The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic.
Besides seeking to draft or alter wills and trusts, many clients were changing trustees, executors and the agents they assigned to oversee their finances and health care, if they were unable to make decisions themselves.
Lawyers are being bombarded with requests to write wills, update estate plans and prepare health surrogate or “pull the plug” documents, as people are confronted by the realization that they could be diagnosed with COVID-19 and dead within days.
Who will make decisions about your finances and health (maybe even your life) if you get COVID-19?
With the economy slowly reopening and stay-at-home orders expiring, what do those at increased risk need to know to stay safer?
COVID-19 UPDATE: Did You Get a Paycheck Protection Program Loan? Take These Steps Now to Qualify for Forgiveness
Amid the climate of uncertainty surrounding the coronavirus pandemic that is sweeping the nation, people are grappling with the difficult subject of estate planning … and not taking any chances.