Two-Minute Self-Quiz

Your Moment of Truth 

A Two-Minute Self-Quiz on Estate Planning™

 

 1.   Have I prepared written guidelines for my care if I am incapacitated? Yes No
 2.   Have I made informed decisions regarding the cost of long-term care? Yes No 
 3.   Do I have a proper Power of Attorney that is less than two years old?  Yes No
 4.   Do I have a Living Will or Medical Directive that I have personalized?  Yes No 
 5.   Would my Living Will be promptly faxed 24/7 to any Emergency Room? Yes No
 6.   Have I protected my loved ones from losing my estate in the event they
       hit the school bus, marry a spendthrift, are seriously injured, or divorce?
Yes No
 7.   Have I ensured that my children will receive an inheritance if my 
       surviving spouse remarries and is outlived by the unknown third party?
Yes No
 8.   Have I ensured that both Federal and New Jersey estate and capital gain
       taxes will be minimized/avoided regardless of any future tax law changes?
Yes No
 9.   If married, does my Will or Trust control more than my personal effects?  Yes No
 10.  Based on my answers to 6 - 9, will my Will or Trust work to meet my goals?  Yes No
 11.  Has my attorney taken the lead in a formal updating program for my plan? Yes No 
 12.  Have I provided loved ones a means of controlling estate settlement costs? Yes No
 13.  Do my successors know what to do, how to do it, and how to pay for it? Yes No
 14.  Do I have a binding writing that controls heirlooms and personal effects? Yes No
 15.  Have I written personal letters to my spouse/children/loved ones/successors? Yes No
 16.  Have I captured my life story, family heritage and traditions to be passed on? Yes No 
 17.  If I have current or anticipated Estate Tax exposure, have I placed any 
        significant life insurance into an Irrevocable Life Insurance Trust (ILIT)? 
Yes  No
 18.  Does my ILIT have both “school bus” protection and a Trust Protector? Yes  No
 19.  Does my ILIT have a tax ID number, a checkbook and Crummey letters? Yes No
 20.  Am I going to take prompt action with the law firm that can help me ensure 
        that my answers to 1 – 19 above are all “Yes” ? 
Yes  No

 

Answer Key:  1 – 19 should all be “Yes” if you are a member of the Partners in Trust™ program at The Knapp Law Firm LLC, otherwise most or all are likely to be “No.”  On question 20, if your answer is “Yes,” the number to call promptly is (908) 696-0011, or (888) KNAPP-LAW.

 

© 2003 Jeffrey L. Knapp ~ All rights reserved.

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