COVID has affected many areas of our lives, including our finances. In normal times, if you are age 72 or older, you’d be required to take a Required Minimum Distribution (RMD) from your IRA or other retirement accounts. Because of COVID, under the CARES Act, that requirement is waived for 2020. What this means for […]
One bright spot for consumers in this uncertain economic environment is the recent drop in borrowing costs, particularly in home mortgages and home equity lines of credit (HELOCs). While the opportunity to borrow at lower rates is welcomed, it comes with the catch of higher borrowing standards! In fact, JPMorgan Chase, one the country’s largest […]
A byproduct of the COVID economic crash is extremely low interest rates…orchestrated by the Federal Reserve. One long-standing family wealth transfer strategy is making low-interest loans to family members. For loans between family members, you are required by law to charge a minimum interest rate based on the monthly published Applicable Federal Rates (AFR). These […]
Even as we reopen our businesses across the state and country, COVID-19 continues to spread and wreak havoc on our lives and our economy. Restarting the economy is critical, but we must do it in the safest way possible, or we risk a resurgence of the virus that again threatens our hospital systems and, perhaps, […]
Mostly COVID-19 has wreaked havoc on all of us but if you are the type of person always looking for the silver lining, here are three new financial options available to you: Required Minimum Distributions (RMDs) In response to COVID-19, congress passed a provision under the CARES Act that suspends the requirement that people age […]
COVID-19 continues to be a significant disruption in our lives and continues to wreak havoc upon our economy. Current unemployment numbers are approaching 22%. To put this in perspective, look at both recent history and more ancient history: In February of this year, we were in the midst of one of the strongest economies and […]
When will the shelter in place policies end? When will the economy reopen? When the economy does reopen, what will the business environment look like? How will this affect my job prospects moving forward? How will this affect my investment portfolio and long-term retirement plans? The questions above are a few facing us right now, […]
For some people, nothing short of a worldwide pandemic will cause them to take stock of their personal finances. For decades the financial community has preached the importance of having three to six months of cash reserves for the unexpected. Yet research suggests that 40% of households don’t have $400 in the bank for emergencies. COVID-19 […]
The CARES Act passed by Congress and signed by President Trump provides for up to $1,200 stimulus checks to be paid to millions of Americans. Here’s a quick breakdown of who will receive how much money: This is a one-time payment. The calculation for eligibility is based on your 2019 earnings or 2018 earnings if […]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed by Congress and signed by President Trump on March 27 and is the most significant economic aid package of our lifetime…amounting to over $2 trillion. It provides a variety of financial relief to individuals, small business owners, and large corporations. $350 billion is […]