Are You Worried About Your Estate Plan Because of COVID-19?

Do you have a trust?

Are your trustees or executors the right ones?

  • Are your children ready to be trustees? Or co-trustees?
  • If you have named friends or relatives of your age, will they be available to serve?

Have changes in U.S. law made your estate plan out-of-date?

  • Has your estate plan been adjusted to take the $5.5 million plus per person estate tax exemption? Or the possibility that this exception might be repealed?
  • Do you have foreign assets or income that might need special treatment under U.S. law?
  • Has your estate plan been updated to conform to the latest changes in California law?

Have your life circumstances changed?

  • Marriage? Divorce? Children? Grandchildren? Financial situation? Deaths?

Do you just want a review of your estate plan for peace of mind?

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Update on April 28, 2020, in the Midst of Los Angeles’ COVID-19 Lockdown:

In this time of isolation and social distancing, it is only natural that thoughts of illness and death are at the forefront of our minds. As I wear a face mask and walk the nearly empty streets to my office, I sense people’s worry about their future.This uncertainty presents a good opportunity to make sure we don’t leave chaos for our families if something happens to us. First, if you don’t have an estate plan, it is absolutely essential that you get one now!  Second, if you have an estate plan, it is particularly important to review items such as your successor and alternate trustees, your power of attorney, and your Advance Healthcare Directive.

Estate Plans:

Are the people you have chosen for these positions your age? Are they likely to survive you for a long enough time to administer your estate and trust? Are they healthy? Are they calm under pressure? Are they well organized?

Does your Advance Healthcare Directive accurately reflect the perspective you’ve gained because of COVID-19? If you come down with coronavirus, do you want to be placed on a ventilator? Do you want to be isolated from your family?

Succession Plans:

If you own a business or professional practice, have you considered what will happen to your business if you are incapacitated, or, God forbid, die? Do you have a succession plan in place? While it may be difficult to think about these things, now is a very good time to do this. You can call me in Beverly Hills at 310-277-1848 or email me at mitchmiller@mrmillerlaw.com if you want to start your estate planning, make some changes, discuss the possibilities, or just say hello!

And check out my short videos explaining important issues for effective estate planning.

Stay safe,

Mitch

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COVID-19 Preparations: Make Sure Your Advance Healthcare Directive Is Current

(Reprinted from blog at www.PhyllisZimblerMiller.com)

While it is the fervent hope of individuals, families, governments and countries that you won’t become so ill with COVID-19 that your Advance Healthcare Directive (in some states known as a Healthcare Power of Attorney or Living Will) may need to come into effect — having an up-to-date Advance Healthcare Directive is an important part of individual pandemic planning.

Adults of all ages should have a witnessed or notarized Advance Healthcare Care Directive, and it is particularly important for those at high-risk from COVID-19.

What is an Advance Healthcare Directive and what does it allow to be carried out?

The person (or persons) named in your Advance Healthcare Directive is allowed to make medical decisions for you if you are not able mentally or physically to make your own healthcare decisions such as whether to have emergency surgery.

  1. Older people especially should consider whether they want a DO NOT RESUSCITATE order in their medical records.
  2. Consider executing a Power of Attorney for someone else to handle your financial affairs if you are incapacitated by illness.

Consider executing a Power of Attorney for someone else to handle your financial affairs if you are incapacitated by illness.

Self-Isolating: Good Time to Consider Your Long-Term Estate Planning

There is nothing like a global pandemic to remind us all that so many conditions are out of our control. The one thing we can do is prepare for the end of our lives so that our ideas, assets and love are passed on to the next generations as seamlessly as a well-executed estate plan can provide.

Read this article why a living trust is needed in addition to a will.

And read these other articles on estate planning including business succession.

In the meantime, make sure you have an up-to-date Advance Healthcare Directive that we all hope ends up NOT having to be used!

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Whether you are single, married, divorced, widowed, children, no children —

Understand why estate planning can save loved ones time, legal costs and hassle

Watch the 4 1/2-minute video below to learn how having a living trust — in addition to a will — lets you avoid leaving your loved ones an unwanted legacy.

The law offices of Mitchell R. Miller can help you with these important issues. Email Mitch at mitchmiller@mrmillerlaw.com