The pandemic is causing us to consider a lot of things that we may not have before, even if maybe we should have.

It brings to mind something a colleague of mine shared recently. One weekend last year, she left her small children with a babysitter and headed out to enjoy dinner at a restaurant with her husband. But as she sat there, a thought crept into her head and wouldn’t leave.

What would happen to her kids, she thought, if she and her husband got into a car accident on the way home?

And even though my colleague is a lawyer herself, and she had a will at home naming guardians for her kids, she didn’t have a definite and clear answer that provided the comfort she wanted. Her will was in a vault, and her named legal guardians lived on the other side of the country.  It was that thought that spurred her to take action.

Chances of COVID-19 Infection in the Family
If you are young and healthy, it might be hard to imagine that you won’t be there to care for your kids. But if the COVID-19 pandemic is showing us anything, it’s that even a healthy person can contract a serious illness that leaves them incapacitated and unable to care for their children.

If there is more than one adult in the house, that may alleviate some of your worry. While naming legal guardians for your kids usually feels especially urgent for a single parent, parents with partners aren’t off the hook. You should take precautions too, especially since there are high infection rates among people who live in the same household.

A professor at the University of Florida has found a more than 19% chance that someone else in the household of a person infected with COVID-19 will also contract the disease. Researchers estimate the average incubation time is about four days and could be infectious for up to two weeks. That means it’s not outside the realm of possibility that you and your partner could both contract the illness, possibly at the same time.

An Easy Way to Find Guardians for Your Children
Even if you never contract COVID-19, you are of course still human, and vulnerable to accidents and other dangers that could separate you from your kids—either temporarily or permanently.

If you haven’t already done so, there’s no better time to decide who would care for your children in the immediate term if something happens to you, even on a short-term basis. 

And, if you are having a difficult time deciding who to name as legal guardians for your children, we can even help you make the right decisions.

Officially answering the question of who will care for your kids if you can’t—even for a short time—is one of the best things you can do right now. It is a real, concrete way you can protect your kids during this scary time.

If you need help with the process, please do give us a call and we’ll be glad to walk you through it.

Dedicated to empowering your family, building your wealth and defining your legacy,

If you’re a parent, you may feel even more guilty than usual.  If so, you are not alone. Currently, the burden is on you to both carry on with your work and manage your child’s full-time care and education. Two full-time jobs that you’re trying to do by yourself, likely without teachers or care providers to help you.

If you are like most parents, you were probably struggling with guilt even before the virus. You may not always make it to every award ceremony or recital, and you might not have as much time to play with your kids or help them with their homework as you’d like. Those feelings of guilt may now be compounded by all the additional responsibilities you’ve taken on in a short space of time.

Take a deep breath and let yourself off the hook. I’m sure you are doing the best you can, and your kids see it, and know it too, even when they are being ungrateful pains in the rear.

Keep reading for a few ideas about how to shift the guilt.

Name Legal Guardians
Let’s start with one thing that is fully within your control, can help to alleviate feelings that you are not doing enough, and that you can get handled easily — name legal guardians for your kids, so only the people you choose will take care of them if anything happens to you.

Legally documenting your choices for who you want to take care of your kids if you can’t is a great first step to getting legal planning in place for the people you love. (Yes, I said “choices” because you want to name at least two alternates after your first choice.) And doing so can provide you with a lot of relief, if you have not yet taken care of this for your kids.

Quality Time Doing…Nothing
While you’re probably already spending a significant amount of time with your kids, you may be too tired or overwhelmed to plan big activities, or the things you used to do for “quality time” may not be available.

So, what’s a parent to do?

Nothing.

Yes, you read that right, nothing.

If you can take 15 minutes or so out of your day and do nothing with your child, it could be the best 15 minutes you spend with them, and with yourself, all day.

It’s truly one of the best gifts you can give to your kids, and the best part is you don’t have to do anything. Mostly, our kids really just want to know we are there, and will give them our full attention, without screens, even if they aren’t paying attention to us.

