Estate Planning During A Pandemic
The COVID-19 pandemic has proven that this is the time to take an overview of our affairs and also to strategize putting them in order. Estate Planning should be a part of this strategy. While in quarantine especially, this can be done calmly and safely. The pandemic doesn’t stop our time planning together from moving forward.
Planning for an Uncertain Future
Planning during a pandemic is not unlike planning for the long-haul. That is why planning is so important. Just like the pandemic, the future is always unknown. To best protect your assets through revocable and irrevocable trusts, having an Estate plan with durable power of attorney will assure you that the wishes you have for your loved ones remain certain in an uncertain world.
Advantages of an Estate Plan During a Pandemic
There are actually several advantages to Estate Planning during this COVID-19 pandemic. Tax deferment has currently been applied to all taxpayers, trusts and estates. There are tax exemptions for High Gift, Estate and Generation-Skipping (GST) transfers. GST’s are also currently tax exempt for an unlimited number of generations, though this could change in the future. This is also a good time to refinance Promissory Notes, which have extremely low rates, increasing the final amount transferred to beneficiaries. We are happy to point out all of the Estate Planning advantages the current climate allows.
Looking To Plan Your Estate?
If you would like to discuss more about Estate Planning, schedule a free initial consultation with us today. Consultations and planning can be done over the phone or via video conferencing. We can begin by discussing your major concerns and the basic plan of how you want your affairs handled. It’s a great time to take advantage of the time you have to put your plans into action.Free Consultation