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.