Your wealth may be at risk if you have any issues regarding the questions below. This risk increases the more issues you have. If you have questions regarding these issues or any other legal matter, we would appreciate an opportunity to help.
Commercial
- Do you own or control a business?
- If so, does your business have written personnel policies and procedures?
- Do you own any interest in a closely held company?
- If you have business partners, have you documented your agreement with them?
- If you own multiple companies, are there any written agreements between them?
- Are you looking to buy, sell or liquidate a business in the near future?
Estate Planning
- Do you have a will that governs who will inherit your assets and under what conditions?
- Are all your real estate, business interests and investments currently held in a Trust?
- Is there anything in writing regarding who you want to be in charge and how you want to be treated if you ever become sick, injured or incapacitated?
- Have you executed documents relating to how you want your minor children to be treated in the event of your incapacity?
- If the answer to any of the above is yes, have you updated that document in the last two years?
- Is your household net worth, including life insurance policies, in excess of $1,000,000?
- Have you taken advantage of the special $5,000,000 estate/gift tax credit expiring at the end of 2012?
- Do the beneficiary designations on your investment/retirement accounts match with your estate plan?
Real Estate
- Do you own any real estate in addition to your primary residence?
- Do you own any real estate in your individual name?
- Do you own any property that is worth less than loans secured by the property?
- Have you been threatened with or sued for foreclosure?
- Do you expect to buy, sell or refinance any real estate in the near future?
Taxes/Finance
- Do you meet with a CPA at least once a year?
- Do you meet with a financial advisor at least once a year?
- Do you have any unfiled tax returns, unreported income, unpaid tax bills, tax liens or levies?
- Do you have any bank accounts, income or assets outside the U.S.?
Personal
- Do you have any minor children?
- If so, are your children protected if your spouse remarries, is sued or mismanages the family’s assets?
- If you or your spouse have children from prior marriages, have those circumstances been addressed?
- If you are planning on marrying soon, do you have a prenuptial agreement?
- Do you have a dependent or potential heir with special needs?
- Have you recently been seriously injured or the victim of medical malpractice?
- Do you practice in a licensed profession?
- Are there any pending or threatened lawsuits against you or your business(es)?
- Do you serve on the Board of any organization?
- Are you the Trustee or beneficiary of any Trust?
Immigration
- Are you a U.S. citizen, or lawful permanent resident (i.e. “green card” holder)?
- If you are not a citizen or resident, do you spend more than 90 days a year in the US?
Insurance
- Do you have life insurance?
- If so, do the beneficiary designations of your policy match with your estate plan?
- Do you have disability insurance?
- Do you have umbrella insurance?
- If the answer to any of the above is no, do you have a trusted insurance professional who can advise you as to what type and what amount of such insurance would suit your needs at the best possible price?
