Posted By:
peter chaoJohn,
In general the suggestions already made are pretty good. However, if you have an estate in excess of $600,000 it is important to speak with a CPA, they can give you suggestions on how to avoid paying excessive estate taxes. Also, even if your estate is worth less than $600,000 right now, it may be worth more than $600,000 by the time you pass away.
If all your cards were purchased during marriage, in California, they would be jointly owned by you and your wife. That is advantageous because the cards should pass to your wife without taxation. Also your CPA can give you ideas as to who you should appoint as administrator to your estate.
Your doing the right thing by trying to plan early.
Peter C.