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Managing Change in Personal and Estate Planning

This is the first of a two part series on Personal and Estate planning.

With the COVID-19 uncertainty, now is the time to take a very close look at current estate and personal plans, as both a checkup measure and to also potentially take advantage of new positives in the marketplace.

Personal and Estate Planning – Act Now to Capitalize on Opportunities
We of course recommend a regular and disciplined review of your personal and estate planning.
Given today’s circumstances, revisiting your plans right now is extremely important. There are both positives and negatives to review and potentially take action with your advisory team.

THE OPPORTUNITIES
The two big positives under the current circumstances?
– Low interest rates
– Low valuations

These elements could drive the decision to restructure your estate plan. Evaluate circumstances, particularly if you have children in the business – are they taken care of? Since the value of business is down, now is the time to consider how to get most of the assets to children and grandchildren with minimal taxes.

With valuations being low, be sure to look at transferring assets to family at lower transfer tax costs and moving part of ownership in your estate to a trust or family member. This enables you to capture gains outside of the taxable estate.

Other Specific Items to Focus on Right Now:
– Personal planning for business owners – an overview:

• Is your personal planning done, given the changing environment?

• Key decision makers: who will be in charge of your business?

• Estate planning: revisit this on a regular basis – more often than in the previous market

– From a wealth planning standpoint:

• Today, it is more important than ever to have a plan

• Longer term impact from unemployment – what does this mean for you now, near, and mid term?

• From all accounts, COVID-19 numbers are underestimated, which means planning is more important than ever. Plan and consider actions with a longer term in mind, so businesses can not only survive but thrive.

We are speaking regularly with the best of the best experts, about a range of topics pertinent to this environment. Contact us if you would like to connect with any of our partners to leverage their expertise.

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