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Caring For Generations

Should Your Estate Plan Stay Sheltered in Place?

On Behalf of | Apr 1, 2020 | coronavirus' effect on estate planning


“The rapidly evolving coronavirus crisis is creating a plethora of unique estate planning and legal challenges,” as Mildred Gomez points out in the National Law Review, citing several factors to consider, including reviewing basic documents and devising new wealth transfer strategies.

At Geyer Law, we know our clients are focused on their own and their loved ones’ well-being during this very trying period. At the same time, as the Law Review article suggests, changes in the financial markets have created opportunities for wealth transfer. Simply put, the drop in stock market assets allows transfers to beneficiaries today, with the ultimate “rebound” in value occurring outside your estate.

“The stock market and interest rate changes can alter the effects of many estate plans, often without their creators knowing the consequences,” Bob Carlson writes in One example Carlson offers is an individual who stipulates in his will that he is leaving $50,000 to his favorite charity. Two years ago, Carlson explains, that might have represented just 10% of liquid assets. After the recent stock market drop, that same amount might represent a much larger percentage of liquid assets. An adjustment Carlson suggests would be avoiding specific dollar bequests, designating bequests in percentages of the total estate at the time of death. Certain trusts become more or less beneficial, Carlson adds, depending on the state of interest rates. It makes sense to reassess plans today, with interest rates having fallen so far.

Since, with the help of today’s technology, it is very feasible for us to arrange online, teleconferences, and telephone sessions with our clients, our attorneys stand ready to review strategies already in place, exploring whether certain tactical changes in estate planning can accomplish certain goals faster and at a lower tax cost.

As is explained on our website, at Rebecca W. Geyer & Associates P.C, “we help you prepare for all of life’s twists and turns.” Life has certainly presented some rather unique and unprecedented twists and turns lately. We invite you to take the opportunity to talk with us again very soon.

– by Ronnie of the Rebecca W.Geyer & Associates Blog Team