The current pandemic has triggered a severe economic crisis. In the words of one of our authors, it’s “the worst economic crisis since the 1930s and, arguably, the worst in history.” With the U.S. economy shut down or on life support, the spiraling unemployment rates and the uncertainty about when the economy might recover, it can be difficult for investment advisors, let alone estate planners and fiduciaries, to figure out what the future will look like and how to prepare for it. The articles in our Committee Report on Investments try to make some sense about what’s happening by focusing on various economic theories, including the Modern Monetary Theory (MMT). As Elizabeth K. Miller, one of the members of our Investment Committee points out, our government’s enormous and ongoing fiscal and monetary support in these unusual times is exactly the policy response that MMT addresses. Is this support laying the groundwork for enormous fiscal challenges ahead, or is the response both appropriate to the times and manageable for our economy as some MMT researchers posit?
Of course, the pandemic has impacted more than the economy. It’s also forced our clients to consider the possibility of their own incapacity and death. “Core Documents to Review During a Pandemic,” p. 22, by Brad Dillon, Shaina Kamen and Jinsoo J. Ro explains how to help clients navigate the process of updating their documents.
We’ve also added a new committee to our editorial advisory board: Estate Litigation. We know the committee members will provide valuable insights on the litigation process and how to avoid ending up in court. The members are Jay W. Freiberg, partner at Elman Freiberg, PLLC in New York City, Jeremy A. Mellitz, founder of the Law Offices of Jeremy Mellitz LLC in Guilford, Conn. and Holly M. O’Neill, partner at Nelson Mullins in West Palm Beach, Fla.