Beating COVID-19: Tips for Your Insurance, Finances, and Business - May 2, 2020

May 02, 2020
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News. Insights. Analysis. Inspiration.

 

"White House Unveils Plan to Reopen American Businesses"

From Small Biz Trends:

Here’s an overview of the plan:

  1. Phase 1 – Strict social distancing for everyone when out in public. Non-essential travel is discouraged. Avoid gatherings of more than 10 people. Allow employees to work from home as much as possible. Gyms and restaurants can open while following strict physical distancing protocols. Vulnerable people should still shelter at home.
  2. Phase 2 – Continue social distancing. Travel can resume. Limit gatherings to no more than 50 people. Continue strict physical distancing protocols.
  3. Phase 3 – Business as usual, while keeping a vigilant eye on new infection outbreaks.

 

"Small Business Owner Guide: COVID-19 Resources and Relief Options"

From The Hartford:

* Recent weeks have impacted small businesses around the globe. To slow the spread of COVID-19, governments have mandated social distancing and self-isolation tactics, forcing millions of people to turn to remote working. Some businesses have closed altogether, while others are promoting online sales and eCommerce. If you’re wondering where to turn during these complicated times, we’ve put together a comprehensive state-by-state guide on how to receive aid and keep your business open.

  

"Proactive Planning With Low Market Values Using A Sale To A Grantor Trust"

From Forbes:

* Despite the current uncertainty and continuing impact of the COVID-19 pandemic, there still may be opportunities for wealth planning.  The current unfortunate circumstances have created a prime environment for certain wealth transfer strategies – such as sales to grantor trusts – which can help position individuals with transfer tax concerns to take advantage of the current financial conditions.

* Considering a sale to a grantor trust makes sense right now because many asset values have declined, the federal gift tax exemption is at an historical high at $11.58 million per person in 2020, and interest rates are among the lowest rates in history.

  

"How 3 Businesses Successfully Adapted to Social Distancing"

From American Express:

* From New York to California, entrepreneurs made split-second decisions to shift their business models in ways they hoped would resonate. Below are three such stories, detailing how a bakery in Chicago, a winery and inn in California and a fitness business with locations in multiple states have altered their paths to find ways to offer value to their customers—and their communities—in the most challenging of times.

 

"Benefits vs. Costs and COVID-19"

From TownHall:

* There's a strictly health-related downside to the shutdown of the U.S. economy ignored by our leadership that has been argued by epidemiologist Dr. Knut Wittkowski, formerly the head of the Department of Biostatistics, Epidemiology, and Research Design at Rockefeller University in New York City. Wittkowski argues that the lockdown prolongs the development of the "herd immunity," which is our only weapon in "exterminating" the novel coronavirus -- outside of a vaccine that's going to optimistically take 18 months or more to produce.

Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here