With COVID-19 impacting more and more Americans, individuals across the country are scrambling to set up wills and end-of-life directives. Over the last two weeks, online will companies have seen an explosion in users, according to the article, “Coronavirus Pandemic Triggers Rush by Americans to Make Online Wills,” published by…
Managing your finances likely isn’t the most exciting task on your to-do list, but it’s crucial if you want to reach all your financial goals and set yourself up for long-term success.” You may be saving for retirement, paying down debt or simply budgeting for your everyday expenses. Whatever your…
“You may have a friend, or two, who has blown a large inheritance. Some of you may have also seen a news story about a lottery winner who went bankrupt (or worse) just a few years after receiving a life-altering sum of money. If you don’t want this to be…
The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic. The IRS has expanded the list of deadline extensions for federal taxes and tax returns to include gift and generation-skipping…
Do you ever worry about how your beneficiaries will manage their portion of their inheritance when you pass away? One solution that allows you to still exert some control over your money–even after passing–is with a revocable living trust (RLT).” A revocable living trust is created with a written agreement…
In these uncertain times, it’s more important than ever to have your legal, financial and medical ducks in a row. Sadly, when serious illness strikes it is usually quite rapid and often unexpected. In these times, however, we do have forewarning that we are all at risk of contracting COVID-19, the…
Signed into law on Friday, March 27, the CARES (Coronavirus Aid, Relief, and Economic Security) Act is the biggest economic stimulus package in U.S. history. Below are essential highlights for individuals and small businesses. Individuals One-time direct deposits of up to $1,200 for individual taxpayers with incomes up to $75,000…
The U.S. Small Business Administration (SBA) is offering up to $2 million in Economic Injury Disaster Loans for small businesses impacted by the coronavirus, in addition to a resource page detailing eligibility and how to apply. It’s estimated that some 30 million US small businesses may fall victim to the…
“Treasury Secretary Steven Mnuchin announced Friday, March 20th, that the administration has moved the IRS deadline for filing taxes from April 15 to July 15 due to the disruption caused by the coronavirus.” There has been some confusion about the income tax filing / tax payment deadline extensions. However, on…
For many Houstonians, the fear of the unknown health, social, economic, and financial challenges related to the COVID-19 pandemic are prompting intense concern and anxiety. If you are self-isolating or quarantining at home, you probably are already creating your new “normal” schedules, researching online resources, and creating ways to find…