Estate Planning Weekly COVID-19 Update – 09.16.20
This weekly COVID-19 update is brought to you by our Chambliss Estate Planning team. We are sharing articles, legal developments, external resources, and tips for coping during these uncertain times. Each weekly issue will cover various trends of vital interest in the world of estate planning, elder law, and special needs planning. To be added to our email list, please subscribe.
Join Us on October 7 for an Estate Planning Webinar
Exploring Solutions to Address Potential Tax Law Changes
The November elections are just around the corner, and possible big changes in federal estate and gift tax exemptions and options continue to be on the horizon. In this timely webinar, Dana Perry and Greg Willett will discuss proposed changes to estate tax laws, planning steps to take prior to any change of law, as well as answer your questions. We’ll touch on a few potential solutions including the Spousal Lifetime Access Trust (SLAT) and dynasty trusts.
Date: October 7, 2020
Time: 12:00 – 1:00 PM
Registration is required for access to the virtual event on October 7, 2020.
Lessons from Lockdown – A Mindset Renovation
By: Jennifer Exum
Many of us started long overdue home improvement projects or cleaned out closets this March and April. I found myself organizing the strangest places in my home – under the kitchen sink, the laundry room, and those places in the house that had been forgotten (or never considered in the first place).
It is not that I had so much time on my hands, but rather the opposite was true. I was homeschooling my son and attempting to maintain my usual schedule as a full-time attorney while attending Zoom meetings with a kindergarten class. To say that it was a stressful time would be an understatement, but I was grateful for the privilege of continued employment and plenty of work to do.
I allowed myself one full day to completely lose my mind but kept it to that one day. Hysterics would not solve any scheduling issues or assist in creating a plan for juggling the new normal. It was clear that I needed more than a schedule or plan – I needed more resilience. Without having experienced anything quite like our lives in March and April, I had really never needed more resilience than I had to give, but here I was feeling a bit unprepared.
Aside from the Marie Kondo closet cleanouts, I set another type of goal – to find a way to develop more resilience. I found a book by Ryan Holiday entitled “The Obstacle is the Way,” which turned out to be just the incentive I needed.
Using historical figures and principles of stoicism, Holiday takes his readers through examples of individuals who faced tremendous obstacles and used those challenges to their advantage. Thomas Edison, Theodore Roosevelt, Steve Jobs, and Viktor Frankl, to name a few in his book, experienced setbacks that could have broken their spirits or altered their paths. Thankfully, rather than allow those obstacles to decide their outcomes, each figure highlighted in the book chose to use the lessons learned from the obstacles in their path as pavestones.
One quote in particular has stuck with me through the lockdown. In a chapter entitled “Follow the Process,” which describes “The Process” used by coach Nick Saban, Holiday quotes this from Heraclitus: “Under the comb, the tangle and the straight path are the same.” Coach Nick Saban teaches his players at The University of Alabama not to focus on winning the SEC Championship, but on getting the next play right and on finishing the current task. By focusing on executing each individual play the best they can, the team’s focus is on the present moment rather than the big goal. As a result of “The Process,” each well-executed play adds up to big wins.
Focusing on the Present Task, Rather Than the Big Goal
Taking this philosophy to heart, I created my own process. I got up earlier than usual, and rather than getting in my usual exercise, I started on my work. I focused on the individual tasks that needed to be accomplished instead of the entire project, and juggling my new work/home life became more manageable. Before I knew it, I had shuffled the last of my work tasks into my crazy schedule, and the work projects were completed, all in between Kindergarten Zoom meetings and client calls, closet organizing, and banana bread…
Estate Planning Resources
Reverse Mortgages: A Way to Remain at Home Longer
Under our “system” of paying for long-term care, you may be able to qualify for Medicaid to pay for nursing home care, but in most states there’s little public assistance for home care. Most people want to stay at home as long as possible, but few can afford the high cost of home care for very long. One solution is to tap into the equity built up in your home…
IRS Reopens Portal Through September 30 to Allow Parents to Obtain Additional Stimulus Payments
Many low- and middle-income families that do not typically file tax returns may have missed out on additional economic stimulus payments that they were eligible for by virtue of having children in the household. Because of this, the Internal Revenue Service (IRS) announced that it is temporarily re-opening an online tool through September 30 to allow those parents to claim their payments…
Also Check Out…
Getting the Health Care Your Family Needs During a Pandemic
Health experts continue to voice that doctors’ offices and emergency rooms are safe during the COVID-19 pandemic. If you or a member of your family need to go, you should. Click here to read a few reasons why children need to see their primary care provider regularly.
Anders Tegnell and the Swedish COVID Experiment
Anders Tegnell has become one of the best known and most controversial figures of the global coronavirus. The Swedish doctor’s approach to COVID-19 has seen him become an unlikely polarising figure for a polarised age. Sweden’s approach was predicated on trying to keep its health care system working but also looking at public health in the broadest sense, rather than narrowly trying to minimize COVID-19 deaths. Click here to read more.
Coping With COVID-19
Arts 65+ Classes Offers at The Chattery
The Chattery is excited to partner with ArtsBuild and Morning Pointe Senior Living Centers to present free art classes for adults living in Chattanooga aged 65 and older. All classes are hosted on Zoom due to COVID-19 and will be recorded for anyone who can’t make it live. Here’s a look at upcoming classes:
- Mixed Media Card Making, September 16, 10 to 11:30 a.m.
- Abstract Painting for All, September 17, 1 to 2 p.m.
- Beginner Macrame: Wall Hanging, October 1, 10 a.m. to 12 p.m.
Source: The Chattery Arts 65+ Classes
Department of Labor Narrows Health Care Provider Exemption to FFCRA Paid Leave Entitlement
The Department of Labor published regulatory guidance relating to employee paid leave entitlements under the Families First Coronavirus Response Act (FFCRA). The guidance predominantly further responds to a legal challenge to the regulations by providing greater explanations for certain regulatory provisions, while leaving the underlying requirements unchanged…
Our Chambliss team continues to monitor legal developments in connection with the COVID-19 pandemic. Please contact Jim Catanzaro, Justin Furrow, or your relationship attorney if you have questions or need additional information.