Even before March of 2020, when the coronavirus hit our country with a vengeance, approximately 86% of estate, health and disability plans didn’t work when they were most needed because they were already out of date.
The pandemic dealt our citizens a 1-2 punch:
1) Many people who thought they “didn’t need” an estate plan desperately need a plan that works now.
2) People who thought they had a good estate plan are now just realizing they must update that plan due to the pandemic as well as recent and pending changes in state and federal taxes and laws.
Who will make your healthcare and financial decisions if something happens to you?
With the pandemic still raging, absolutely nothing is guaranteed. Unless you have a solid health, life and estate plan in place, all of this is at risk.
If you or a family member is stricken with COVID-19, who would care for your children? Who will make decisions for your grandchildren and parents? Who will make sure the rent, the mortgage and all the other bills are paid?
You need a trusted, caring, compassionate, and experienced team of professionals to help you design and establish your plan.
Dennis Sullivan, the founder of Dennis Sullivan & Associates, was educated at some of the finest universities in America, including receiving masters’ degrees from the Boston University School of Law as well as from MIT, and he has more than 30 years of service.
All team members including our attorneys and CPAs make it easy and enjoyable to put together your up-to-date estate plan. In compliance with Massachusetts COVID-19 guidelines you can review and complete your estate and elder law plan with your attorney virtually—from the safety and comfort of your own home!
COVID-19 is not going away anytime soon
With many months to go before the pandemic is under control, we are all still at risk. The time to take action and protect your family is now.
Recent statistics (adjusted for COVID-19) show that 90% plus of health, life and estate plans are out of date.
Once you are 18 years old, a huge change happens. Most families are shocked to learn that once a child or grandchild turns 18, no family member automatically has the ability to make health or financial decisions for them—not even a parent, grandparent or spouse. (See our blog at Dsullivan.com for more information.)
Almost half of Americans 55+ do not have a will. You cannot trust “Boiler Plate” wills you get online.
Americans aged 55+ are at the greatest risk for serious complications and death from COVID-19. The mistake of using cheap or free online legal forms can cost your family thousands to hundreds of thousands of dollars and much more in terms of aggravation. (See our blog at Dsullivan.com for more information.)
Estate and life planning is always essential but in the midst of a pandemic, it is mandatory!
COVID-19 has taken much from us all. Don’t let a lack of planning jeopardize the financial future of your family and loved ones.
Remember, a will is only effective when you die. You need to be protected while you are alive, not only from COVID-19, but just as importantly, in the event of disability which is six times more likely than death itself.
Yes, there is a light shining at the end of the long, arduous COVID-19 tunnel. Let us all be safe and well protected together on our journeys. You and your loved ones will be able to control your estate, your finances, your investments and, most importantly, your health care decisions, without the expense or interference of the courts, medical, or the legal system.
Those benefits alone could save you tens and even hundreds of thousands of dollars not to mention a huge amount of time, heartache sand sleepless nights.
This article originally appeared on Fifty Plus Advocate.
