Where are you Now and Where Should You be Going

Your Estate Planning in 2012, things to think over by yourself and with your attorney.

1. Prepare a statement as of December 31, 2011 which reflects:
a. What you own reflecting current value and basis.
b. What obligations you owe with payment arrangements including interest.
c. What your net worth is at December 31, 2011.

2. If you have previous financial net worth statements, compare those to this current statement and see:
a. Where you are financially; and,
b. Where you are going.

3. Do you have an estate plan?
The documents that build and structure an estate plan are:
1) Durable power of attorney
2) living will
3) revocable living trust
4) last will and testament

4. Concerning your estate planning documents:
a. When were they made?
b. Do they properly describe:
1) who should be the beneficiaries now
2) what they are to receive
3) are the assets properly registered so they pass as expected

5. If you become incapacitated, what do you estate planning documents provide:
a. Who can pay your bills?
b. Who can make medical or custodial decisions for your care?
c. Who can use your money/assets to care for your spouse, children, if any other family members you care for.
d. Which documents or asset registrations will address the issues in a, b, and c in this subparagraph 5?

6. Where can you get help?
a. You need a team of advisors: a lawyer, an accountant, and a financial advisor
b. Meet with each of them, or better yet, meet with them all together and review the questions and suggestions suggested in these Resolutions.

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