Page 33 - Forrester Maher FH
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insurance polices you might hold outside 3. A basic family tree with contact
of your estate for estate tax purposes on information for close relatives
both the state and federal level. For those
of you whose net worth puts them at or A list of assets including:
near the estate tax threshold, an ILIT is a
necessary part of your estate plan. 1. Real Estate
2. Bank and Brokerage Accounts
An ILIT will also permit you to direct the 3. Vehicles
disposition of your life insurance proceeds 4. Retirement Accounts
in a more specific manner than simply 5. Annuities
designating a beneficiary. Frequently, 6. Insurance Policies
our clients have their ILIT benefit their 7. Valuable Collections
spouse during the spouse’s lifetime, and
upon the death of the spouse, benefit the The above documents and information
children of their marriage. Since an ILIT is will assist your attorney in drafting the
a trust, you can give specific directions in probate or administration petition for
your trust instrument as to how the assets your loved one’s estate. It is important to
should be used, and protect the assets note that the IRS form 706 - the estate tax
from your heirs’ potential creditors. return - must be filed within nine months
of the death of the decedent (or within
Estate Administration the six months extension window if one
The following documents should be is timely applied for).
brought to your attorney after the demise
of a loved one: The probate or administration processes
are formal judicial proceedings which
An original or certified copy of a death take place in the decedent’s county’s
certificate (look for a raised seal) Surrogate Court. If you are the nominated
1. The original will (if any) executor, or a person eligible to serve
2. A funeral bill marked “Paid” as administrator, you should consult
Forrester Maher Funeral Home - Page 33
