When Should I Review My Estate Plan?
Is it time to review or update my estate plan? Answering "YES" to any of the statements below likely indicates a review
of your current estate plan is in order. Please call us at (970) 243-8250 to schedule an appointment.
My Estate Plan:
___ I need more information to understand what trusts (revocable, irrevocable, charitable trusts and other types) might
be available to meet my estate planning goals. I would like to know how the latest tax laws affect my estate plan.
___ Although I currently use a revocable trust as part of my estate plan, I need assistance to insure my assets are
properly titled and my beneficiary designations are set forth as they should be.
___ It has been some time since my estate planning documents were reviewed and I am concerned they may have been
changes in the law which might impact how my estate is to be distributed.
___ I have one or more of my children’s (or other intended heirs) names on my house or cash accounts and I am not
sure if this is how they should be set up to insure my bills can be paid if I become incapacitated.
___ My financial or medical power of attorney is over 5 years old.
___ My marital status has changed.
___ A second marriage is on the horizon and I am in need of insuring my new spouse and my intended heirs are cared
for in the future and there is no fighting amongst them.
___ It is too late, I am already married, but want to do what I can to avoid a fight amongst my spouse and my children.
___ A member of the family who is an intended heir has become divorced or separated since our last review and I am
concerned about leaving them an outright distribution.
___ I would like to make specific bequests to individuals not presently included in my plans or delete the names of one
or more persons (or charities) currently named.
___ I would like to change the amounts of some of the bequests I have made, either because my estate has increased or
decreased in size.
___ I no longer own a specific asset mentioned in my will or trust.
___ I would like to make a gift during my lifetime and need advice on how best to structure the gift to insure the gift
does not create tax problems and is used in way in which I intend it to be used.
___ My pet is important to me and I want to insure if it survives me it is taken care of in the manner of my choosing.
___ I would like to discharge an obligation owed to me by canceling the loan in my will.
Change in Valuation of my Estate:
___ The value of my estate has changed in the last few years and may be subject to estate taxes.
___ My estate is likely to be over $5,490,000 in value when I die, and I am concerned about estate taxes that may have
to be paid, due to the fact I am likely to live beyond 2017.
Asset Protection for my Heirs:
___ One or more of my heirs has a creditor problem or is not good with money and I am concerned any inheritance
will be lost to creditors.
___ Divorce could be on the horizon for one of my heirs and I want to protect any inheritance I might give to my heir
(likely a child) to insure it will ultimately end up in the hands of my grandchildren.
Provisions for Children/Grandchildren:
___ I have a child or heir who has become handicapped or seriously injured since our last review.
___ One or more of my children or heirs receives SSI or Medicaid.
___ I wish to insure assets are held for the benefit of a child or heir to use for educational or other specific purposes.
___ Rather than making an outright distribution to my heirs, I wish to hold their distribution in a trust to protect it
from claims of their creditors, spouses (in the event of a divorce), or my heir’s own bad judgment.
___ My desires regarding the ages at which I originally provided for the disposition to my children has changed.
___ A child, grandchild, etc., has been born (or adopted) since our last review.
___ I would like to provide a clause to equalize gifts made in the past (or to be made in the future) to certain children.
___ I have added (or dropped) more than $50,000 of life insurance since our last review and believe my estate is
taxable ($5,490,000 in value in 2017).
___ I have (or would like to) changed a beneficiary designation on an existing policy.
___ I may need more life insurance but I don’t know how much to buy or what type to consider.
Assisted and Long Term Care Costs for Me or My Parents:
___ I am concerned about assisted and long term care costs and have considered purchasing long term care insurance
and may need to visit with someone about this for myself.
___ I believe that I or a member of my family may need to be admitted to either an assisted care or a skilled nursing
facility, and I am concerned my or their assets will be depleted in paying for that care.
___ Medicaid and Medicare are confusing and I am unsure how they might be useful to me in my estate planning.
Gifts to Minors or Charities:
___ I would like to make substantial gifts to minor children (more than $14,000.00).
___ Gifts to my grandchildren are important and I would like to provide for their secondary education.
___ I would like to add (or delete) one or more charitable beneficiaries, or change the amount of my bequest.
___ I have entered into a stock (partnership) buy-sell agreement since our last review.
___ My business situation has changed significantly since our last review.
Guardian, Agents, Executors, and Trustees:
___ I would like to change the person or order of persons I have named as my personal representatives, successive
trustee or agent acting under my medical or financial power of attorney.
___ I would like to name a particular person as advisor to my personal representative and trustees.
___ I would like to reconsider the designation of the guardians, agent under a power of attorney or health care proxy,
personal representative, and/or trustees I have named.