Talk About It
If you’re on an emotional roller-coaster right now, your kids are probably having some similar struggles. This is an opportunity to connect with them, and a good time to show them a little vulnerability of your own. Remember how important sharing words of love and comfort can be, both to them and to you.

If you have been feeling alone and need support, you can also reach outside of your family for help. Sometimes venting to your friends is enough, and chances are they’ll be able to relate! But if you are not getting the support you need, there are professionals who will communicate via phone and even text message. You can always reach out to us for a referral but you can also find local therapists and phone, video, and online therapists through Psychology Today’s directory.

The point is, you are NOT alone, and you don’t have to feel alone. There are resources available and if we can be of support to you in any way, please don’t hesitate to get in touch.

Dedicated to empowering your family, building your wealth and defining your legacy,

It’s an unfortunate fact that predators emerge during times of crisis to take advantage of people. That means the COVID-19 pandemic can leave your elderly parents vulnerable in more ways than one. But even when things go back to normal, this chronic problem of financial exploitation will still be a risk.

We see it happen far too often. Maybe your parents live several hours away, or in another state or country, and someone in their community gets close to them. Or maybe they have a close relationship with a financial advisor who isn’t really looking out for their best interests. This person could even be another family member, friend, business partner, hired caregiver, professional advisor, or just a casual acquaintance.

Sometimes, when bad actors become involved with your parents’ lives and assets, it can lead not only to a loss of money, but even a loss of personal freedom. One of the worst cases of this I’ve heard of is the case of Milo, a retired veteran living in Arizona, and his son Greg, who lives in California. It all started when Milo asked Greg to help him protect his small amount of money from a family member who was “borrowing” it freely. All Milo had was a savings of $140,000 and payments of $3,700 per month from social security, a pension, and veteran’s benefits.

To help his father out, Greg applied for guardianship of Milo’s money, and the court granted it. But at the same time, without notifying Greg, the court appointed a professional financial Conservator that neither Milo nor Greg knew. The Conservator quickly set to draining Milo’s small savings, with the court barring Greg from filing any more motions.

The situation escalated even further when the Conservator decided to move Milo from his assisted living facility to a cheap lock-down facility where he wouldn’t even have access to the outdoors. This would, of course, free up more money for the Conservator to access. Before this could happen, though, Greg hurried to pick his father up and bring him back to California with him.

Now, the two are essentially on-the-run from authorities, who are trying to bring Milo back to Arizona and under the control of the Conservator. Milo and Greg are out of funds and are now trying to raise capital to mount a legal battle and free Milo from this terrible situation.

The scariest part is that Milo and Greg had all the proper legal documents in place. Sometimes, though, that is not enough to protect your parents from being taken advantage of—even to this extreme. Especially in a time of stress and confusion like the COVID-19 pandemic we are currently living in, it is vital to be vigilant and get the best possible counsel to avoid something like this happening.

This isn’t meant to make you paranoid or distrustful of the people around you, or of how your parents handle their own lives. Well, maybe it is a little. Mostly, though, it’s a call to encourage you and your family to be aware, educated, and empowered in knowing what risks are possible for your parents, and for your future inheritance.

Look out for the following “red flag” actions from influencers:

  1. Preventing important communication between family members;
  2. Withholding documents from other family members;
  3. Encouraging financial gifts or economic benefits to recently met connections (usually in the same network as your parents’ “new friend”);
  4. Naming recently met connections as attorney-in-fact (under a financial power of attorney), or as a joint owner on financial accounts, real estate, and other assets;
  5. Giving financial advice that may not be in your or your parents’ best interests, but rather in the interests of the advisor.

We recommend you start talking with your elderly parents now about how they want their affairs to be handled. Also, you should immediately investigate any situation where you suspect your loved ones are being taken advantage of. There have been too many cases of financial abuse or inappropriate influence where family members are too late to stop the bad actor.

