Why Estate Planning is Even More Important During a Pandemic (Part 1 of a 3-part Series)
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As Millie sits in her kitchen homeschooling her children, she realizes that she really doesn’t remember much of the math she learned in 5th grade. During a break, she turns on the television and a news brief flashes on the screen with Governor Northam informing Virginia residents that schools will be closed for the remainder of the school year. Millie’s husband, James, takes his lunch break to check out the
supermarket to see if toilet paper, water, and eggs are back in stock. Later that evening, he retreats to the backyard to catch up with one of the neighbors who is sitting in a lawn chair on the other side of the fence, due to social distancing. This is what’s happening today, and no one knows when things will go back to normal.
The rapid global impact of coronavirus (COVID-19) has been unsettling, to say the least. Social norms that we have taken for granted have been pulled from us, and have left most of us nervous for the future. The sad fact is that most of us are not prepared for the implications of a global pandemic, including when it comes to the potential fallout from not having incapacity planning and estate planning
documents in place.
In part 1 of this series, I will discuss why estate planning is of vital importance during this global pandemic. In part 2, I will explore elder law and planning for long-term care, and in part 3, I will focus on retirement and financial planning.
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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