Estate planning is widely recognized as a means of transferring wealth from one generation to the next while minimizing both taxes and the risk of loss to creditors. A comprehensive estate plan not only transfers cash, investments, real estate, and vehicles, but also less commonly considered assets, such as intellectual property. While clients in certain professions—for example, authors, artists, small business owners, and inventors—often recognize the need to protect their valuable intellectual property, every client potentially has intellectual property that could provide a stream of income for family members or loved ones after the client passes away. 

On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act (the Flexibility Act), which changes several important aspects of the Paycheck Protection Program (PPP). The Small Business Administration (SBA) issued guidance on June 11, 2020, to modify the first interim final rule (issued April 2) to conform to the provisions of the Flexibility Act. Further guidance was published on June 17, 2020, revising the third and sixth interim final rules to conform to the Flexibility Act. In addition, further revisions to the first interim final rule were made on June 12, 2020, to promote the criminal justice reform policies underlying the First Step Act of 2018. The rules have been frequently changing and difficult for many borrowers to keep up with. The most recent updates are summarized below.

From modifications to the Paycheck Protection Program to temporary IRS procedures allowing the electronic submission of requests for advice, we have recently seen some significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we’ve highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.