Top Questions Asked When Giving Your Money Away After You Pass Away

October 18, 2017 Victor Medina Estate Planning, Family Wealth Planning 0 Comments

There is no doubt that most people want to engage in the process of estate planning with a mindful eye towards what they intend to provide their loved ones with. Asking critical questions well in advance of completing your estate planning process can help you ensure that you have covered all of your bases.

If you’re in a position to have a lot of wealth that you want to pass on to your family members or even favorite charities, you need the help provided by an attorney who can assist you with a total look at next steps.

Great questions to consider before enduring a meeting with an estate planning attorney include:

  •       Who do you want to make medical decisions while you are still alive?
  •       Can you afford to give away money now and take advantage of the annual gift tax deduction?
  •       Do you have appropriate beneficiaries listed on your retirement or life insurance accounts?
  •       Do you have a will?
  •       Are you worrying about federal estate taxes when they won’t affect you?
  •       Should you maintain a Roth IRA for your heirs?
  •       Does your estate impose inheritance or estate tax?
  •       How well-run are the charities that you intend to support and would additional strategies or vehicles to pass on money be recommended?
  •       Have you talked to your adult children about intentions with your estate planning?
  •       Could you donate appreciated assets to save even more money on taxes? This often applies to individuals over age 70 and a half, who can give away part of their required minimum distribution.

All of these questions are a great baseline to begin a conversation with an experienced estate planning attorney in New Jersey.

 

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