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Never Too Early to Start Estate Planning
W
e often hear, “It’s never too early
to start saving for retirement,” but
we often overlook the fact that
it is similarly never too early to
start implementing your estate plan. We plan for
emergencies and contingencies all the time: we
develop a fi re escape strategy at home with our
families; we teach our children what to do in the
event they are separated from us in public; we
purchase car, homeowners and renters insurance—
all to protect us in the event of a “worst-case
scenario.” With all of the planning that we put into
preparing for life’s catastrophes, young families
often overlook the most essential crisis strategy: a
comprehensive Estate Plan that protects both your
family and your assets.
“Maybe it is the invincibility of youth, but so many
young people seem indiff erent toward planning
their estate,” said Attorney Joe Covelli of Covelli
Law Offi ces and a member of the Estate Planning
Council of Pittsburgh. “A lot of young families have
young children heading back to school this fall, and
parents are planning for childcare and fi lling out
new emergency contact forms. They should also be
deciding who will care for their children in the event
of their disability or premature death. Among the
most important decisions is choosing a Guardian
to care for the minor child, as well as a Trustee to
manage the assets and investments.”
For families with young-adult children,
appointment of a Trustee to manage assets
and investments may be even more important
than planning for the care of minor children. In
Pennsylvania, children 18 years and older can
inherit assets directly, but many are not yet ready to
handle the fi nancial responsibility that accompanies
this scenario. For these young-adult benefi ciaries,
Media
Trib Total
d
oice Awar
h
Readers’ C
orney
“Best Att
2019”
Attorney Covelli recommends an Educational
Trust, which allows the inheritance to be used for
the payment of tuition, room, board, and books.
However, the remaining assets are invested in Trust
until the child reaches a pre-determined age — when
distribution would make more sense. He added,
“This procedure allows assets to appreciate in value
over time, while your children continue to focus on
school.”
Young people, regardless of whether they have
children of their own, can benefi t from both a
medical and fi nancial power of attorney. Covelli
said, “Too often I am called after a young person
is involved in an accident, or needs a medical
procedure — and the hospital asks for a power of
attorney or advance directive. In those cases, we’re
called into action in an emergency situation, rather
than through a thoughtful and reasonable planning
process.”
While your assets may just be starting to grow, it
is never too soon to protect them. You work hard to
provide for and protect your family every day of your
life. Covelli Law Offi ces can help you continue to do
so, even in death.
Covelli Law Offi ces, once again in 2019, is a Trib
Total Media Readers’ Choice Gold Award Winner for
“Best Attorney”! We are here to help you understand
all of the legal issues relating to your estate planning.
At Covelli Law Offi ces, everyone receives a free
30-minute initial consultation. At your consultation,
Covelli Law Offi ces will advise you as to what role
attorneys can play in your situation to help the most,
and give you an up-front cost for their services.
For more information about Covelli Law Offi ces,
go to Covellilaw.com, or call 412.653.5000. Covelli
Law is located at 357 Regis Avenue (across from the
Pleasant Hills-West Miffl in Post Offi ce).
Joe Covelli has over 38 years of legal
experience and is a “5 Star Professional
Award” recipient. He is a member of the
National Academy of Elder Law Attorneys,
and he heads a team of attorneys with
expertise in several areas of the law. For
more information, call 412.653.5000, or visit
www.covellilaw.com.
FREE Consultation | Call Today! 412.653.5000