August 27, 2020 — The pandemic is both the reason and the occasion to re-examine one’s estate planning, as suggested by Marilyn Piccini Roy, Ad. E., in “Estate planning during a pandemic”. In this piece published by the Bequests and Planned Gifts Service of McGill University, Marilyn explains that the pandemic has alerted certain people to the necessity of having a look at their wills and given them the free time to review them.
Estates & Trusts
There’s a new opportunity for gifts to charity from IRAs and qualified plans, but think fast and don’t forget about qualified charitable distributions. Congress and the president have given a limited time offer to deduct cash gifts to public charities up to a total of 100% of adjusted gross income.
UPDATE ON VIRTUAL WITNESSING OF WILLS AND POWERS OF ATTORNEY: SIGNING IN COUNTERPARTS NOW TEMPORARILY PERMITTED IN ONTARIO
As discussed in our last article, on April 7, 2020 The Lieutenant Governor in Council made an order under s.7.0.2(4) of the Emergency Management and Civil Protection Act (the “Order“), to temporarily permit virtual execution of Wills and Powers of Attorney through audio-visual communication technology during the COVID-19 emergency. Read the full article.
On April 7, 2020 The Lieutenant Governor in Council made an order under s. 7.0.2(4) of the Emergency Management and Civil Protection Act, to temporarily permit virtual execution of Wills and Powers of Attorney through audio-visual communication technology during the COVID-19 emergency. Read the full article.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. It carries a price tag of over $2 trillion. In addition, Congress may not be finished with legislation to help Americans and American businesses recover from this crisis. At some point, we will recover. However, it is likely taxes will be raised to pay for this relief. Higher estate tax exemption rates are set to expire after 2025, reducing the per person exemption to around $5.8 million. In addition, historically low interest rates and asset values at suppressed values due to the COVID-19 crisis, makes this the perfect time to consider the following estate planning strategies.
April 3, 2020 — While we are witnessing the unfolding of unprecedented times, the coronavirus pandemic should also serve as a stark reminder of the importance of keeping your estate planning documents current. Although we do not presently and, perhaps will not for some time in the future, have the luxury of face-to-face personal meetings with our clients to review and up-date their estate plan, we are available remotely to serve clients’ needs in this extraordinarily challenging time.
Our thoughts are with our clients, friends and their families. We are here and available to help. Together we will get through this difficult time and gather strength from each other.
The ongoing threat of and reactions to the global COVID-19 outbreak are causing us to engage in deep reflection regarding our personal health and wealth. Despite best efforts to contain the outbreak, the disease is spreading rapidly across the general population. This further illustrates the need to attempt to plan for ourselves and our families for any eventuality. Read more…