | |||
Notes: | |||
Trusts | Yes | No | N/A |
1. Is the use of a living trust appropriate? | |||
2. Is the use of a testamentary trust appropriate? | |||
3. Is the use of an irrevocable life insurance trust appropriate? | |||
4. Do existing trusts, if any, continue to meet overall objectives? | |||
Notes: | |||
Estate tax | Yes | No | N/A |
1. Has estate plan been reviewed due to changing tax laws? | |||
2. Has impact of estate tax been evaluated? | |||
3. Have options to minimize estate tax been explored? – Lifetime gifting – Full use of basic (applicable) exclusion amount and marital deduction – Qualified terminable interest property (QTIP) elections – Qualified domestic trust (QDT) for noncitizen spouse – Charitable giving – Grantor retained trusts – Family limited partnership (FLP)/limited liability company (LLC) | |||
Notes: | |||
Lifetime gifting | Yes | No | N/A |
1. Have gifts been made? | |||
2. Has a lifetime gifting strategy been implemented? | |||
3. Are gift tax consequences understood? | |||
4. Has consideration been given to types of property suitable for gifting? | |||
5. Is valuation discount planning understood? | |||
Notes: | |||
Charitable intentions | Yes | No | N/A |
1. Have charitable gifts or bequests been planned? | |||
2. Is a charitable trust appropriate? – Charitable lead trust – Charitable remainder trust – Pooled income fund – Private foundation – Donor-advised fund | |||
3. Is a charitable gift annuity appropriate? | |||
4. Is the charitable gift of a remainder interest in a home or farm appropriate? | |||
Notes: | |||
Life insurance issues | Yes | No | N/A |
1. Have liquidity needs of estate at death been evaluated? | |||
2. Is current life insurance coverage appropriate? | |||
3. Have steps been taken to keep life insurance proceeds out of taxable estate? – Policy ownership – Irrevocable life insurance trust | |||
4. Have beneficiary choices been evaluated in light of overall estate plan? | |||
Notes: | |||
Business interests | Yes | No | N/A |
1. Have provisions been made to transfer business interest? – Buy-sell agreement and necessary funding – Sell business – Transfer business with lifetime gifts – Key person buyout | |||
2. Is liquidation an option? | |||
Notes: |