Ideally, you’ll know the value of your parents’ tangible assets (i.e., home, car, business, stocks) and intangible assets (i.e., generational stories, personal relationships, theological legacies). Additionally, you should be working with an advisor to help you understand how family dynamics and the law will impact you, and everything that matters to you and your parents when they’re gone.

Dedicated to empowering your family, building your wealth and defining your legacy,

If you or your parents have a retirement account, (or any investment accounts for that matter) now is a perfect time to get connected to how those accounts are invested. While you may have outsourced all of this to a broker, which is fine, I don’t believe you should ever allow your investments to be made without your clear understanding of exactly what you are investing in as well as how and whether your investments align with your plans for the future.  

Some brokers and advisors believe this, too. Unfortunately, because it takes more time to ensure you understand your investments, many brokers and advisors would rather keep you in the dark. Now is not the time (or ever, really) for you to be okay with being in the dark about your investments.

Educate Yourself
If you or your parents have a retirement account, and you are not intimately connected to how those assets are being invested, it’s time to get more involved.

Log in to your retirement account or pull your last statement and look. Many brokerages select investment funds for their clients’ portfolios based on rates of growth. They’ll offer investment options based on a few tiers of growth and risk, and very often you have no idea what your assets are actually invested in.

Labels like “slow-growth” or “conservative” or “high-growth” or “income” aren’t enough to tell you exactly where your money is invested. So, what you want to do now is look at your statement, which should contain the names of the funds chosen for you, and you can go from there to do your research. Look up each of the funds on sites like Yahoo Finance to see what you are investing in, and whether you understand these companies, believe in their future growth, and want to stay invested there.

Go through this process with your parents, too. The money they have invested in the stock market is part of your overall family wealth. If it’s not there to support them through their senior years, that financial responsibility will eventually fall to you. Having these conversations with them now can be difficult, but it’s important.

If you have a broker you work with, call them now, and ask to get on a video conference. Then, have them help you review each investment, why it’s been chosen, and whether there may be better or other options for you or your parents.

Here’s the key: make sure you understand it, and don’t hang up the phone until you do. If your broker is using words you don’t understand, keep asking questions until you do understand. If you need a referral to an advisor give us a call.

With everything that is happening in the world—and with the volatility of the stock market and our current reality —knowing your options is vital to preserving the full legacy you and your parents have worked hard to build.

Dedicated to empowering your family, building your wealth and defining your legacy,

Right now, huge numbers of people are coming face to face with their own mortality, and realizing they need to plan for the worst. This goes not just for those in the “senior” category, but for all of us, no matter our age. We are facing the reality of our mortality, and many of us are doing it courageously by taking this as an opportunity to learn what we need to do for the people we love.

Recently I heard a tragic story from a colleague whose client lost her fiancé to COVID-19. Because she wasn’t listed on her fiancé’s health directive and HIPAA waiver, she could not get anyone to update her on his condition once he entered the hospital.

Naturally, she didn’t give up trying, and eventually someone told her that he wasn’t in the ICU anymore. She was enormously relieved, but when she hadn’t heard anything else by the next day, she called again for news. Finally, after being transferred several times, she learned that the reason her fiancé wasn’t in the ICU was because he was in the morgue. He’d passed away the day before, and no one had told her. Heartbreaking.

Nobody expects something like this to happen, especially to people who are healthy and making plans for their own futures. But sometimes the worst does happen, and if it does, you want the people you love to be able to grieve properly, without leaving them with a mess of confusion on top of it all.

Now, think about your own situation. What will happen to your loved ones, and the assets you’ll leave behind, if you become sick or die?

Without a doubt, you’d want to ensure certain people in your life are informed if you have to go to the hospital and kept up to date on your condition while you are there. You’d also probably want to avoid them having to go through a drawn-out court process to handle your estate after your death or save them from the fate of not being able to access your assets if you are hospitalized. This article is all about you having the tools you need to make sure everything is in place to do the right thing for the people you love, just in case something happens to you.

Covering the Bases
First, you need to have a worst-case scenario conversation with your family. A lot of people try to avoid conversations about death, but the fact is, we will all die. It’s better to face that with those we love so that when the time comes, we will be as ready as we can be, and so will they.

