COVID-19 isn’t just a global health crisis, it is also a financial crisis. A major economic event like the COVID crisis can result in changes to your family life, your business or your personal financial fortunes. An experienced estate planning lawyer can help you adjust your estate plan to address your current circumstances.
- Assess the Present Value of Stocks
At the start of the coronavirus crisis stock markets took an unprecedented plunge. Some stocks have recovered while others have lost value. It is critical that you assess the present value of your assets that were impacted by the financial crisis, such as stocks, and how it has impacted your income and estate plan.
- Update Business Succession Plans
If you own a business, you should review how the COVID crisis has impacted your long-term plans for the future of your business, including who will manage your business if you become ill or temporarily incapacitated, and who will inherit your business after your death. Review all your business succession decisions involving guardianships, powers of attorney and trusts and will.
- Make a Gift to Reduce the Size of Your Estate
Estate planning goals change over time. While some stock market investments lost value during the COVID crisis, others gained value. A tax-friendly gift can help you benefit after you assess the present value of your stocks, and benefit from any lower investment values by reducing the size of your estate for tax purposes. You are entitled to make a tax-free transfer of up to $15,000 annually to each beneficiary.
We want to help you protect your family during these uncertain times. The attorneys at Estate and Probate Legal Group are working remotely and are available to advise you on creating, updating, or finalizing your estate plan by phone, email and video to make sure our clients have everything in place if the worst should happen.
If you have any questions about estate planning during the coronavirus pandemic, or if you would like to schedule a free consultation, please contact us or call our office at 630-800-0112.
