Estate Planning During COVID 19

We are all living in uncertain times with unprecedented risk. With COVID-19 running rampant many lives have been flipped upside down. Fortunately, there are ways that you can take back control of your life. Not only is estate planning during COVID 19 a surefire way to keep things in order, it’s also a sensible course of action. In essence, while in the throes of a global pandemic it’s prudent to have your future and those of your loved ones accounted for.

In addition to providing peace of mind, creating an estate plan will also help you assess your financial, health, and asset protection needs. Unfortunately, many records become obsolete due to inactivity. Studies show that 86 percent of pertinent documents fail to be updated. You can easily avoid falling into this category by making your estate planning attorney privy to ongoing developments. Below you’ll find additional reasons why estate planning during COVID 19 is in your best interest.

Hospital Care

If you’re sent to the hospital for COVID-19 concerns or other health issues, it’s essential for your loved ones to stay in the know. What’s more, if you live in a nursing home and are being relocated due to COVID-19 your family members need to be informed. With an updated estate plan you can be sure that the appropriate contacts will be notified. Your estate plan will outline who’s authorized to make medical and health decisions. Doing this will ensure your well-being isn’t left in the hands of strangers.

Have Your Needs Changed?

If so, it’s crucial that you modify your estate plan. Would you like your trustees to change? Is your family to be contacted first if anything changes with your health? Who is your designated power of attorney? Have you appointed a guardian for your children? These are all questions that you’ll want to ponder when establishing or adjusting your estate plan. While amid an economic and health crisis you’ll find great comfort in knowing that everything will unfold according to your exact plans.

Additional Considerations

It’s equally important to enlist the help of a trusted friend or family member. Consider creating a list of financial professionals and estate planning attorneys that you’ve been working with. If you’re unable to act on your own behalf your proxy will be able to tend to these affairs. What’s more, you’ll want 24/7 access to your healthcare agents. If you’re admitted to the hospital you’ll need to have this information on hand. The American Medical Association claims that 67 percent of people don’t have the contact information for their healthcare agents readily available. As a seasoned estate planning firm we’ll help you prepare for all of life’s greatest uncertainties. As a result, you’ll remain safe and protected throughout all unknowns.

Execute on Estate Planning with Dalton & Finegold

Dalton & Finegold can help you minimize your legal risk by executing on your estate planning needs. Our estate planning attorneys can provide you with a plan so that you and your loved ones are protected during these uncertain times. We are devoted to ensuring that each client’s estate planning needs are custom tailored for their situation. Give us a call today and we can provide you with expert advice during COVID – 19.

A seminole lawsuit has requested that the Massachusetts Supreme Judicial Court overturn the current eviction moratorium. This case is developing as the state government considers extending the moratorium, which would cause immense losses for landlords and property owners across Massachusetts.

The eviction moratorium prohibits housing providers from starting eviction cases or even sending out a notice to quit. Since April 20, 2020, the moratorium has halted almost every current and future eviction case in the state. While this action protects renters, it causes direct harm to those who earn their living by renting out their properties.

Marie Baptiste, the lead plaintiff in the lawsuit challenging the moratorium, is a nurse who moved to the United States from Haiti. She also earns income from her Randolph rental property; but her tenants now owe her around $19,000 in back rent. Ms. Baptiste reports that her tenants will not communicate with her, and because of the moratorium, she has no options for collecting the money. If this act is extended, she must continue renting to these tenants for at least another year.

The lawsuit involves a second plaintiff, Mitch Matorin, who is in a similar situation. Mr. Matorin owns a rental property in Worcester and is also owed a significant amount of money in back rent, but the eviction case will remain pending until the moratorium ends. These are far from the only stories of rental property owners in Massachusetts who are struggling. Thousands of housing providers are barely staying afloat during the COVID-19 pandemic; and many will not be able to recover from the financial crisis.

The lawsuit attempts to put a stop to the moratorium, which they believe is unconstitutional. They cite four violations of constitutional rights:

1. The right to petition.
2. The right of free speech.
3. The right to just compensation for seizure of property.
4. An unconstitutional impairment of contracts.

During this pandemic, property owners like Ms. Baptiste and Mr. Matorin must continue to pay the mortgages, taxes, utilities, and insurance for their rental properties. The moratorium deprives them of the income that would allow them to fulfill these obligations. For as long as the moratorium continues housing providers will be unfairly impacted by this system. (removed 1 , in this paragraph)

The lawsuit was filed in the Suffolk Superior Court, and a hearing will take place on July 30. Plaintiff’s lawyers hope that this case will encourage the Massachusetts governor and legislators to consider rental property owners when they decide whether or not to extend the eviction moratorium.

At Dalton & Finegold we keep abreast of lease issues affecting our clients in New England. Our expert attorneys and staff collaborate closely with clients to understand their objectives and determine how to best achieve their goals. Our personalized and expert service is the product of our team’s readiness to add value at every opportunity. If you have a legal challenge you wish to discuss feel free to contact us at your earliest convenience.

Check out the latest article written by Partner Christopher R. Vaccaro with featuring insights by Partner, Michael Margolis

Check out the latest Banker & Tradesman article written by Partner Christopher Vaccaro

Word

Check out the latest article written by Partner Christopher R. Vaccaro

Check out the latest article in the Banker & Tradesman written by Partner Christopher R. Vaccaro

Word