Create an Asset Inventory
This is something you can get started on right now, by yourself, without the help of a lawyer. It is a great resource to leave for your loved ones so they know where to find everything that is important to you, and will be important to them, if something happens to you.

First, get out your calendar and schedule an appointment with yourself. Set aside an hour or so to put all your asset information in one place (we use a spreadsheet when we do this for clients): real estate, bank accounts, retirement accounts, life insurance, stocks, bonds, business interests, etc.

Update Your Health Care Directive
This is extremely important if you want your loved ones to avoid the tragic situation my colleague’s client found herself in. Do NOT delay reviewing and updating these documents.

Your Health Care Directive should have three parts:

  • A Living Will/ Medical Directive, which states how you want decisions to be made for you.
  • A Medical Power of Attorney, which states who should make these decisions if you can’t make them yourself.
  • A HIPAA Release that allows medical professionals to disclose information to your Medical Power of Attorney/Agent.

Name Legal Guardians for Your Kids
A very important thing for all parents of minor children to do is name legal guardians for your children. Think about what would happen to them right now if something were to happen to you, for both the long term and the immediate future. This is the single most important thing parents of minor children should do because it would have the greatest impact on – or leave the biggest hole for – our minor children if something happens to us.

Going Beyond Just the Basics
The goal in setting up an estate plan is, ultimately, to keep your loved ones out of court and out of conflict. To do that, you must make the right decisions during the planning process, retitle assets so they are protected by your plan, and ensure your plan stays up to date for the rest of your life.

Estate planning is all about merging your family dynamics, assets (both material and non-material), and the law into a cohesive plan which accomplishes all that you really want to do for the people you love.

If you are ready to face your mortality courageously and want to ensure your family is protected and provided for no matter what, don’t wait. Get the help of a professional (someone who’s providing virtual planning sessions) and get started now.

Dedicated to empowering your family, building your wealth and defining your legacy,

As you already know, the COVID-19 pandemic means there’s no more “business as usual”. So don’t just hope you can survive until things return to normal. Strategize, now, on how you can take what control is in your sphere of influence. Once you have attended to your (and your parents’) immediate needs, it will be time to consider more long-term plans.

In this time of stress and chaos, your parents may be resistant to talking about estate planning. It may feel too pessimistic to plan for the worst amid a scary situation. However, that’s exactly why it’s important right now to do so. Plus, since hopefully you are staying inside, you may have the time to dedicate to getting these tasks taken care of.

Here are actions you can, and should, take to ensure you and your family are fully protected legally.

Update Your Health Care Documents

Above all, you first need to ensure that both you and your parents have your health care documents in order. This will be an invaluable reference point for those who are assisting you, whether they be friends, family, or medical professionals.

There are three important and distinct documents you should have in place: Your advanced directive, HIPAA waiver, and living will. They are separate documents but all work together. Think of them like the legs of a stool. If just one is missing or defective, the stool will fall – with you in it!

Your advanced directive identifies and gives legal authority to whom you would like to make your medical decisions if you are unable to do so yourself. Many people think spouses automatically have this legal authority and therefore don’t need this type of document for each other. That is a mistaken belief which can cost married couples substantial time, money, and anguish when a medical emergency arises.

A HIPAA waiver is important because even though your advanced directive gives authority to someone of your choosing to make medical decisions for you, privacy laws will prevent your doctor from sharing your medical information with that person. I see a lot of advanced directives which include a HIPAA section, but this is not legally sound and often fails. For starters, the privacy laws mandate the HIPAA waiver be written in a certain font style and size. Trust me on this. You want your HIPAA waiver to be a standalone document.

Your living will is different from your last will and testament. While a last will deals with the decisions to be made after death, a living will pertains to decisions which are to be made while you are still alive. This is where you will provide guidance on when you would want to be placed on life support, removed from life support, whether you want to donate your organs, etc.

