Blumberg Blog

The Coronavirus Disease 2019 (COVID-19) pandemic has created personal uncertainty for many due to living in quarantine and apart from extended family members, and financial stress due to market volatility and the unclear future for some businesses. Yet, it may be a sensible time to engage in estate planning, not only because the pandemic has shown the importance of personal planning, but also because reduced asset values and historically low-interest rates enhance the ability to engage in cost-effective wealth transfers. 

This GT Alert provides a brief overview of estate planning measures that may be considered in the current environment.

About 2,500 years ago, Babylon’s King Nebuchadnezzar laid siege to Jerusalem, destroyed its Temple, and exiled its citizens to Babylonia. Around 60 years later, Persia’s King Cyrus conquered Babylon and allowed the expatriates to return to Jerusalem and rebuild their Temple. Restoration of the Temple was a spiritual renewal after a devastating exile. A modern-day renewal of spirits will occur as Covid-19 exiles return to their offices and rebuild their practices. 

During the 1800’s, it was common for lawyers to attract clients by hanging a shingle and advertising in newspapers.  In the early 1900’s, lawyer advertising was restrained by ABA rules, but the situation changed in 1977 when the Supreme Court extended First Amendment protection to lawyer advertising.  By the late 1900’s, advertising became more common and some firms began using commercials on radio and television. The situation changed in the 2000’s as firms migrated their marketing to websites and social media. 

About 50 years ago, the Beatles released an innovative album called Sgt. Pepper’s Lonely Hearts Club Band. The album contained a hit song titled Getting Better that told John Lennon’s personal experience with self-improvement. Companies like Nestle, Mayo Clinic, and Toyota have used an improvement strategy known as Kaizen to make better products and increase market share. Focus on improvement can similarly help lawyers build their practice. Read on for professional development tips for lawyers and resources for implementing them at your firm.