The number of global coronavirus cases surpassed 900,000 on Wednesday—with more than 200,000 known infections, and a death toll that has quadrupled over the last week just in the United States. The health implications alone are terrifying enough, not to mention the economic turmoil or the emotional toll of lockdown measures currently affecting three out of four Americans.
Whether you’re planning ahead for your own heirs or have been asked to serve as executor for someone else, it pays to understand what the role requires.
One essential component of your financial plan involves designating power of attorney to someone you trust, in case you are incapacitated or unable to complete a task on your own.
People are worried about the possibility of a sudden death due to COVID-19, and they want to get their legal affairs in order. Exacerbating the situation are the stories we read in the media about patients who are unable to communicate with loved ones, and hospitals that, because of the exigent circumstances, are creating their own do-not-resuscitate (DNR) rules—even if they conflict with the patient’s wishes.
Estate planning strategies such as family limited partnerships and gifts to charitable trusts are part of an estate planning professional’s toolbox to achieve client goals, such as minimizing taxes, effectuating philanthropic plans, teaching younger generations about a family business and passing on wealth.
Unless you are a spring breaker partying it up, you have probably given your own mortality a once-over or two during these long COVID-19 days.
Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.
Though most people who contract COVID-19 experience mild symptoms, it doesn’t hurt to be prepared if you do need to be hospitalized. It can feel scary thinking about getting sick or not being able to make decisions for yourself, but an estate plan is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
What steps can be put into place to ensure an adult child, who makes poor decisions, will be secure after the death of the parent? The main asset is life insurance.
Before taking a closer look at revocable and irrevocable trusts, it helps to know what a trust is. In simple terms, it’s a legal entity that allows you to transfer assets to the ownership of a trustee.
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