Has the Value of Your Estate Been Affected by COVID-19?
- Posted on: Sep 24 2020
It’s safe to say that most of us have been significantly impacted by the coronavirus pandemic, which has caused the death and destruction of millions of businesses across the U.S. Things definitely look very different now than they did just half of a year ago. That’s why it’s so important that as we continue to move forward in the face of COVID-19, we take a long, hard look at our estate planning documents such as our will, trust, advance medical directive, and other legal estate planning tools.
In order to properly assess your current estate planning documents, it’s in your best interest to work with a knowledgeable and experienced estate-planning attorney. He or she can assist you with the following:
Re-evaluating the value of your investments
While you may have gotten accustomed to your stocks increasing in value over the last several years, you may not want to remain too comfortable. In a period of about three weeks, the S&P 500 fell 30 percent from its record high. Now is the time to take another look at your documents and reconsider your bequests as we move forward in these uncertain times.
Inspecting your business succession plan
The coronavirus has not only caused death and destruction to millions of people the world over, but secondarily it has also greatly harmed millions of businesses. In fact, even the companies that will survive – and many will– will never be quite the same again. Therefore no matter how recently you put together your business succession plan, it may no longer fit your current situation and should be closely re-examined.
Contemplating the idea of a tax-friendly gift
Many people are interested in minimizing the value of their estate for the purpose of taxes. And while you may have been negatively impacted when it comes to the stock market, it may actually be a great time to leverage lower investment values by creating a gift-giving plan. You may provide a tax-free transfer of up to $15,000 annually per recipient. With these lower investment values you may actually be able to give a more valuable gift.
The Law Offices of Brian L. Fox, APLC Help People to Re-evaluate their Estate Planning Documents
Although the most important part of an estate-planning document is to ensure that it is actually legally enforceable, it’s also important to understand that you have the right to change these legal documents at any time while you’re alive so long as you have the mental capacity to do so. In light of such a life-changing global crisis, now is certainly a good time to take another look at your finances and your intentions with the help of a qualified estate-planning attorney.
At the Law Offices of Brian L. Fox, APLC, we know how important it is to protect what – and whom – you care about. We will help you to establish and re-evaluate a comprehensive estate plan that meets your needs and keeps you and your loved ones protected. To learn more or to schedule a free consultation, contact us today!
Posted in: Estate Planning