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March 20th Covid Update

To Our Clients and Friends,

As we reach the end of the first week of our new normal, we wanted to reach out to each of you to give you an update.  Although we all continue to adjust, Dominick Feld Hyde, P.C. remains open and ready to advise and assist with your legal needs.

Important Developments

There have been a flurry of federal, state and local mandates over the past few weeks, and while all are important the following are things we believe you should know:

  1. On Friday, March 20, 2020, the IRS extended the tax filing deadline from April 15, 2020 to July 15, 2020.
  2. On Tuesday, March 17, 2020, Medicare expanded coverage for Telemedicine nationwide to help seniors with health problems stay home to avoid COVID-19 coronavirus. Telemedicine allows patients to make virtual visits to their doctors using technology such as Skype and FaceTime from the comfort of their own home.
  3. Over the past week, Congress has passed and continues to work on stimulus packages to help alleviate economic pressure caused by the COVID-19 coronavirus pandemic. These packages include provisions for:
    • The expansion of emergency family and medical leave and sick pay
    • The implementation of payroll tax credits for qualifying employers
    • Potential stimulus payments for qualifying individuals
    • Potential loan guarantees for certain industries affected by the current pandemic as well as small businesses
  4. On March 13, 2020, the Supreme Court of Alabama suspended all in-person courtroom proceedings through April 16, 2020.  However, certain in-person proceedings may still be available for proceedings related to (i) protection from abuse matters; (ii) emergency child custody and protection orders; (iii) emergency mental health orders; (iv) emergency protection of elderly or vulnerable persons matters; (v) and other exempted proceedings.

Estate Plan Concerns

During these trying times, please do not hesitate to reach out to us if you have questions about your current estate plan.  It may make sense to review your current fiduciaries listed in you will, trust, power of attorney and advance directive for healthcare.  In addition, with record low interest rates and volatility in the markets, there may be opportunities to take advantage of tax-advantaged wealth transfer strategies.  The possibilities include (i) simply making gifts of temporarily depreciated assets either outright or in trust; refinancing existing related party loans or making new ones at current lower interest rates; (ii) sales of a temporarily depreciated asset to a grantor trust; (iii) incurring less income tax when converting a temporarily depreciated IRA to a Roth IRA; and (iv) getting a larger charitable deduction for a charitable remainder trust thanks to lower interest rates.  We stand ready to make sure your estate plan reflects your current intent and desires.

We continue to monitor this ever-evolving situation and will continue to send out updates as needed.  As always, feel free to reach out to any of our attorneys with any questions or concerns you have.

Warmest Regards,

 

The lawyers and staff members of

Dominick Feld Hyde, PC

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