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EMERGENCY ESTATE PLAN
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EMERGENCY ESTATE PLAN
Effectively immediately, we are offering the following Emergency Estate Plan (EEP) to express our gratitude to healthcare professionals, first responders, and their spouses, residing in the District of Columbia, New York, New Jersey, Pennsylvania, and Maryland. We will commence representation upon receipt of our signed Terms of Engagement and payment of a $20 fee (which can be paid electronically). We intend to contribute funds received from clients under this program to the CDC.
In order to complete the plans most efficiently, we will provide, electronically through our secure client portal, a final set of documents with detailed execution instructions. Note that these estate planning documents do not need to be executed in the presence of an attorney. This program is intended for individuals without valid and current estate planning documents.
If you currently subscribe to a legal plan through your employer, we encourage you to use the service instead. While turnaround time may generally be longer under the legal plans, the services provided without or under minimal cost to you are also, usually more extensive due to the coverage requirements. The firm participates in a limited capacity with certain legal plans. Please consult with your legal plan to check coverage and you may choose to retain our services through them, if applicable.
Please read the following before you decide to proceed with a plan under this program:
This is an emergency estate plan. The package includes a standard Last Will and Testament, Power of Attorney, and Advance Directive for Healthcare (Living Will).
Standard Last Will and Testament: Allows you to name guardian(s) for any minor children, nominate executor(s), bequeath your probate assets (which exclude life insurance, IRAs, joint accounts, and any assets with a beneficiary designation) to specific individuals or entities, and direct the management and payment of your estate administration. The Will also allows you to bequeath to individuals who may not receive an inheritance from you under the law otherwise (e.g. life partner, specific nieces or nephews, friends, charitable entities, etc.). You may name multiple executors or guardians to act concurrently and/or in succession, as well. The standard Last Will and Testament will likely be insufficient, even temporarily, especially if any of the following apply:
You or your spouse are not United States citizens (note that if you have minimal assets, this may not be an issue),
Your net worth, where asset values include the full value of your retirement accounts, life insurance, and foreign assets, exceeds $5 million, individually, or $10 million combined with your spouse, if applicable. Note that the amounts here are the applicable federal estate tax exclusion amount is after 2025 (unadjusted for inflation) (they are currently doubled),
You specifically wish to disinherit a spouse, child or other presumptive heir-at-law,
You are subject to a divorce or separation order which limits the distribution of your assets upon death,
You own or have an interest in a business or other entity and the business operational or organizational documents do not provide succession provisions at your death,
You have or imminently expect to own interest in assets abroad,
If you wish to skip generations in your bequest and also prevent negative tax consequences (e.g., if you wish to bequeath significant assets to your grandchildren even though your children are alive), or
You wish to avoid or significantly reduce the assets in your estate subject to probate (generally accomplished with a revocable trust).
Power of Attorney: Allows you to appoint an agent (individual or entity) (or multiple agents to act concurrently and/or in succession) to manage your financial affairs, assets, and interests in the event of your incapacitation or disability. The Power of Attorney is invalid after your death. We are only preparing a Springing Power of Attorney under the EPP. Under more extensive plans, we can also prepare durable Power of Attorneys which generally permits named individuals, the ability to serve as your agent, immediately upon execution of the document, regardless of your disability.
Advance Directive for Healthcare: Allows you to appoint an agent and successor (we recommend only one agent act at a time) to make healthcare decisions, including determining life support, and other measures on your behalf if you are incapacitated and unable to make the decisions. Our form also provides you the ability to specify treatment and other medical actions that may be taken by your agent and directs the agent to follow your instructions.