Even if you have already created your medical directives, I urge you to take out any existing documents now and review them. Have your circumstances changed? Do you have additions to make? Encourage your parents to do the same thing, and to communicate with you about what their documents say. If you are unsure whether your health care documents are in ship-shape, call us, and we’ll be happy to review them for you.

Ensure Your Estate Plan is Up to Date and In Order

Your healthcare documents are an important start, but you should also review (or create) powers of attorney, a last will, and perhaps even a living trust. Remember that it’s never an inappropriate time to plan. Getting this in order will provide you and your loved ones peace of mind. And we’re here to support you, virtually now, as well. We can take care of you, and your family, fully online. Call us, we’re here.

 Dedicated to empowering your family, building your wealth and defining your legacy,

I’m dealing with working from home, managing my business and my team remotely, operating in shifts with my wife to take care of my children during the day, homeschool them, all while keeping a nervous eye on our stockpile of toilet paper. But perhaps my biggest challenge is feeling like my parents and in-laws are taking COVID-19 as seriously as I wish they would.

As of March 25th, the number of confirmed cases of COVID-19 across the United States was 54,453 cases across the United States with 737 confirmed deaths from the virus. And these numbers are still rising exponentially. 

When we first became aware of the novel coronavirus, there were several TV pundits and other authority figures saying that the virus was just another version of the flu. But in other parts of the world, we’ve seen COVID-19 overwhelm healthcare systems in a way the flu virus just hasn’t.

It seems, though, that many people of the older generation may still not be taking this seriously. And hey, they are the most battle tested of all of us. They’ve seen it all and survived it all and aren’t generally the types to give in to panic and stress. 

That said, they are also among the most vulnerable to the effects of COVID-19. And even with the stay at home order in place, I still feel like my parents are taking too many unnecessary risks. Here’s how I’m trying to express my concerns to them:

  1. Listening to them and determining the worries they have.
    I want to know what they have heard, what they are frustrated about, and what they are skeptical about. Everyone is frustrated with lines at the grocery store, toilet paper hoarding, and the hysteria of the crowds around them. I’m sure my parents do not want to feel like they are one of “those people.” I know I don’t. So I’m just trying to assure them that taking some precautions, especially staying home, is completely reasonable and can be done in a non-panicked way. I’m also trying to support them to make alternative arrangements during this time so they don’t have to go out.
  2. Emphasizing the risk in practical terms.
    I’m sharing articles and news with them that state the facts, soberly, like this one. My parents are bright and already have a good understanding about how viruses spread in general and they already know the basics of how important it is for them to wash their hands. But I want to ensure that is at the top of mind for them every day right now.
  3. Showing them I’m taking it seriously.
    I’m not getting together with my parents unless absolutely necessary, and when I do, I’m wearing a mask and keeping my distance as much as possible. I also shared the video created by Max Brooks, son of legendary comedian Mel Brooks, with them. Max created a PSA to convince younger people to be cognizant of how they might spread the virus to people who are the most vulnerable to it. It presents the situation in a succinct, somewhat lighthearted way. 

If you’re experiencing something similar with your loved ones, I’d love to hear your thoughts. Together, we can get through this. Let’s make sure our parents come through this with us.

Be well and stay safe.

Dedicated to empowering your family, building your wealth and defining your legacy,

Do your parents have an estate plan? Is it up to date? No matter how rich or poor you or your parents are, especially in the wake of the COVID-19 pandemic, you need to be asking these and several other questions. When your parents become incapacitated or die, their affairs will become your responsibility, and it will be impossible to ask them to clarify anything. So, if you do not know whether they have estate planning in place to help you best support them, read on.  

The Best-Case Scenario

In a best-case scenario, your parents have an updated estate plan, and they’ve walked you through it. They have provided an inventory of their assets that’s easy for you to find listing out everything they own and how it’s titled. Ideally, the plan also includes directions on how to handle their non-monetary assets, and a video, audio recording or written stories that pass on their values, insights and experience. On top of all that, it’s best if they’ve introduced you to the lawyer who set it all up, so you know who to turn to when the time comes.

