Estate Planning

Estate Planning Checklist: 14 Questions to Consider When Creating Your Estate Plan

You’ve worked hard to create a secure life for your family. A sound financial plan, including trusts and estate planning, can help ensure a comfortable lifestyle for loved ones after you’re gone. With some forethought, you may be able to minimize gift and estate taxes and preserve more of your assets for those you care about.

A qualified financial and tax professional can help minimize taxes and maximize gains for your heirs with a comprehensive estate plan. Before your initial meeting, take some time to consider the following questions.

Communicating Your Wishes

Protecting Your Family

  • Does your will name a guardian to care for your minor children if both you and your spouse die?
  • If you want to limit your spouse’s flexibility regarding the inheritance, have you created a Q-TIP trust?
  • Are you sure you have the right amount and type of life insurance for survivor income, loan repayment, capital needs and all estate settlement expenses?
  • Have you considered an irrevocable life insurance trust to exclude the insurance proceeds from being taxed as part of your estate?
  • Have you considered creating trusts for family gift giving?

Reducing Your Taxes

  • If you are married, are you taking full advantage of the marital deduction?
  • Are you making gifts to family members that take advantage of the $14,000 annual gift tax exclusion (adjusted annually for inflation)?
  • Have you gifted assets with a strong probability of future appreciation in order to maximize future estate tax savings?
  • Have you considered charitable trusts that could provide you with both estate and income tax benefits?

Creating an estate plan can be complex, but it doesn’t have to be. Sign up for LegacyLink today and get exclusive access our interactive estate planning checklist.

Fifth Third Bank does not provide tax or legal advice. Please consult your tax adviser or attorney before making any decisions or taking any action based on this information. This information is provided for educational purposes only and does not constitute the rendering of tax or legal advice.

Fifth Third Bancorp provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a registered broker-dealer and a registered investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Securities and investments offered through Fifth Third Securities, Inc. and insurance products:

Are Not FDIC Insured | Offer No Bank Guarantee | May Lose Value
Are Not Insured By Any Federal Government Agency | Are Not A Deposit
Insurance products made available through Fifth Third Insurance Agency, Inc.
© 2018 Fifth Third Bank

Need Guidance?

A Fifth Third Bank advisor can assist with your estate planning and settlement questions.

Ask an Advisor
Equip Yourself for Success

Create an account to access our interactive checklists. Add Asset Manager to streamline your estate planning or executor duties.

Sign Up Today
Notices & Disclosures
Ask an Advisor