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Older people are at an elevated risk of being adversely affected by Covid-19. Another group harshly impacted by Covid-19 are individuals with medical conditions like respiratory illness and kidney disease. Both of these populations make up a large number of the nursing home residents in this country. 

Unfortunately, various factors at nursing homes can exacerbate the spread of the disease including things like employees who work in multiple facilities, frequent physical interaction between residents and staff, sharing resident rooms, and shortages of personal protective equipment, understaffing. These factors have led to nursing homes spreading various diseases and providing an undesirable environment during a pandemic. If your loved one resides in a nursing home, there are some critical details you should understand about Covid-19 and what you can do to protect your loved one. 

How Nursing Homes Are Trying to Control the Virus

Estate planning is a critical process in planning for your eventual death or incapacity. Unfortunately, however, too many people neglect estate planning or do the bare minimum. In reality, however, to make sure that your goals are achieved, it’s critical to treat estate planning seriously. This means engaging in activities like routinely updating your estate plan and speaking with an estate planning attorney if you have concerns about your estate. To make the most of your estate plan, it’s also a good idea to consider the various wise asset location strategies that you might utilize to make the most of your estate. 

What Qualifies As “Smart” Can Change

To a degree, smart asset location is subjective. While one person might decide that their assets should only pass on to charity, another individual might decide to pass on their life savings to their children. Often, it’s not the question of how much is left behind but instead what is left after a person’s death or incapacity and who receives what. 

Senator Bernie Sanders recently introduced the “99.5% Act”, which is focused on the assets of the top 0.5% of wealthy Americans. This marks the first legislation introduced following President Joe Biden’s coming into office that would result in the lowering of the federal estate tax exemption. For many people interested in passing on assets to loved ones, it’s critical to understand the nature of these changes.

Changes Introduced by the Bill

The bill would lead to several critical changes in many of the country’s federal tax provisions, which include:

Many people realize that life insurance can play a valuable role if someone unexpectedly passes away. What a much smaller group of people is that life insurance can play a critical role in estate planning because it can be utilized to provide liquidity when needed. 

With adequate estate planning, insurance proceeds can then be used to pay for things like estate tax. In the hopes that you make the most of life insurance in your estate plan, this article reviews some critical details to remember about utilizing life insurance.

# 1 – Avoid Common Mistakes

Business owners led hectic lives. Understandably, some things on business owner’s “To Do” lists end up getting delayed. Estate planning, however, should not be something that ends up postponed. Not only is estate planning critical for business owners, but some unique issues arise. This article reviews just some of the unique and nuanced issues that business owners often must navigate while estate planning.

# 1 – Unintentional PPP Borrower Change of Ownership

To respond to the adverse economic impact of the COVID-19 pandemic, the CARES Act was signed into law in March 2020. As part of the implementation, the Small Business Administration as well as the Department of Treasury implemented the PPP Program so lenders could loan money to both small and medium-sized businesses to maintain their payroll as well as hire workers who were laid off and cover applicable overhead. These loans are forgiven provided the proceeds are used in accordance with applicable laws.

In the recent case of Odom v. Coleman, a brother and sister initiated legal action against another in a matter involving their father’s estate. The dispute between the two siblings focused on whether the father’s estate should be reformed in accordance with Texas Estates Code Section 255.451(a)(3) that allows courts to modify or reform a will if necessary to correct a “scrivener’s error” in the terms of the will to conform with the testator’s intent which must be based on clear and convincing evidence.

The Will In This Case

The will in this case contained a residuary clause that passed on personal property to the son and then the daughter. A rigid interpretation of the will found that the deceased man’s real property would not be included in the residuary cause instead passed through intestacy. The son then initiated legal action to revise the will to omit the word “personal” in the residuary clause. The trial court ultimately for the son and the daughter appealed.

Regardless of your age, it’s critical to engage in estate planning to make sure you assert adequate choices over your financial and medical choices. Estate planning is also critical regardless of your economic status. While you will need to make estate planning decisions as you get older, even young people should also make your wishes known if anything happens. The Covid-19 pandemic has fortunately made many people appreciate the importance of being prepared for the unexpected regardless of age.

While estate planning is important regardless of how old a person is, a person’s estate planning needs to change as a person ages. This often means that younger people need fewer estate planning documents, but require more as they age. This article reviews some critical estate planning steps you should remember regardless of your age.

# 1 – Update Beneficiary Designations

If you have a Google account, you have various data as well as tools to manage your account. What many people fail to realize, however, is that you can tell Google how to manage your account as part of your estate plan. People rely on Google accounts and applications for various purposes including managing documents, photos, and spreadsheets. Google accounts are also becoming increasingly common because a Google account is needed before a person can use Android phones, tables, or other Android-based devices. Managing digital assets, however, is often overlooked when people engage in estate planning. To better prepare you for navigating this process, this article reviews some critical details to consider about implementing your Google account into your estate plan.

# 1 – Make An Estate Plan for Your Google Account

There are several important steps that you should take while creating an estate plan for your Google account. These steps include the following:

The Covid-19 pandemic has placed an increased focus on legacy planning because it has highlighted the need to make sure that your estate plan is in order. Besides the fact that more people are realizing the value of adequate estate planning, other advantages like all-time high estate tax exemptions make this an attractive time to engage in estate planning, whether that means creating your plans or finalizing estate planning documents. This article reviews some helpful strategies you should follow to make the most of estate planning.

# 1 – Determine Your Net Worth

The best step to start estate planning is to assess your net worth. Fortunately, it’s often easy to quickly calculate your net worth by adding up the estimate of the value of all of your assets and then subtracting the total of your liabilities. The value of calculating your net worth is that after you’ve determined this value, you will need to assess if your estate will be liable for federal estate taxes. You should also determine if your estate could potentially be subject to inheritance tax.

Each year, the news is full of stories about high-value celebrities who pass away without adequate planning and as a result, have assets that end up tied in lengthy and costly legal battles. While many people have estates smaller than well-known celebrities, estate planning is critical for these individuals. After all, many people see value in passing on assets and helping family members. While people often realize the value in estate planning, a common mistake is made in failing to establish any type of estate plan. 

While everyone should create an estate plan, it’s understandable that people delay creating them. After all, estate planning almost always involves considering the terms of your death, which can be a difficult thought for many people to consider. Despite the potential excuses, if you pass away or become incapacitated without an estate plan, your estate can end up experiencing undesirable results. This article reviews some critical reasons why you likely need to create an estate plan.

# 1 – Articulating Your Goals

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