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Start Planning Now A Checklist for Estate Planning

Once tax season is over, it is a good time of the year to assess your estate and financial plan as you probably have recently reviewed all your records. The following checklist can help you identify the holes in your plan so you can get better organized.

1. Tally up your assets – Knowing what makes up your estate will help you formulate an estate plan.  Income Tax Return  Safe Deposit Box  House contents – label, leave lists, give it away now  Separately titled non-investable assets like cars and jewelry  Assets with beneficiary designations like IRA’s, life insurance and pension or 401(k) plans

2. Write your will – You want to be sure that everything you leave behind goes to the charities and people you choose. Make note of your pledges. Consider tax savings vehicles.  Make a list for your estate planner, update annually, date and sign it, include: o You and your spouse’s legal name, a copy of your social security number, a copy of your birth certificate, marriage certificate, and prenuptial agreement if applicable. o Names, addresses, birthdates, social security numbers of your children. o Residential address, voting address, income tax address, other addresses, phone numbers and emails. Names, addresses and phone numbers of those who have a key(s) to the locations. Copies of the deeds showing the ownership. o Names of former spouses. Divorce decrees, death certificates. o Names, addresses, phone numbers of your closes relatives or friends and the nature of their relationship. o Names, address, ages, and social security numbers of those you wish to make beneficiaries. When naming your charities, request a copy of their tax- exempt status to verify your charitable deduction. o Copies of your income and gift tax returns. Who has prepared the return? Provide the name and address, phone number. o List of all assets; include account numbers, contact, estimated value, and cost basis, location. Update it annually. o Debts you owe, promissory notes you have for others. Original should be kept with your will for collection or to offset bequests. o Employer’s information for you and your spouse. o Do you have deferred comp, stock purchase plans, options, buy-sell agreements, employment contracts, pension or profit sharing rights? How are the benefits paid at death and do you have current copies of the beneficiary status? Diocese of Des Moines 1 Development Office 601 Grand Avenue Des Moines, IA 50309 o Life insurance – do you own it, do others own on your life, do you own on others lives, like a spouse or business partner. Provide a copy of the annual statement, affirm and change beneficiary status periodically with life changing events. o Do you have a trust? Are you the beneficiary of a trust? Do you have a copy of the trust agreement? Do you maintain a power of appointment in your will or trust? Have you elected under that power? o Intestacy – dying without a will and subject to state administration rules.

3. Look into trusts – Their tax and timesaving advantages should be explored.

4. Consider long-term care insurance – It may be a viable insurance option for you.

5. Think about the gray period of your life.

 How do you want to live?  Where do you want to live?  What would be important to take if you had to leave your home?  What would be important to give away while you are able?  How do you take care of family memorabilia, pictures, genealogy items, religious items, and clothing? These items don’t have a market value but have a sentimental value that is priceless to some members. Other items like jewelry, watches, furniture, have a market value, don’t assume that someone is supposed to get it because of family tradition, leave a signed dated note. Items of a personal nature do offset the share that the person receives in the remainder, are difficult to track and value and are subject to loss.  What if you can’t make decisions for yourself? Do others truly know what you want?  Write it down now; you are your own best planner.

Diocese of Des Moines 2 Development Office 601 Grand Avenue Des Moines, IA 50309