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A Check-up For Your Estate Plan

Anytime is a good time to review your estate plan. Here is a handy check list:

• Review your current will and trusts. Wills and trusts may need to be updated because of tax law changes to the federal estate tax exemption amount. Make sure your executor and trustee designations are accurate.

• Understand the ways you can extend your current charitable giving to your church, or to Dr. Robert F. Thomas Foundation and other charities of choice, by including an outright, residual or contingent bequest.

• Inventory and make a written record of the contents of any safe-deposit box. Give a copy to a trusted family member, as well as removing any property that doesn't belong to you.

• Review and update beneficiaries of your life insurance policies and retirement plans including contingent designations and settlement provisions. If you have a taxable estate, consider shifting ownership of your life insurance to an irrevocable trust or to your heirs. Naming Dr. Robert F. Thomas Foundation as a beneficiary is another great way to extend your current charitable interest.

• Name designated heirs to receive bank account proceeds upon your death. Naming heirs as owners is generally considered too risky and may create gift tax issues. Instead, consider using a "pay on death" (POD) designation to redirect the account without unnecessary probate problems.

• Make sure your durable power of attorney for health care and living will (also known as "advance directives") are current. Are updated documents on file with family members and health care providers?

• Review and revise existing business buy-sell agreements as these agreements are critical to preserving the value of a family business.

• Consider making birthday and anniversary gifts with your $11,000 annual exclusion (amount you can give someone free from taxes) as this is a meaningful tool for reducing the value of an appreciating estate and a wonderful way to "give gifts now" instead of after your death.

The most important step is the first step, making sure you have a will. If you have an existing will, review it to make sure it accurately reflects your current interests. Why do some people not have a valid, up-to-date will?

1. "I'm too young to need a will."
2. "I don't own any property…or at least not enough to need a will."
3. "Everything is in joint ownership."
4. "I already have life insurance."
5. Ignorance
6. Procrastination