COVID-19: You Need a Plan

I am going to say something that in my 23 years of law practice I have never said en masse:  YOU NEED TO SPEAK TO A LAWYER.  People that know me would tell you that I am the least lawyerish lawyer they know.  I do not often talk about my profession.  But these are extraordinary times and I cannot stress enough that you really do need to speak to a lawyer to put plans in place for yourself and your family.

Yesterday the President related the need to extend social distancing through April 30, 2020 and hinted that that date could be further extended.  Some of the infection / mortality numbers discussed by health experts and government officials over the last week are scary.  For the purposes of this blog I will not re-write any of those numbers.  Frankly, COVID-19 and its effects on the United States are a moving target.  But it is time for all of us to consider what kind of plans we have in place.  Here is what I mean:

1) Coronavirus Aid, Relief, and Economic Security (CARES) Act - Congress passed and the President immediately signed the CARES Act in order to provide assistance during this difficult time but what does it mean to you?  Sure, the provisions of the Act that allow the government to send checks to most Americans and the provisions that broaden unemployment get top coverage on the news but some of the other provisions of the Act are worth considering.  There are provisions that loosen restrictions and penalties on withdrawing money from retirement accounts (we still advise against taking money from retirement accounts in most situations) and there are provisions specific to bankruptcy that make it possible for you take up to seven years to re-pay delinquent debts.  These provisions, among others, can be of HUGE help to business owners or employees who have been hurt by the economic slow down.  Don't just take your check from the government and think that is all, there is potentially much more help for you.  (We expect a second Congressional measure to start being kicked around soon.  We will keep an eye on it.)

2) Power of Attorney - A power of attorney grants the authority to act on behalf of another person for specified legal and financial matters.  Given the scope of the pandemic it is possible that you or someone in your family could wind up with a positive diagnosis and resulting health issues.  Having a power of attorney between husband and wife is potentially very important.  But at this stage you may want to look further.  Do aging parents, grandparents, aunts or uncles, or other close connections have someone that could assist them if they have a situation beyond their control?  If you are nervous about granting such authority, talk to a lawyer about a limited power of attorney which grants only the powers that you are comfortable granting.

3) Living Will / Health Care Directive - A living will, sometimes called a health care directive, is a document that details a person's desires regarding medical treatment in a circumstance in which that person is no longer able to express informed consent.  Now, this is a grim topic in many ways.  No one wants to spend a whole lot of time thinking about their own potential incapacitation or thinking about the incapacitation of someone they love.  Frankly, I did not have one of these for myself until today.  Why did I choose to prepare one for myself today?  Because I could not bear the thought of having my family in a situation where they were either powerless in expressing medical desires for me or where my family was uncertain about what kind of treatment I do or do not want.

4) Financial Planning - Lawyers generally are not going to be the folks that you talk to about which stock makes the most sense for your long term goals.  That said, we are the folks you should talk to if you have children under the age of eighteen or if you have not considered how to protect your assets or distribute them in case something happens to you.  Do you need a Last Will and Testament? That answer is always yes but you should get answers about what that does for you.  Do you need a trust to hold assets and distribute them in an orderly way?  Maybe.  Do you need a trust to protect you from personal liabilities?  Maybe.  Do you need to express formally who you would like to be the guardian or custodian of your children if something happens to you?  I cannot think of a reason why the answer to that would be 'no'.  These are just a few of the items you should take some time to discuss with a lawyer, there are certainly are more things to consider than just these.

We as Americans are adjusting to a new 'normal'.  Part of the new normal is that everyone needs a plan.  EVERYONE!  Feel free to send me an e-mail (stu@stubrownlaw.com) or give me a call (859) 360-1316.