Tax Law Changes Impact Estate Planning

by Roger Ellison, CFP

Recent tax law changes, particularly relating to the estate tax, re-emphasize the need for good estate planning. Many important things need to be done, regardless of what happens to estate taxes:

• Make sure your beneficiary designations and payment options are properly done,
• Make sure you have a current Directive to Physicians stating your directions for life prolonging medical procedures,
• Make sure you have a current Durable Power of Attorney for Health Care so that someone can make health care decisions for you if you are unable to do so yourself,
• Make sure you have a current Durable Power of Attorney (for all matters other than health care) so that someone can make “business” decisions if you are unable to do so yourself,
• Make sure that you have an up-to-date will or revocable living trust,
• Make sure you have provided in the wisest way you can for yourself, your family and loved ones, and
• Consider including one or more of your favorite charities in your will as a testimony to the values that have guided your life.

If your estate is large, get some very competent professional advice.

Roger Ellison, Vice President for Planned Giving, at the West Texas Rehabilitation Center Foundation, is a Certified Financial Planner who provides gift and estate planning services on a no cost, no obligation basis. He may be reached in San Angelo at 325-223-6309 or roger@rogerellison.com