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Information provided on this page is informational only. Please review your financial situation with a qualified financial professional before taking action

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On Medicare? - You May Need One More Form For A Complete Estate Plan

As financial planners we are always stressing the importance of a complete estate plan. This goes beyond just having a will. You'll also need a power of attorney for financial affairs and healthcare, if you are unable to make decisions for yourself. In some cases, a trust is another key component. But, if you're on Medicare, the government requires an additional form to provide information about your coverage to others.

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Rewinding RMDs - IRS Greatly Expands RMD Rollovers for 2020

Do you ever sometimes wish you could go back in time? As financial planners we often dream about taking advantage of certain tax laws before they change, or knowing stock market returns in advance (because no one can consistently predict the market correctly!). Speaking of which, no one was predicting a global pandemic at the start of the year and knowing that in advance may have altered how many individuals would have handled their required minimum distributions from retirement accounts. Similar to 2009, RMDs do not need to be taken in 2020 thanks to the CARES Act. But this rule change did not occur until the end of March. Luckily for those who did not procrastinate, the IRS released additional changes to returning RMDs and taking other distributions from retirement accounts. Here's what you should know about these new rules.

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Thrift Savings Plan Responds to CARES Act

In recent history, The Thrift Savings Plan has not been able to quickly adapt to required changes to the TSP that were part of federal legislation. The TSP’s response to the important temporary changes in the CARES Act is no different, as it is taking four months for them to fully implement changes that were supposed to be offered to participants as quickly as possible. Below is a summary of what the TSP has already done and what still has to be completed, along with a non-CARES Act major change to the TSP.

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The Stock Market Jumped in April - What Does That Mean?

If you're like many Americans, the stock market has been the least of your concerns recently. Between a global pandemic and extreme economic uncertainty, there are much more important matters to be concerned with. In fact, many of you are likely avoiding looking at your investment statements because the decline (which isn't a bad idea). For those who have been watching the stock market, you may have noticed that stocks increased fairly substantially in April, with the S&P 500 up over 14%. But what exactly does this mean? Are we out of the woods, at least financially? Should you alter your investment strategy? These are important questions many investors are asking right now.

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Financial Planning Considerations During COVID-19

Health and finances are likely the only two topics on most people's minds these days. How can you keep yourself and your loved ones safe and healthy through this pandemic? And what should you do with your investments during this recent market drop? Managing your investments prudently and resisting the urge to sell stocks while the market is down are certainly important financial planning considerations. However, as financial advisors, we wanted to highlight other crucial financial planning areas that often don't get as much attention in the news media.

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