Less-Than-Ideal Scenarios

If that’s not the case, you could have some holes to fill. If they’ve not done any planning at all, now is the time to encourage them to get it done and support them in any way you can. If they already have a completed plan, it’s likely that it has been sitting on their shelf or in a drawer for years, not updated, with no inventory of their assets and no way to capture and pass on their intangible assets. Even worse, their lawyer could have been using outdated systems that are no longer recognized, which can lead to trouble down the road.

It’s also possible that if they’ve never updated their estate plan, it no longer tracks with their current assets, and may even require complex actions that are no longer necessary upon their death. Worst of all, you may have no idea what your parents own or how to find their assets, and at their incapacity or death you’ll be left with a mess, even though your parents had good intentions and thought their planning was handled.

The Worst-Case Scenario

In a worst-case scenario (which we see more frequently than we’d like), your parents may have worked with someone who exerted undue influence over their decisions. This person may have led them to write something into their plan that they either didn’t really want to or wouldn’t otherwise have chosen if they understood all their options.  

Either way, it’s critical for you to know who your parents have worked with to create their estate plan, and how and why they made the choices they did. If you aren’t in the know, now is the time to find out. 

If your parents are already discussing these matters but have not yet included you, you can ask them to schedule a family meeting with their existing attorney. On your parents’ request, that attorney should look forward to walking you through your parents’ planning, the choices they made, and how you will be impacted in the event of their incapacity or death.

You want to develop a relationship with their estate planning attorney now. This advisor can be one of the most important supporters of you and your parents during your time of need. It’s a relationship you will want to establish before you need it, so you won’t be scrambling during a time of crisis.

Dedicated to empowering your family, building your wealth and defining your legacy,

While it’s still hard to tell how the Coronavirus will impact us in the long term, it’s become a subject that’s impossible to ignore. While some are advocating we prepare to be quarantined, potentially for months, others are saying the virus is nothing more than a common cold. The World Health Organization takes a more middle-of-the-road approach, advising we take precautions without becoming alarmed.

My approach, as always, is to empower you to make informed decisions for you and your family. Here are some resources to stay up to date on the virus  so you can make decisions based in fact as you work to keep yourself and your loved ones healthy.

For your reference, here’s a link where you can track infection and death rates over time. As you can see, the numbers are increasing daily. Most of the people who die from coronavirus are over the age of 60, and people who have chronic illnesses like heart disease and diabetes have a 5–10% higher chance of dying from it.

As of March 11, 2020, approximately 125,000 people had been infected with the Coronavirus, and nearly 4,600 have died. It’s being reported that symptoms are similar to a bad respiratory cold, with fever and cough. Taking precautions now to up your intake of immunity-boosting supplements, the same way you might if there was a cold circulating in your community, might help.

Safety Tips:

  • Wash your hands, more than you usually do, and consider wiping down surfaces – don’t forget your phone – with sanitizer wipes.
  • Have emergency food, water, and medical supplies prepared (always a good idea).
  • Practice breathing through your nose instead of your mouth. Nose hairs offer natural protection from airborne viruses. This is especially important for those living in urban areas.
  • Consider avoiding crowded places like airplanes, churches, theaters, etc.
  • Make sure you are drinking plenty of water.
  • If you smoke, it’s an especially good time to quit to protect your lungs.

In the event you or a loved one do get sick and need to go to the hospital, it’s important to prepare a list of your needs. Include your preferred hospital, your primary care doctor and any specialists, food allergies and preferences, and supplements and medications you take. Also indicate any procedures you desire or don’t desire. Additionally, you should name the person or people authorized to make healthcare and financial decisions for you if you cannot make them for yourself. We can help you prepare these documents in our office, either to take precautions against coronavirus or for any other reason. Please get in touch if you need help with any of this.

