Ask yourself these questions as you begin developing a new estate plan or updating your current plan. In addition, contact your tax advisor and personal attorney, and speak with a Morgan Stanley Financial Advisor.
- Do you have a will? If so, when was it last updated?
- Do you have an estate plan? If so, when was it last reviewed?
- What assets will be available to pay your estate settlement costs?
- What steps have you taken to minimize the impact of probate?
- Does your will name a guardian for your minor children?
- Are you comfortable with the executor(s) and trustee(s) you have selected?
- Do you have the right amount and type of life insurance?
- Have you considered a living trust to avoid probate?
- If you have a living trust, have you titled your assets in the name of the trust?
- Do you have a living will or durable power of attorney in case of catastrophic illness or disability?
- What arrangements have you made for your potential long-term care needs?
- Are you taking full advantage of marital deductions?
- Does your current estate plan take advantage of the 2007 Federal exemption amount of $2,000,000?
- Have you used an irrevocable life insurance trust to exclude insurance proceeds from being taxed as part of your estate?
- Are you taking advantage of the $12,000 ($24,000 if married and gift splitting) annual gift tax exclusion to minimize future estate costs?
- Have you considered a charitable remainder trust to provide income to your beneficiaries for a specified period, after which the remaining principal would eventually pass to charity?
- Have you considered a 529 plan to help reduce your taxable estate and provide tax advantaged educational benefits to your heirs?
Our estate planning services are not financial planning (unless they are specifically called financial planning). They do not create an investment advisory or a fiduciary relationship (including under ERISA) between you and Morgan Stanley. Morgan Stanley will prepare a financial plan at your specific request through Morgan Stanley Financial OutlookSM.
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