The Covid-19 pandemic has brought life insurance and estate planning to the forefront of many people’s minds. While no plan can remove the emotional pain of seeing a loved one dealing with a medical or cognitive issue, the right planning can help you and your family handle the financial, legal, and planning aspects first, so as to avoid a crisis in the event a client or a family member is directly impacted by the coronavirus pandemic.
The global health-care crisis has made death a much more tangible reality for many, and people of all income levels are questioning if they have enough coverage—or the right coverage—to protect their families in a worst-case scenario. Life insurance coverage is an important piece of every individual’s financial planning puzzle. It is a widely-used component in structuring estate plans, as death benefit proceeds can be used in various ways to provide liquidity after the death of an insured. There are multiple ways to pick an insurance policy and life insurance is not one-size-fits-all. If you are the trustee of a life insurance trust, we can help you review the trust agreement to see what obligations you may have or be relieved of concerning premium payments during this pandemic. Being proactive in this regard may help to keep carefully structured estate plans in place.
One should use an experienced attorney specializing in estate planning, like those at Velasco Law Group, for your legal needs. We pride ourselves in our attention to detail because we know that even small mistakes or oversights can impose unnecessary, yet very expensive consequences. Estate planning is a personalized experience, one should have a comprehensive list of assets and know if these assets require any special considerations, such as closing out business interests or property in another state. Even if you have an existing estate plan, you may want to consider a review of your estate planning documents.
Reviewing your documents may become crucial if those dependent on the primary wage earner become more financially vulnerable as a result of an illness or death from COVID-19.
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COVID-19 Specific Consideration
COVID-19 poses a new and crucial consideration when naming a power of attorney. Under normal circumstances, for example, a married couple would likely name each other as their power of attorney. However, we know that COVID-19 infection rates are influenced by proximity. Since a married couple is likely to live together and be exposed to each other’s germs, they may want to consider naming someone else as power of attorney who lives outside their home. That way, if a partner is hospitalized and the other is forced to quarantine, there is someone else legally qualified to take action on behalf of the family. These are unprecedented times and you will receive unprecedented attention from our team of legal experts who understand the unique circumstances surrounding estate planning in these unique circumstances.
In our lifetime, never has there been a more fitting or necessary time to address estate planning. Velasco Law Group understands that for many this is already a difficult time. We are here to make every step of estate planning as simple, comprehensive, and safe as possible. We offer bilingual services in both English and Spanish. During the COVID-19 crisis, we are also offering safe in-person visits to our office following all CDC recommendations or virtual estate planning conducted via video and phone conferencing. Get in touch with us now here so that we can help you best plan for the future.