Advanced Planning Checklist

Wealth Transfer

Create/review your estate plan, which should include a Last Will and Testament, Durable Power of Attorney (financial), Durable Power of Attorney (healthcare), and a Living Will/Healthcare Proxy. The estate plan should provide for your spouse/partner and any minor, disabled, or special needs children, and provide for family members who are irresponsible with money, or who might need future protection from creditors or divorce.
Create a balance sheet, listing all assets and liabilities.
Create a personal document checklist to include: the location of important documents and statements, digital accounts (including passwords), and names and contact information of all professionals (i.e., financial advisor, attorney, and accountant).
If employed, create a list of your employee benefits, including insurance and retirement plans.
Review the beneficiary arrangement of all accounts, including IRAs, 401k plans, 403(b) plans, and other retirement accounts, life insurance, annuities, and checking and savings accounts.
Add a TOD (Transfer on Death) to non-qualified investment accounts and a POD (Payable on Death) to checking and savings accounts.
Consider a Revocable Living Trust for more control and protection.
If a business is owned, create a plan to sell or transfer ownership of the business. A buy-sell agreement is often used for this purpose.

Review/purchase life insurance – life insurance can be used to provide survivorship income, pay off debts, provide liquidity, equalize an estate among family members, and pay estate taxes.
Review/purchase disability insurance – if employed, disability insurance can replace income in the event of a disability.
Review/purchase long-term care insurance – to protect your assets in the event of an accident or chronic illness that would cause you to spend down your assets to pay for care.
Freeze your credit and consider identity theft insurance.
If investment properties are owned, set up an LLC to own the properties.
If a business is owned, assess different forms of ownership for the business.
Review your property and casualty insurance, including your homeowner’s, auto, and umbrella insurance coverage. If a business is owned, review the business coverage.

Evaluate the risk in your investment portfolio to determine if it matches your risk profile.
Evaluate the tax impact of your investments.
Consider a Roth conversion, if appropriate.

Review your charitable goals and priorities and review LPL’s Charitable Planning Decision Flowchart for guidance.