Virtus Law implemented virtual estate planning years ago and are able to fully serve estate planning clients with video conferences, remote notary, drive through closings and delivered packages with video instructions. Below are the estate planning steps you should be considering or for your clients (if you are an accountant, financial advisor or trusted advisor).
- Health Care Directives to provide for directions for health care decisions and to appoint decision makers for health care treatment. The statutory version is lacking as it relates to examples of treatment incorporating your values;
- Financial power of attorney and health care power of attorney;
- Updated Will or Revocable Living Trust;
- Roth conversions coupled with the creation of an accumulation trust to take advantage of discounted investment values, create real asset protection for heirs (avoid IRA proceeds from being included in a marital estate in the event of dissolution proceedings) and soften the impact of the SECURE Act provisions;
- While your assets have depressed value, you may want to protect the upside return in values. The change between the existing value of assets (equities or investments) can be sheltered from creditors. This is accomplished through the creation of an irrevocable trust for asset protection for you or your spouse coupled with a sale on an installment basis or gift of the assets to the trust. The assets remain available to you or your spouse post transfer but are unavailable to your creditors. The type of trust will vary depending upon your facts and circumstance;
- Income tax planning for the increase in value of your investments following the end of the pandemic. There are techniques for transferring assets to older generations while you retain full control. When the older generation passes (provided certain conditions are met), the assets are returned to you income tax free due to the step up in basis principles; and
- Delegation of Powers to Parent in the event that you are too ill to care for your minor children.
Reach out to Thomas M. Fafinski or Nathan W. Nelson on Virtus Law social media and website if you want to take this ideal time pursuant to the shelter in place restrictions to take care of your planning.
For a video explanation of the opportunities, please select this link. https://vimeo.com/401972534