| The
following series of questions are intended to provide you with a
simple way to determine your estate planning needs. There are exceptions
and this exercise is not intended to be a substitute for the establishment
of an attorney-client relationship where legal opinions are provided
based upon your specific facts and circumstances. |
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1.
Your taxable estate consists of all interests in property that
you own, valued at fair market value as of your date of death.
It also includes the death benefit of any life insurance you own
on your life, retirement account survivor benefits, and many other
items.
Do
you belive your taxable estate would be valued at over $1,000,000?
yes
no
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(2)
Are you married?
yes
no
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(3)
If you answer "Yes" to both question (1) and (2) above, does a significant
portion of your estate consist of a retirement account 401 (K),
or other retirement account?
yes
no
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(4)
If you answered "Yes" to question (1), does a significant portion
of your estate consist of life insurance?
yes
no
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(5)
If you answered "Yes" to question (1), are you either single or
married, with a joint net worth of over $2,000,000?
yes
no
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(6)
Probate is a legal process of clearing title to your assets and
passing them to heirs under a court monitored process. The cost
of the process will generally approximate 1% to 3% of the value
of your assets.
Would
you prefer to avoid this process and have your family or others
handle the administration of your estate without a court monitoring
the process?
yes
no
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(7)
Guardianship is a legal process whereby a court monitors your
physical and financial affairs when you become mentally incapacitated.
Annual reports and accountings are filed with the court and your
health is monitored by the court. Generally, two attorneys, two
doctors, and a social worker are involved at the outset in order
to understand your circumstances.
Would
you prefer to avoid guardianship and entrust your family or others
with the responsibility of managing your assets and making your
medical decisions when you are no longer able?
yes
no
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(8)
If two doctors attest, to a reasonable degree of medical certainty,
that your death is imminent and you are simply being kept alive
by tube feeding or mechanical device, would you prefer that your
family or a friend make the final decision concerning whether these
measures should be withheld so that you die naturally?
yes
no
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(9)
Are you approaching age 70 1/2 and do you have an individual retirement
account, 401 (K), etc.?
yes
no
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