Did you know the number of young adults with a Will increased by 63% since 2020?
In 2021, 18-34 year-olds are, for the first time, more likely to have a will than 35-54 year-olds according to a recent survey by Caring.com.
The COVID-19 Pandemic has changed the nation’s perspective on many things, and estate planning is one of them.
Caring.com’s 2021 Wills and Estate Planning Study found that middle- and older- aged adults are less likely to have a Will now than they were just one year ago, while younger adults are 63% more likely to have one this year than they were pre-pandemic. The younger generation was also the most likely to cite COVID-19 as the reason they started taking estate planning seriously.
In recent years, tax policy has tended to change depending on which political party held the reins in Washington, D.C. These swings mean you need to review your estate plan regularly. At a minimum, every few years. (It’s a good idea to do that regardless of tax laws, in case there are changes in your assets, beneficiaries, or other circumstances.)
With everything we have been through in the past year, I think it would be fair to recommend that all of us have reason to review our estate planning documents. And if you don’t have any, now is the time!
Especially if you are over the age of 60.
Typically, we tend to review our estate plan when we get older or if there has been a significant change in our circumstances. However, if you are over the age 60 and you haven't updated your estate plan in many decades, it’s time to update your documents. After everything has been updated, you should continue to review your plan every two and half years.
Here are a few age ranges and what they mean in terms of estate planning:
On January 19, 2021, the Centers for Medicaid and Medicaid Services (CMS) issued a final rule addressing Medicare Part C – Medicare Advantage Plans and Part D Prescription Programs. The rule is complex, but here are some of the provisions that are particularly relevant.
Here's what you should and shouldn't do post-vaccination, according to health experts.
Congratulations if you have received your last dose of the COVID-19 vaccine and passed the two-week quarantine period. You are now considered “fully vaccinated,” and armed with our best weapon against a virus that has killed more than 3.3 million people worldwide and upended our lives in unimaginable ways. Before you throw caution to the wind, however, it’s important to remember that the coronavirus is still spreading, and the majority of Americans have yet to be vaccinated — so some precautions continue to be necessary to protect yourself and the people around you.
The U.S. Centers for Disease Control and Prevention (CDC) has published specific guidance about what the fully vaccinated can do and cannot do, and AARP asked experts to answer other common questions about life after vaccination. Here is a list recently published by AARP on the top ten precautions to consider.
Cities are reopening. Lockdowns are lifting. And some people are starting to feel they can glimpse a return, however slow and partial, to “normal.”
However, the surprise is that many of us have realized there are some things about quarantine life that may be worth preserving. Many are questioning the very fundamentals of the “normal” we knew and accepted — and many are realizing they don’t want to go back to the way it was before the pandemic rocked our world.