The COVID-19 Pandemic and Personal Planning

Bass, Berry & Sims PLC

The coronavirus (COVID-19) has impacted the lives of millions across the globe, causing the loss of loved ones and livelihoods and heightening concerns for health and personal and financial safety. In these uncertain times, it’s important to make sure that wills and estate plans are in good order, and that appropriate choices have been made in selecting guardians for minor children, executors, and trustees and powers of attorney for healthcare and financial matters.

Additionally, while the pandemic has adversely affected financial markets and resulted in sharp declines in values of businesses, securities, and real estate, these reduced values (and the higher estate tax exemptions that are now in place) may offer tax planning opportunities through a variety of planning techniques, such as grantor retained annuity trusts (GRATs), spousal limited access trusts (SLATs), low-interest intra-family loans, installment sales, and other wealth transfer strategies that are designed to shift the future appreciation in undervalued assets to lower generations at little or no tax cost.

While the execution of estate planning documents during the time of social distancing has been challenging (since witnesses and notaries may be required), Tennessee Governor Lee’s Executive Order Number 37 now permits the remote witnessing and notarization of most such documents. “Socially distanced” execution of these important documents can now be achieved via Zoom and other such platforms. Accordingly, the implementation of estate plans has been greatly facilitated.

It’s easy to feel overwhelmed and out of control during this time of national crisis. However, challenges often present opportunities. Uninterrupted time at home can allow you to take stock of what is important to you and your family.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bass, Berry & Sims PLC | Attorney Advertising

Written by:

Bass, Berry & Sims PLC

Bass, Berry & Sims PLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.