Did you miss our coffee chat on April 9, 2020? Click here for valuable resources shared on our last coffee chat and information on our upcoming "First Friday" Client Only Coffee Chat (May 1, 2020 at 4:15pm)

April 23, 2020

Do you know about our Client Only "First Friday" Coffee Chats?

Every "First Friday" of each month, Debbie and Rob will be presenting a Client Only Coffee Chat! Be sure to mark your calendars!

Our next Coffee Chat will be Friday, May 1, 2020 at 4:15pm. They will be presenting Tax, Investment and Planning (TIPS) for Changing Times! This will include discussion of the SECURE Act, CARES Act, Government Stimulus, the Markets and the Economy.

Please register for this at:

https://attendee.gotowebinar.com/register/810949605507597836

After registering, you will receive a confirmation email containing information about joining the webinar.

Thanks to all who attended our Coffee Chat 2.0 on April 9, 2020 on Managing Through the Coronavirus ! We hope you found the information useful and timely.

We had a great discussion on the various relief measures outlined by Congress and the Federal Reserve. We also discussed different ways to take advantage of the bear market from an investment and planning perspective. We know that we have covered a lot of information during the last several weeks and we wanted to highlight the key items that you should consider.

Emergency Relief Options to Consider during the Coronavirus Pandemic

There are many relief options that may be of benefit to you and your loved ones. We list 11 opportunities and strategies below that may be available to you.

Stimulus Checks
Unemployment and family leave
Mortgage and debt relief
Student loan relief
Taking cash from retirement accounts (loans and/or distributions)
RMD holiday for 2020
Delay filing of tax return
Delay payment of 2019 taxes and Q1 and Q2 estimated taxes
Confirming that your state is following the federal guidelines on tax filing and tax payment delays
Charitable deductions, gifts, and estate planning
Small business relief (SBA loans PPP and EIDL), payroll tax credit and payroll tax deferral, among other things

See below for additional resources that explain these opportunities even further.

Are you applying for a loan through the Paycheck Protection Program? Thinking of delaying employer payroll taxes? You should understand what you can and can’t do under the four main provisions of the CARES Act aimed at helping business owners.

Check out this guide to compare each option: Four Ways the CARES Act Can Help Your Business - Complimentary Guide and Opportunities for Your Financial Plan Announcement

Action to Consider During A Recession Or Market Correction

As we discussed on the call, during times of market volatility, opportunities present themselves that may otherwise not be viable.

Therefore, we have identified 15 actions below to consider in a recession or market correction.

Review cash flow issues and budget
Review your emergency funds (create a Plan B)
Work with Taylor Financial Group to update your Wealth Match financial plan
Stop RMDs (RMD Holiday) for 2020
Mortgage relief (or consider refinancing)
Move cash in from the sidelines (buy low and sell high), create a shopping list for undervalued stocks
Make contributions to IRAs (for 2019 and 2020), Health Savings Accounts (HSA's), and employer retirement accounts (401(k)'s and the like)
Small business loans and other relief for small businesses
Perform Roth conversions
Perform tax loss trading and consider asset location strategies
Perform annual gifting
Consider long term estate planning opportunities and low interest loans to family members
Update estate plans (Will, Living Wills, Health Care Directive, Power of Attorney, HIPAA)
Review and update existing trusts and consider the impact of the SECURE Act
Consider wealth transfer techniques that take advantage of low valuations and low interest rates (GRAT, IDGT, and Private annuities)

Click here for a downloadable PDF checklist to help you further understand these items!

During times like this, it is easy to get caught up in the moment and forget that opportunities do exist. We challenge you to think about the long term.

Now is the time for courage and for setting your gaze outwards. Once we are passed all of this, you will likely be happy you did!

Let's make lemonade out of lemons!

For additional information, check out Debbie's articles which dive deeper into some of these topics!

Can't Get Enough?

Don't Forget! Our "First Friday" Client Only Coffee Chat will be at 4:15pm on Friday May 1, 2020 on Tax, Investment and Planning (TIPS) for Changing Times! This will include discussion of the SECURE Act, CARES Act, Government Stimulus and the Markets and Economy . We will focus on actionable strategies that could make sense right now. Click here to register:

https://attendee.gotowebinar.com/register/810949605507597836

If you would like to discuss any of the topics listed above, feel free to reach out to us so we can determine the best path forward! If you or any loved ones need additional assistance, please also feel free to contact us as we will do everything we can to help!

Stay safe.

Regards,

‌

Debra Taylor, CPA/PFS, JD, CDFA

Wealth Manager

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