January 24, 2022 | lmsXpect3 Estate Planning has been something we think of for older adults. But, unfortunately, it is a false thought. Estate planning is for anyone who focuses on building wealth. The goal is to control the taxation when your estate passes on to the next family member. In the face of COVID-19 – estate planning becomes essential for every person who owns property, has investments, or is amassing wealth – regardless of the size of your savings or portfolio. COVID-19 is a killer, and it does not discriminate by age. COVID-19 disrupts many aspects of life, including the long-term plan for estates. The sad truth is that the long-term may not be all that long with COVID-19. What Can You Do? One of the many questions our clients ask us is, “What Can I do to put a plan in place in the face of this pandemic.” Estate Planning with COVID-19 is more than setting up a will. It is the development of a plan that meets your needs for: Caring for yourself and loved ones during any debilitating illness. That involves everyone from the young investor to their great-grandparents during this time. Distribution of assets in the best way so that your estate pays the least in estate sales tax and other forms of capital gains. Outlining your wishes for leadership and management of all that you leave behind. That can include money, property, valuables, trusts, and even children or pets. The Fact of COVID-19 One of the scariest parts of the COVID-19 pandemic is not precisely the reality that people of all ages are dying from this horrible disease. Instead, it is the realizations that: It is a disease that kills without prejudice. Anyone who is afflicted could die. That means putting off estate planning in Kent, WA is no longer a valid option. It is a disease that can cause long-term incapacitation – even in young people. That means almost everyone needs a plan in place that dictates how they are to be cared for if incapacitation should occur. Funding long-term care is now essential at every age level. Protection of your assets and wealth is more critical than it ever has been. Call The Law Offices of Dan Kellogg For Your Estate Planning Needs in Kent Washington If you are concerned about estate planning, estate sales tax, and funding care, should you or a family member become incapacitated, give us a call. Our team is happy to answer any questions you may have regarding the process of planning your estate.