We understand that you are concerned about the potential health impact of the coronavirus on yourself and your loved ones.
While health issues are no doubt of paramount importance for you, we do want to take this opportunity to be certain that you are aware of certain legal, tax, financial, and other implications that you might also choose to react to.
Living Wills, Do-Not-Resuscitate Orders, and other healthcare-related documents may be crucial to review for several reasons. Many of these documents missed, and especially standard forms obtained online or elsewhere, may contain language that could be completely contrary to what you might wish to have done during the coronavirus. Some of these documents may prohibit intubation under all circumstances. If you are not presently in a terminal condition and contract coronavirus, since it is a lower tract infection with symptoms felt in the chest and lungs, it is possible that you would need to be intubated to survive it. Many people who sign such prohibitive forms have in mind an extended stay in a hospital connected to an array of tubes being artificially kept alive.
Many of our staff will be working remotely from home in order to limit social contacts as recommended by the CDC. We will still be reachable at your convenience by email and our office telephones will be monitored regularly. Many of our staff have provided their cell phone numbers on email footers and can be reached in that fashion. More importantly, we are conducting meetings by Zoom, so we can see each other and we can share our computer screens to view documents and diagrams of your planning live but remotely.
The stock market has been adversely impacted. The impact on businesses, especially closely held businesses, could be dramatic and negative for many; although the actual impact will vary significantly by the type and nature of business. These changes might suggest revisiting retirement plans, estate plans, financial models, business succession plans, and much more. We certainly do not mean to capitalize on the adversity we are all experiencing, but we do want to let you know that we are here to help should you need it.
The present uncertainty creates what could be an invaluable opportunity to pursue estate tax minimization strategies. While again worries of health and financial security matters could be paramount and we feel apologetic to be bringing up this matter, we would be remiss not to do so.
Should there be a Democratic victory in 2020 the proposals of a much harsher estate tax, and a capital gains tax on death (or carryover basis), dramatically change the planning environment. While we prefer to wait for the coronavirus to resolve, that delay may preclude you from being able to take valuable actions.
During this difficult time, we hope that you and your family stay safe and healthy. Please let us know if there is anything we can do to advise or assist.