As you take steps to organize your affairs, decisions must be made concerning which family members are intended to benefit from the estate plan. Each choice you make may have important tax consequences. Consider these steps as you start to plan:
Survey your assets: Such as investments, savings, retirement plans, real estate, life insurance, annuities, businesses, other personal assets, etc.
- List key contacts/relationships: Such as estate planning attorney, financial advisor and CPA to use for yourself and your family
- Organize important papers: Will, Trust, deeds, beneficiary designations, life insurance policies and account statements
- Estimate what you’ll need: To ensure financial security during your lifetime
- Define your goals: Such as providing for your spouse, children, grandchildren, charitable donations, etc.
- Get professional guidance: From an estate planning attorney, financial advisor and CPA