How to Perform a Situation Audit of Your Estate

Couples who have estates large enough to trigger estate taxes ($2 million per person in Connecticut; $5.43 million federally) need to be alert to a particularly problematic planning pitfall: forgetting to coordinate the estate plan with the financial plan. Even the best, well-crafted estate plans intended to save taxes and benefit children and grandchildren can be thwarted if assets aren’t titled properly or changes in circumstances are not communicated to estate-planning attorneys and financial advisers. A situation audit is the starting point. Since you don’t want to rely on memory, the first step is to gather important documents together, organizing them into […]