Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - June 14, 2020

June 14, 2020
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News. Insights. Analysis. Inspiration. 

Today's Key Question:

Are you concerned your heirs will pay a huge estate tax bill when you pass on portfolios that have increased in value? The article below from Yahoo Finance could give you some ideas. 

Feel free to come to me for personal assistance.

 

"A robot walks into a bar, helps make a cocktail"

From Wealth Advisor:

* Robot bartenders are shaking up the bar and cafe industry in South Korea. It could be the new normal for the East Asian nation as people begin to deal with the impacts of coronavirus.

Steve

 

"Own a Small Business? You Need to Know About These Coronavirus Tax Credits"

From Motley Fool:

* If you own a small business, the Great Lockdown has probably been difficult. Whether you've been forced to shut down or have been able to stay open (despite the risk) as an essential business, these are turbulent economic times, and your company is probably feeling some adverse financial effects.

But there is help for business owners, some of it in the form of tax credits. In particular, the IRS has highlighted new credits for employers including the employee retention credit and credits for paid sick leave and family leave.

 

"COVID-19 Presents an Opportunity for Gift and Estate Planning at Low Valuations"

From Yahoo Finance:

* In the present scenario, with the decrease in the value of business assets, those who are subject to federal or state estate tax or state inheritance tax should consider transferring the reduced-value assets in a tax-advantaged fashion. With proper planning, the post-transfer growth in the assets potentially can escape estate, gift and generation-skipping transfer (GST) taxes. Since assets are worthless now because of the pandemic situation, post-transfer growth will occur even if the asset values simply return to pre-virus levels. Any additional longer-term growth will also avoid transfer taxes.

 

"The Economy vs. Public Health Is a False Choice, We Can Reopen Safely Now"

Robert Campbell M.D. is the president of Central PA Anesthesia and a partner of the Job Creators Network Foundation.

From Townhall:

* Now that we've flattened the curve, which shows no sign of rebounding in the wake of soft reopenings and mass protests, we can protect the most vulnerable while allowing everyone else to get back to work and getting the greatest economy in the world running at full steam again.

 


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