It’s not new news that many financial investments and bank accounts have taken a hit as a result of the global spread of coronavirus. According to most predictions, it’s likely to take some time for the markets to rally and the economy to pick up again. But there is a silver lining for some taxpayers, who might be able to take advantage of certain estate-planning strategies as a result of the economic climate. Talk to an
The Covid-19 pandemic has offered a great reminder to review the elements of your estate plan. Below are some key items to consider. Set up a call with your estate planning lawyer to consider any specific details related to your own plan. Review your health care proxy and power of attorney: Be sure you are comfortable with your choices of who will make medical and financial decisions on your behalf if you are unable to do
There’s a growing trend toward cashless businesses. From clothing stores to coffee shops to salons, some businesses are implementing cash-free policies. Only credit and debit cards allowed. What’s behind the trend? Cash-free businesses (and credit advocates) say there are a number of benefits: Speed up the checkout process: It’s quicker to swipe or tap a credit card than to count cash and make change. If your business has long lines at peak service times, going cash-free
Retirement plan sponsors have been watching Congress closely, waiting on passage of the Setting Every Community Up for Retirement Enhancement Act. The legislation, designed to boost Americans’ retirement savings, has implications for small businesses and individual savers alike. The bill is considered to have strong bipartisan support, and advocates are optimistic it will pass by year-end. If it doesn’t pass via a unanimous consent vote this fall, pundits suggest it will be attached to a year-end
Chapter 11 bankruptcy is not an easy process, and rules have traditionally favored large businesses. Now, distressed small businesses will have a better chance at reorganization under a new subchapter of the federal bankruptcy code. The Small Business Reorganization Act of 2019, which will go into effect on Feb. 19, 2020, makes Chapter 11 reorganization a more affordable and feasible process for small businesses. Under the new law, individuals and companies with roughly $2,725,000 of debt
Under new Department of Labor rules, employees who make less than $35,568 are now eligible for overtime pay. Starting January 1 the rule raises the salary cutoff for so-called “white collar” exemptions to $684 a week, up from $455 a week ($23,660 annual). As a result, businesses are advised to evaluate pay rates, hours and nonexempt classifications in advance of the change. Some actions steps: Review white collar exemptions: Identify exempt employees whose salaries fall below
Don’t let social distancing get in the way of your personal and professional relationships Keeping up with your friends and maintaining professional relationships is a challenge as most in-person activities have come screeching to a halt. Drive-by birthday parties, video happy hours and pre-recorded commencement speeches are the new normal. Despite social distancing guidelines, here are some tips to stay connected. Embrace digital communication. Whether you were ready for it or not, face-to-face contact has been
Many Americans have been focused on their own finances over the past several months. But don’t neglect helping those closest to you with their finances as well, especially aging parents. Here are some questions to ask your parents to help them sort through their financial picture. Have you decided when you’ll start taking Social Security benefits? If your parents have not started taking Social Security, a discussion in this area will help both of you. Generally,
Shuttered businesses are realizing that lifting lockdown restrictions doesn’t mean a return to business as usual. Social distancing guidelines and a public wary of venturing into crowded environments means light customer traffic for many businesses. Here are several ideas to help local businesses financially as they re-open their doors: Continue buying gift cards. For many small businesses, positive cash flow is the primary factor whether they survive this economic downturn. Buying gift cards is a great
It suddenly got a lot more difficult to buy a home The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a heightened awareness of staying healthy. Save more for a mortgage
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