CGTC BLOG

Financial and Estate Planning Coronavirus Pandemic

IMPORTANT FINANCIAL AND ESTATE PLANNING CONSIDERATIONS AMID THE CORONAVIRUS PANDEMIC
 
There is still time to get critical financial documents in place


With the demands of work, family and daily responsibilities, many of us often prolong, or cast aside, organizing and documenting important legal and financial decisions. Then, when a game changing life event occurs, such as the current Coronavirus pandemic, we wish we had acted sooner. 

While we are in unprecedented times, rest assured that there is still time to get critical financial documents in place; but you need to act quickly. 

Here are some tips on what you can do now to get your financial and estate plan in order:
 
  • Review the current status of your financial and estate plan.  This is especially critical for older individuals and those who have impaired health. 
  • Ensure that you have sufficient cash available to provide for your needs over the next six months. 
  • Review your asset allocation to manage your investment risk going forward and to make sure that it aligns with your current financial circumstances.  
  • Review your will and trust documents to ensure that they reflect your current wishes and take advantage of available income, gift and estate tax strategies. 
  • Consider speaking with your attorney or accountant to help you evaluate your options. 
  • Review your general power of attorney, health care power of attorney and living will to make sure they are current and accurate. 
  • Review your titling and beneficiary designations to ensure that the individuals you want to benefit will be the ones who receive the proceeds. 
  • Review the following asset categories: bank accounts, IRA’s, life insurance policies, and other assets, such as real estate. 
  • Give thought to naming contingent beneficiaries in case the primary beneficiaries pre-decease you. 
These simple steps will ensure that your heirs will be provided for in exactly the manner you wish; that your financial structure is assuming investment risk at a level comfortable for you; and that your cash flow is structured to meet your immediate and future cash needs.

The current global health crisis is on all of our minds, but taking these critical steps now can provide some reassurance during a challenging time. 

We are easily in the fourth quarter and the clock is ticking down. We urge you to take the time now to review your financial and estate plan and provide a level of comfort for you and your family.
 
If you would like to learn more about this topic or are interested in speaking with someone at Coral Gables Trust Company, please contact: John Harris at (305) 443-2544 or This email address is being protected from spambots. You need JavaScript enabled to view it. or Donald Kress at (305) 401.1306 or This email address is being protected from spambots. You need JavaScript enabled to view it. 

About the authors
 
 
Donald A. Kress is senior vice president and chairman of the Trust Administrative Committee at Coral Gables Trust Company, the largest independent and privately held trust company headquartered in South Florida, where he also serves on the Board of Directors. Throughout his career, he has acted as a senior trust administrator for a select group of high net worth clients and managed various teams of trust and investment professionals. He is a past president of the Estate Planning Council of Greater Miami and is a member of the University of Miami Estate and Gift Planning Advisory Board. He can be reached at 305.401.1306 or This email address is being protected from spambots. You need JavaScript enabled to view it. View full bio




John Harris
 is managing director and chief wealth advisor at Coral Gables Trust Company, the largest independent and privately held trust company headquartered in South Florida. Harris has more than 28 years of experience managing trust and investment services and private banking. He advises affluent and high-net worth individuals, families, foundations and institutions, and is actively involved with numerous state and national professional associations. He serves on the board of directors of the Estate Planning Council of Greater Miami and STEP Miami and is past president of the Broward Estate Planning Council. He can be reached at 305.443.2544 or This email address is being protected from spambots. You need JavaScript enabled to view it. View full bio 
 

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