During the coronavirus pandemic, many of us have turned our attention to our estate plans, wanting to make sure our loved ones will be taken care of if we are affected. If you don’t have essential estate planning documents in place, or your plan needs to be updated, this is the perfect time to reach out to an estate planning attorney to get things in order. Even if your estate plan is in good shape, an attorney can review your situation to see if you can take advantage of some of the benefits offered by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Lesser-Known Provisions of the CARES Act
Most Americans are familiar with the stimulus checks and additional unemployment payments provided under the CARES Act. However, many people are not aware of some of the other benefits designed to help you get through financial hardship caused by the pandemic. Among the provisions are some special rules for the use of retirement funds. If you have been personally affected by COVID-19, whether by contracting the virus or by losing income or childcare because of it, you may be eligible to:
- Take a distribution up to $100,000 of your retirement savings without being subject to the 10% penalty that normally applies to amounts withdrawn from such accounts before age 59½
- Delay repayment of an outstanding qualified retirement account loan due in 2020 for one year
- Borrow $100,000 or 100% of your vested account balance (whichever is less) from a qualified retirement plan during the 180-day period beginning on March 27, 2020
These benefits may provide you with an opportunity to support or expand an existing business, or possibly even start a new business venture. As estate planning attorneys who also serve business clients, the team at Littlejohn Law, LLC is uniquely positioned to help you make the most of the opportunities offered by the CARES Act.
Call Us for More Information
The CARES Act is a complex and wide-ranging piece of legislation, and not all of the provisions will apply to your unique situation. Contact our office to discuss how you might be able to take advantage of the benefits offered by the legislation. There are time limits on all of the provisions, so don’t delay in reaching out to us. Let us help you turn a difficult situation into a golden opportunity.