Use this checklist to make sure that you are ready for 2010. The New Year is a great time to review or create your estate plan. Please schedule a consultation with us today.

10. Do you have an estate plan? If not, there is no better time than the beginning of the year to change that.

9. If you do have an estate plan, does it still work? For instance, was the last time you updated your will in 1990? If so, it's time to update!

8. Think about who your executors or trustees are. They are crucial to your estate plan. If you have not updated your estate plan in a while, you ay want to revisit who these people are.

7. Have you thought about the federal estate tax or PA inheritance tax implications? Perhaps the federal estate tax does not effect you this year or definitely not next year (as of now)… but in 2011, estates are taxable when they reach $1 million or more – many of us don’t think we’re worth that much. But once you add together the house, the life insurance… it all adds up quickly.

6. Have you thought about how to pass on your IRA? Depending on your family structure and how much bang for the buck you want to get out of your IRA for future generations… an IRA inheritance trust may make sense for you.

5. Do you have charitable intentions that aren't reflected in my will?

4. Are you a young family with minor children? Have you thought about who would take care of your child..as a guardian.. if you and your spouse were to become disabled or passed?

3. Related to that, Should you set up or revise a trust to manage money for minor or young adult children?

2. Do you have the golden trio – a durable power of attorney, a health care power of attorney and living will?

1. Have you minimized the costs of probate and estate administration? It can get pretty expensive…between executor fees, attorneys fees and state/county fees… you’re talking thousands of dollars.

Have a Happy New Year! We look forward to serving your estate planning needs soon.