CORONAVIRUS TAX CUTS.  THE SILVER LINING. Is it really time to start thinking about filing your 2020 taxes?  2020 is a particularly important year to start planning. In 2020, we have to consider inflation.  The Coronavirus Aid Relief and Economic Security (CARES) Act provides individual taxpayers several new tax breaks, most of which will only be available for the 2020 tax year.  The sooner you know about the changes, the better your planning. Here are 6 ways your return may differ this year: Waived RMDs. If you’re 72 or older, you are generally required to take a required minimum distribution

ESTATE PLANNING FOR YOUNG ADULTS Why do young adults, as early as 18, need estate planning?  And why should it be a priority for you and them?   Here’s why:  the minute a person turns 18, they become legal adults and you, the parent, no longer have the legal authority to make decisions for them.  And you don’t have legal access to their financial accounts. With you no longer in charge, your young adult could become incredibly vulnerable.  For example if they encounter an illness that renders them incapacitated, such as COVID-19, having a plan in place could literally save their

FOUND $$$ Rarely does a person work for a single employer for decades until retirement. Most people are likely to changes jobs multiple times during their lifetime. According to the Bureau of Labor Statistics, workers have held an average of 12 jobs by the time they reach their 50s. With so many job changes, it is easy to see you might lose track of an old 401(k) or retirement account, especially if you only worked in a position for a short time. In fact, forgetting plans is quite common: it’s estimated that roughly 900,000 workers lose track of their 401(k)

DO YOU NEED A “GO-BAG?” Go-bags originated with the US military which requires personnel to keep one on hand packed with essentials for survival. Over the past few weeks we’ve experienced deadly forest fires in California, Arizona and Colorado.  The East and Gulf coasts have suffered hurricanes and tropical storms.  The Midwest has endured tornados and floods.  And on top of all of that, we are still amid the COVID-19 pandemic.  It’s best to prepare for your family’s safety now. Here are some updated items that you may need in your 2020 go-bag. Your updated estate planning and healthcare documents

ARE WE THERE YET? ESTATE PLANNING FOR LGBTQ COUPLES There is a case pending before the US Supreme Court which is on the docket for October 2020.  Fulton v. City of Philadelphia.  A religious-based adoption agency had contracted with the City of Philadelphia and agreed to abide by its anti-discrimination laws.  Regardless, the agency refused to license same-gender couples as foster parents.  The City refused to renew their contract and the agency sued the City.  The lower courts found that the City’s regulation was not a targeted attack on religion. Currently, 11 states allow state licensed adoption agencies to refuse

Avoid These 4 Mistakes When Naming Life Insurance Beneficiaries You may have life insurance as part of your estate plan. When naming your beneficiaries, there are mistakes you can make that could lead to potentially dire consequences for the very people you’re trying to protect and support. The following four mistakes are among the most common we see clients make when selecting life insurance beneficiaries. If you’ve made any of these errors, contact us right away, so we can amend your policy to ensure its proceeds provide the maximum benefit for those you love most. Failing to name a beneficiary.