If you think you finished planning the transfer of your wealth, be sure to ask yourself the following list of questions:

Regarding your heirs:

• Have you eliminated your estate taxes?
  • If not, why not?
  • If not, have you explained why not to heirs?
• Have you given your heirs the option to eliminate the estate and income taxes on their part of the inheritance?
• How much do the heirs receive: before you die, at your death, and/or after your death? (How long after?)
• How much flexibility do your heirs have to pass the assets on to future generations?
• How does your plan align with your current income taxes to maximize your estate?

Regarding your giving and your heirs:

• If you use a charitable planning to get the heirs more assets: Do the heirs understand how the specific tool(s) work, at least what the tools mean to them? Who can they go to with questions?
• Have you replaced the money you give to charity?
• Will the heirs have any income taxes to pay on their inheritances? How much of the wealth for your heirs includes tax-free income?

Regarding protection:

• How have you protected your heirs and future generations from the inheritance?
• How have you protected the inheritance from them?
• What training or education have you established for them to make certain that they know how to invest money competently?
• Which advisors do they use for tax, accounting, investment and personal/spiritual issues? Do they know your advisors? How well?

Regarding the fine print:

• Who acts as your Durable Power of Attorney for property? What powers have you included in the POA, which have you excluded, and why?
• Who succeeds that person? How can you get in contact with them?
• Where do you keep your Health Care Powers of Attorney? Do you have copies in your car (and your luggage) for easy access if you rush to the hospital? Your attorney and financial planner have copies, of course, as does the person you appointed?
• Who makes further adjustments to the plan if you become incompetent? Of course, you have given them the power to make gifts to your heirs to avoid estate taxes, right?
• Have you allowed the Power of Attorney to pay for education and health care of your heirs?
• How have you integrated your income tax planning with the estate planning so as to maximize your estate?
• Who else knows YOUR answers to these questions?

Hey, try a dry run. When we know what to do in emergencies, we handle the situation more appropriately. In this case, a dry run can allow you to anticipate what may happen and respond now, while you are alive and have a chance to do something about it.

Experience has shown that being clear on your plan can free you up. Do an Estate Planning fire drill, then live with fewer worries.