Most People Don't Plan - You Can
You are not alone. Numerous studies reflect that the majority of Americans die without an estate plan in place. Dying without a plan in place causes a lot of unnecessary pain and expense for those left behind. No plan is a plan, just probably not the one you want. We can help you make sure your wishes are followed by helping guide you through the estate planning process.
When to Review Your Plan
We recommend reviewing your estate plan following any major life event:
- Death in the family
- Birth of a child or adoption
- Marriage, divorce, or second marriage
- Relocation to a new state of residence
- Health changes
- Inheritance
- Sale of a business
Our Process
1. Initial Discovery & Goal Setting
- Understand your personal, financial, and family situation.
- Identify estate planning goals (e.g., wealth transfer, tax minimization, charitable giving).
- Discuss existing estate documents and financial structures.
4. Legal Document Drafting
- Collaborate with your estate planning attorney to draft legal documents.
- Ensure alignment with state laws and tax considerations.
- Review documents with you to ensure your goals are met.
2. Asset Review & Inventory
- Compile a comprehensive list of assets (real estate, investments, business interests, etc.).
- Evaluate ownership structures and beneficiary designations.
5. Funding
- Transfer ownership of selected assets consistent with your plan.
- Coordinate with other professionals to update titles, deeds, and account registrations.
3. Design
Provide plan design options and provide recommendations to your counsel.
- Define roles: grantor, trustee, successor trustee, and beneficiaries.
- Establish distribution terms and conditions.
6. Periodic Review & Updates
- We will proactively reach out to you to reassess your plan in light of life changes, tax law updates, or financial shifts.
- Adjust strategies and documents as needed.
- Maintain alignment with your evolving goals.
Estate Planning Checklist
What should you have prepared for estate planning?
General Information
Has relevant personal information been gathered?
- Personal details.
- Family details.
- Current advisory team.
- Goal and expectations.
Has financial situation been assessed?
- Assets. (Probate v. Nonprobate)1
- Liabilities.
- Life insurance policies.
- Other insurance coverage.
- Income.
- Expenses.
Have current documents been reviewed?
- Will.
- Trust documents.
- Power of attorney.
- Medical directives.
- Insurance policies.
- Buy-sell agreements.
- Deeds, leases, mortgages, & land contracts
- Guardian nominations.
- Separation/divorce agreements.
- Tax returns.
Have funeral arrangements been made?
Basics
Is there currently a valid Will?
If yes, does Will reflect current goals and objectives?
Does choice of executor remain appropriate?
Has durable power of attorney been executed?
Have medical directives been executed?
Have beneficiary designations for retirement plans and life insurance policies been reviewed?
Has impact of probate been considered?
Trusts
Is the use of a living trust appropriate?
Is the use of a testamentary trust appropriate?
Do existing trusts, if any, continue to meet overall objectives?
Estate Tax
Has estate plan been reviewed due to changing tax laws?
Has impact of estate tax been evaluated?
Have options to minimize estate tax been explored?
- Lifetime gifting.
- Full use of basic (applicable) exclusion amount & marital deduction.
- Charitable giving.
- Grantor retained trusts.
- Qualified terminable interest property (QTIP) elections.
- Qualified domestic trust (QDT) for noncitizen spouse.
- Family limited partnership (FLP)/ limited liability company (LLC)
Lifetime Gifting
Have gifts been made?
Has a lifetime gifting strategy been implemented?
Are gift tax consequences understood?
Has consideration been given to types of property suitable for gifting?
Is valuation discount planning understood?
Charitable Intentions
Have charitable gifts or bequests been planned?
Is a charitable trust appropriate?
- Charitable lead trust.
- Charitable remainder trust.
- Pooled income fund.
- Private foundation.
- Donor Advised
Is a charitable gift annuity appropriate?
Is the charitable gift of a remainder interest in a home or farm appropriate?
Life Insurance Issues
Have liquidity needs of estate at death been evaluated?
Is current life insurance coverage appropriate?
Have steps been taken to keep life insurance proceeds out of taxable estate?
- Policy ownership.
- Irrevocable life insurance trust.
Have beneficiary choices been evaluated in light of overall estate plan?
Business Interests
Have provisions been made to transfer business interest?
- Buy-sell agreement and necessary funding.
- Sell business.
- Transfer business with lifetime gifts.
- Key person buyout.
Is liquidation an option?
Probate
1. Property titled in one name alone.
2. Property titled in two or more names where the titleholders are “tenants in common” (each owning an undivided interest, 1/2, 1/3, etc.
3. Assets for which beneficiary designations are possible and for which the beneficiary designation is to my: a. Estate b. Executor.
4. Wrongful death claim.
5. Pending litigation in which the deceased was a plaintiff.
Nonprobate
1. Joint
- a) For Iowa real estate – joint tenants with full rights of survivorship and not as tenants in common (in some states, tenancy by the entirety; in some states, community property with right of survivorship; caution is required for land in other states)
- b) For personal property – joint deposit contract – payable to “either or survivor”
Ex: Joint, Jt, JTWROS, Jt Ten, or, and/or, etc.
2. Pay or Transfer on Death Accounts (POD or TOD)
3. Remainder interest conveyed with life estate retained.
4. Assets for which beneficiaries may be designated:
Ex: IRAs, Annuities, Retirement plans, IPERs, Life insurance, Stock Redemption/Buy-Sell/Partnership
Agreements.
5. Living Trusts (Revocable or Irrevocable)
6. Transfer-on-Death Deed (Per Uniform Real Property Transfer on Death Act: IA – No; MN – Yes.)
