The COVID-19 pandemic has idled workers and the coming weeks will bring more news of business closures and bankruptcies. After a decade of sustained growth, we are facing a recession of uncertain depth and duration. The New York Times recently reported that some Americans are turning (or perhaps returning) to “financial therapy” for support.
In the trust and estate world, how dark are the approaching storm clouds? More specifically, how might the economic downturn cause California trust and estate litigation? From this blogger’s perspective, claims are likely to increase as a result of declining asset values, growing demands for trust distributions, and anxiety associated with economic insecurity. As always, however, allegations are easier to make than to prove.
See Jeffrey S. Galvin, What California Trust and Estate Litigation Will Arise from the Economic Downturn?, LexBlog, June 1, 2020.