Episode 109: Why the Pandemic Makes Estate Plans Critical

The COVID-19 pandemic has now reached over 3.9 million cases in this country (with over 179,000 in New Jersey) and has caused over 144,000 deaths (with over 15,000 in New Jersey). Even those who have survived the illness have had a tough time, with many having lengthy hospital stays.

This taste of our own mortality has been sobering for all of us; something like this hasn't happened for over 100 years! But that doesn't mean we shouldn't be prepared for its eventual arrival. Way back in Episodes 18 and 21 I talked about the importance of having an estate plan and how to go about doing it. But with all that is going on in the world today, I thought I would revisit the subject, as the pandemic has emphasized its importance.

In this episode you will learn:

• Why it is important to have an estate plan
• The documents you need to create to have one
• What you need to think about to prepare them
• Federal and NJ tax issues