As you go through the following Risk Management self-audit, examine whether your estate plan thoroughly addresses these essential questions.
Have you analyzed how you are going to cover the high costs of long term care?
Have you reviewed your long-term care insurance option, including the new combined products such as the accelerated benefit/living benefits options built inside of life insurance contracts/annuity contracts?
Have you evaluated whether it is appropriate for you to self-insure against the need for long-term care?
Are your assets titled properly in order to protect you from an unforeseen liability due to an auto accident, slip and fall in your home by a guest/housekeeper or other property-casualty loss?
When is the last time you had your property & casualty agent perform a thorough review of all of your related policies?
Are you protected against theft? Including loss of jewelry, artwork or other valuable assets?
Is cybercrime a real threat to you or your business? Do you have the basic coverage readily available to insure against this risk of loss?
Have you purchased LifeLock, Identity Guard or similar to cover the loss due to identity theft?
Have you created a wealth replacement strategy (e.g. life insurance) to cover the risk of financial loss due to income or estate tax, including the risk of tax law changes that could remove currently available benefits?
Have you created safeguards for downturns in the market, including purchasing products that have downside risk protection and other financial techniques that hedge against financial loss due to market volatility?
Do you have a written financial plan that mitigates all of the above risks of loss?