Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - August 21, 2020

August 21, 2020
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News. Insights. Analysis. Inspiration.

 

Today's Key Question:

Do you know why most estate plans fail? 

See the article below from Wealth Advisor, so yours doesn't.

 

"Breaking into fashion was already hard. Amid Covid-19, is a design generation lost?"

From Vogue Business:

* Traditional routes into the industry are blocked, but alternatives are emerging. With graduate fashion shows moved online or cancelled, pop-up initiatives are trying to fill the gaps. XYZ Exchange hosted 15 graduates from London colleges in a physical event space this month, with international students presenting their work via Zoom. “The graduates of 2020 will be the vanguards of system change. They’re the most open-minded,” says CEO David Leigh.

  

"How Payroll Tax Suspension Helps 140 Million Workers"

From Real Clear Markets:

* For most employees, the payroll tax is the biggest tax burden they face. Suspending it will eliminate one of their most significant paycheck expenses, leaving them better able to pay their bills and other expenses. The Committee for a Responsible Federal Budget estimates that Trump's tax deferral may put $100 billion worth of extra pay back in the pockets of U.S. workers through year-end. With these additional funds circulating in the economy -- in the form of local consumption and investment -- jobs and opportunity will be created.

 

"4 tips for choosing your ideal customer"

From E-Myth:

* Remember, while your potential market consists of everyone, not everyone is your ideal customer—especially in unstable times. It’s important to identify the customers you want most—whose needs fit into your delivery method, and your product and geographic scope—and be comfortable saying no to customers you don’t. Here are four ways to become more selective about your ideal customer so you can grow your business sustainably. While these tips are applicable to every business, they’re especially important if you’re experiencing a boom.

  

"Most Estate Plans Fail, Don’t Let Yours Be One Of Them"

From Wealth Advisor:

* Many estate planners will admit that a lot of the plans don’t achieve the owners’ goals. Most of these failures were avoidable.  The failures most often result from the nontechnical aspects of the plan, what some refer to as the human side, or soft side, of an estate plan. There’s not a lot of data on the issue, but there’s enough to be concerned. About 70% of estate settlements are followed by asset losses or a reduction in family harmony, according to the 2007 book Estate Planning for the Post-Transition Period by Roy Williams and Vic Preisser. In the past, the magazine Private Wealth found that most of the estate planners it surveyed periodically said a high percentage of the plans they prepared failed to meet their goals.

There are two main reasons for estate planning failures.

 

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