Over the past ten years, your family needs and retirement planning needs have likely changed dramatically.

Likewise, over the past decade, the laws of Estate Planning have drastically changed.  For example, no longer is the Federal Estate tax a concern merely for those with extreme wealth.  Same sex couples are no longer excluded from certain Estate Planning benefits.  Your right to your share of Social Security benefits has changed.  And, most importantly, no longer can you put off adhering to three basic necessities of Estate Planning.

1) Put together a great team.

A proper team is the very foundation of proper Estate Planning.  Estate Planning involves giving due consideration to investments, tax considerations, and utilizing the right legal documentation to ensure your assets provide for you during your retirement years  and provide for your loved ones beyond your life.

Elliott & Davis is a full service firm which enables you to take advantage of its experienced tax planning attorney and domestic relations attorneys.  Further, Elliott & Davis has built strong relationships with local Accounting Firms and Investment Firms.

2) Update your Beneficiaries.

This is also one of the simplest to do.  Many people who have not assembled the proper team still list the same primary beneficiary on their insurance policy or retirement plan as they did when they landed their first job!  Listing the proper beneficiaries enables you to avoid costly estate and inheritance taxes.

 3) Prepare a Will, Living Will and Power of Attorney

 Not know Wills are not all the same.  The proper will may establish a trust, establish a guardian for your minor child and even dictate how your child is cared for.  Additionally, while we are all asked by our doctor if we have a Living Will, how many actually say, “yes”?  Each of us has strong feelings about our body and what type of life sustaining treatment we would want.  Whether those convictions are founded in religion, past experiences, or other beliefs, would your doctor know you wanted treatment refused, or would a funeral director know to embalm your body as opposed to cremation?  These ideas and more are encompassed in Living Wills and Powers of Attorney.

Contact us to begin assembling your team and to ensure your financial wishes are met and personal desires are known.

 

Some opt to devise property to their children in their will; others find it makes sense to exclude one or more of their children or relatives.  

As people attempt to address the unique demands of their situation, they may have questions about disinheriting a child. Sometimes individuals ask about either (1) his or her ability to disinherit a child; or (2) whether her or she must specifically disinherit a child in their will. Although an individual in Pennsylvania can never completely disinherit a spouse, the same is not true for children.

Pennsylvania’s highest court, the PA Supreme Court, has explained that “a parent does not have to leave any of his property to any of his children, irrespective of whether he likes them or dislikes them, or hates them, and he does not have to disclose his reasons for disinheriting them,” as in the case of re Sommerville’s Estate, 177 A.2d 496, 499 (Pa. 1962). However, in the absence of clear and plain language in a will indicating otherwise, it is presumed that a parent does not intend to disinherit their children. In re Newlin’s Estate, 80 A.2d 819, 823 (Pa. 1951). Because of this presumption, it is always better for a will to include plain language which expresses a desire to disinherit a child by name rather than simply leaving them out of the will.

There is no one size fits all estate planning solution.

Eric Davis, Esq.

Elliott & Davis, PC

412.434.4911 x 11

eric@elliott-davis.com

425 First Avenue, First Floor Pittsburgh, PA 15219

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