Do I need estate planning?

Everyone should have a will, a durable power of attorney and a health care proxy. More sophisticated estate planning is advisable if any of the following situations apply:

1. Your estate or the joint estates of yourself and your spouse exceed the estate tax exemption amount (the federal estate tax exemption in 2008 is 2 million dollars and rises to 3.5 million dollars in 2009.)

2. You are a resident or non resident alien or are married to an person who is not a citizen of the United States.

3. You have property in a foreign country.

4. You have minor children whom you would not wish to receive their entire inheritance in a worst case scenario when they reach the age of eighteen years.

5. You have children or other people to whom you wish to leave assets who have special needs (such as children with physical disabilities).

6. You own a closely held business.

7. You own real estate in more than one state.

If any of these situations apply, it would be advisable to consider estate planning which is more complex than a simple wills to better meet your needs and desires.