Dedicated to empowering your family, building your wealth and defining your legacy,

I’ve always believed “the buck stops here” regarding protecting and providing for my family, no matter what. They are my responsibility, period. One of the ways that feeling manifests itself in me is that I’ve always had a stockpile of supplies, food, and water to last my family for months if normal services and goods aren’t available for whatever reason. My wife’s continually given me a hard time about the corner of the garage dedicated toward that endeavor until this weekend when she abruptly asked, “do we have enough food and water to get us through a quarantine if that happens?” I smiled, smugly, and responded, “we’re good; we’ll be okay.”

But while much of the focus has been on how to prevent catching the Coronavirus, or what to stock up on to survive if the pandemic wallops the U.S. like it has elsewhere, little has been mentioned on how to best legally and financially prepare for such a scenario. We know from what’s happening abroad that national economies as well as individual families are taking big financial hits in lost wages, not to mention the medical nightmare many people find themselves in. While panic and overreaction do more harm than good, I’m a big believer that you should always have your eyes wide open and ensure your family is prepared for these kinds of possibilities.

Here are five important tips to help you best prepare for the legal and financial aspects of a local Coronavirus epidemic or quarantine:

  1. Make Sure Your Medical Power of Attorney Is Accessible. Completing your medical power of attorney where you formalized your wishes for your medical care was a great first step, but make sure it would be accessible if/when it’s needed. Make sure the person you appointed to make your medical decisions if you are seriously ill or incapacitated knows where you keep the document. Also, file a copy with your primary care physician so it’s available through that avenue well before it’s needed, thus avoiding delays or confusion. If you have minor children, make sure they have a medical power of attorney as well, something we include with every Child Protection Plan.
  • Nominate Temporary Guardians for Minor Children. Most estate plans will include a provision in a parent’s will nominating permanent guardians to raise their children if the parent passes away. However, few law firms offer a Nomination of Temporary Guardian form as well. Temporary guardians (AKA first responders) are 3-4 designated family members or friends who live within 20 minutes and have legal permission to care for your children in an emergency scenario (thus significantly limiting the chances that the State would have to step in). If you have not named temporary guardians for your children, you should contact your estate planning attorney right away.
  • Make Sure You Have Enough Life Insurance. In my role as an estate planner, it surprises me how many families are either uninsured or considerably underinsured. Having a lone life insurance policy through your employer is rarely enough to cover what your family would need if you were to pass away during your working years. Plus, sometimes there are limiting provisions in those work policies requiring the death be caused by an “accident” as opposed to an illness such as the Coronavirus. You need to know how much life insurance you have and the exact death scenarios your policy covers. If you are not 100% certain that your existing insurance policies would cover your family’s needs, you should arrange for your existing life insurance policies to be reviewed by a trusted life insurance professional. Ask me for a referral if you don’t already have a trusted advisor in your corner.
  • Have an Emergency Fund. A Coronavirus quarantine is likely to last 2-3 week, which is a significant amount of time to lose out on a paycheck or have your business shut down. Beyond that, a mass quarantine would certainly affect our overall economy, causing residual effects to your finances over time. Most people do not have more than $1,000 in emergency funds, according to financial expert Suze Orman. She recommends that families save at least eight-months’ worth of living expenses in non-retirement/accessible financial accounts to be sufficiently prepared for any unexpected life event. For business owners, you also need to have enough financial reserves for your business as well.
  • Make Sure Your Trust is Funded. Setting up an estate plan is a great first step to protecting your loved ones in an emergency, illness, or death, as it ensures that your loved ones would be financially, emotionally, and physically taken care of. However, too many people fail to properly transfer their assets to their trust. Your estate planning attorney should help you make sure that your bank accounts, brokerage accounts, business interests, life insurance policies, real properties, retirement accounts, and your other financial assets are all properly connected to your trust. Without completing this very important step, those assets left outside your trust are subject to probate proceedings.

While individually, none of us can control a Coronavirus epidemic or quarantine from happening here, we can certainly make sure our families are legally and financially prepared. Call your trusted advisor or start by scheduling a complimentary planning session with a member of our team if you are not yet prepared, or to have your existing estate plan reviewed to ensure it has you as prepared as you should be.

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