On October 8, 2020, the Small Business Administration (SBA) and the Department of the Treasury (Treasury) issued a new simplified two-page Form 3508S application, instructions for borrowers, and accompanying guidance aimed at benefiting small business owners who obtained Paycheck Protection Program (PPP) loans of $50,000 or less. Borrowers and their affiliates that received loans of $2 million or more may not use Form 3508S. The new application and guidance, effective October 14, 2020, provide much-anticipated relief for eligible borrowers, including forgiveness reduction exemptions and fewer reporting requirements. The Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, legislation proposed by the Senate in July, would have provided automatic forgiveness (upon attestation of a good faith effort to comply with PPP requirements) to borrowers receiving $150,000 or less in PPP funds.

Right now may be the best time in a generation for significant family wealth transfers. The combination of a difficult recession, a low interest rate environment, the very real probability of future legislative change, and perhaps most importantly, a deep need for shared family wealth has created a perfect opportunity for families to transfer significant wealth.

National Estate Planning Awareness Week is October 19-25, 2020. To celebrate, let’s take a look at some recent case law that deals with a mutual will and a subsequent, traditional will.

A mutual will is one that is binding upon the Testator. Each Testator, usually married couples, those in a committed relationship, or ex-spouses, each draft a mutual will and the survivor cannot change its terms. But what happens when the survivor executes a subsequent will with different terms? Which one controls? How would a practitioner go about helping a client enforce a mutual will?