Every individual needs an estate plan. Estate planning can be described as "creating a set of instructions for the management and distribution of property during lifetime and death". The value of the estate helps dictate the extent of the planning required.
The initial estate planning consultation typically is 1 1/2 hours in length. Typical questions addressed during the consultation are:
- Who will receive your property upon death?
- In what manner will the property be distributed?
- Who will be the executor or administrator of your estate?
- Who should be the guardian of your children?
- What steps are necessary to reduce federal and state estate taxes?
- What provisions will be made to pay for taxes upon death?
- Are assets titled properly?
- Who should receive the proceeds of your life insurance or retirement benefits?
- If you cannot take care of yourself, whom do you want to care for you?
- What are your wishes for burial and has any pre-planning been done?
- In order to conduct a beneficial meeting, obtain the following documents and bring to the meeting:
- Deed to Real Estate
- Annuities
- Real Estate Tax Bill
- Wills (if any)
- Life Insurance Policies
- Trusts (if any)
- Bank Statements
- Living Wills (if any)
- Brokerage Statements
- Powers of Attorney (if any)
- IRA Accounts
- Long-Term Care Policies (if any)
After the initial meeting, it generally takes 30 to 90 days to complete the estate plan depending on the nature of the estate planning. I conduct an annual review meeting with all clients and recommend additional meetings based on size and complexity of the estate and any changes in status.
Estate planning is a lifelong process. it includes establishing a plan for financial security, retirement, the possibility of disability and for death. In order to assist my clients in preparing a sound estate plan, I work with financial planners, accountants and insurance agents to complete the planning process.
I encourage you to begin the planning process today!
Written by: James J. Ruggiero, Jr. Esq.