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.

 

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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