Questions to ask yourself before preparing your Estate Plan
1. What is the “flow” of liquid assets (i.e.: cash, IRA’s, stocks, etc..) after my death? How much should go to my spouse versus how much should go to my heirs? Do the heirs receive an inheritance at the time or my death or at the death of my spouse?
2. Once this has been decided, do the assets transfer at once or doled out over time?
3. Do I have life insurance that can be used to aid my estate plan?
4. What major/sentimental tangible assets do I own? Which, if any, should go to someone other than my spouse?
5. Do I own any land or secondary homes that require care after I’m gone?
6. Do I own a business? Is there a succession plan in place that benefits my spouse and/or heirs?
7. Who should be in charge of making my legal and financial decisions after I’m gone? Is there a back-up person should my choice be unable or unwilling to serve?
8. Who should be in charge of making my legal, financial and healthcare decisions while I’m still alive? Is there a back-up person should my choice be unable or unwilling to serve?
A few examples of different “flow” strategies, just some ideas to get you thinking
Ward Cleaver Strategy: All my liquid assets go to my spouse. Upon their death, any remaining assets go to my heirs.
Modern Family Strategy: A portion of my liquid assets to my spouse at my death with the remaining portion going to my heirs at my death.
ZaZa Gabor Strategy: At my death, all (or a portion) of my liquid assets remain in my name and my spouse receives income from the portfolio. My spouse may also take lump sum distributions upon the approval of my appointed decision maker. Upon my spouse’s death, the remaining balance (if any) goes to my heirs.
Kimberly Enders CFP® CWS©
CERTIFIED FINANCIAL PLANNER™ Professional
Enders Wealth Management
38700 Van Dyke Ave, Suite 125
Sterling Heights MI 48312
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