Moving Past the COVID and Election Chaos - September 4, 2020

September 04, 2020
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Tips for Your Insurance, Finances, and Business 

News. Insights. Analysis. Inspiration.

 

Today's Key Question:

Do you know how to use life insurance to reap tax benefits and defer attorney fees? 

See the article below from JD Supra.

 

 

"How Are Millennial Prenuptial Agreements Different?'

From National Law Review:

* From our experience as Chicago family law attorneys, millennial prenuptial agreements tend to look a little different than prenuptial agreements from earlier generations.  For one, Millenials have a particular focus on finances.  People are getting married later in life than previous generations used to, which means that they have more assets to protect.  On the flip side, millennials also bring a lot of student debt into the marriage that the other party would like to protect themselves from.  Other issues that millennials tend to focus on are pet custody and the allocation of frozen embryos post-divorce. 

 

 

"Fast-food giants like Dunkin' and Chipotle are using the restaurant apocalypse as a chance to 'swallow up' independent restaurants that are struggling to survive the pandemic."

From Business Insider:

* While chains have announced planned closures of underperforming locations, it's independent restaurants across the US that are facing unprecedented challenges. And as independent restaurants falter, well-funded chains and their franchisees are eager to pounce on restaurant real estate. 

In other words, the pandemic is paving the way for chains to take over the American restaurant industry. As independent restaurants struggle to stay afloat, the looming domination of chains seems inevitable.

 

  

"Dying to Go to School"

From Townhall:

* Recognizing this paucity of danger to children, several teachers' unions support keeping school doors shut over concerns that children could instead transmit infection to teachers. This is indeed a valid concern for some older teachers, and they deserve every measure be taken to safe-guard their health and lives.

But there simply aren’t enough teachers in this high-risk group to justify the full closure of our schools. Most teachers are relatively young (median age 41) and at low-risk. From February to August, 2,728 people age 35-44 died from COVID-19 in the United States. That’s less than 2% of the 142,000-plus COVID-related deaths over the same time span. At this rate, over a year’s time would still see fewer than the 6,385 36-45-year-olds who died in automobile accidents in 2006.

In other words, it’s reasonable to conclude that a teacher is more likely to die in a car crash driving to school than from COVID-19 contracted at school. 

 

 

"The Paper Chase - Using the Loan Method of Split Dollar as an Alternative to Attorney Fee Deferrals"

From JD Supra:

* I have written previously about the deferral of attorney contingency fees and have been on a several week rant about the planning power of the Loan Regime Method of Split Dollar. This article focuses on how deferred contingency fees can be strategically repositioned through the Loan Method of Split Dollar to produce more tax efficient benefits during lifetime and at death.

 

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