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Your COVID-19 Estate Planning Checklist

Updated: Oct 6, 2022

We are living in unprecedented times. A unique and dangerous virus is proliferating the United States. The stock market is at its most volatile state in twelve years. The only constant is uncertainty, which is causing a great amount of anxiety to families across the country. People are glued to the news channels, afraid of what will happen next.

Now is a good time to divert your attention to something constructive. Attending to this short list of items may be the perfect distraction while you are sheltering in place:

Your Financial Health

If you are keeping up with the news, you know what has ben happening in the stock market. If you are retired, near retiring, or considering a significant financial change, now is a vital time to check your financial health. Be sure to contact your financial advisors, gather up-to-date financial statements, and calculate your financial needs. While this is a very frightening time, it is of the utmost importance that you are on top of your personal finances.

Your Beneficiary Designations

While you are reviewing the status of your various investments, it is equally important to make sure your beneficiary designations are also up to date. I find that clients tend to forget to update their beneficiary designations after significant life events (marriage, children, retirement, death, etc.). It is very important to confirm that your wishes are communicated properly via your beneficiary designations.

Your 2019 Tax Return

As you have likely heard, the filing deadline for your 2019 Income Tax has been delayed to July 15, 2020. There may be strategies you can deploy to take advantage of this delay. Contact your tax preparer or engage the services of a Certified Public Accountant to get started.

Your Legal Estate Plan

Last, but not least, now is a great time to review your legal estate plan if you already have one or create one from scratch if one doesn’t already exist. As with your beneficiary designations, your individual estate plan may be out of date. You may have also not considered the implications of expensive long-term care costs for yourself or your loved ones. Engaging the services of a Certified Elder Law Attorney can be your “one stop shop” to address issues with estate planning, death taxes, and long-term care costs. Despite the hurdles facing us due to social distancing protocol, Takacs McGinnis is performing consultations via phone and digital platforms, and we will be opening our office for meetings in the near future.

If you would like assistance getting your ducks in a row, Takacs McGinnis can help. Just give our office a call at 615.824.2571.

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