Dear Customer,
We hope this finds you all well as we continue to follow the latest developments regarding the COVID-19 pandemic. With a new relief package on the horizon, states are looking to reopen their economies and non-essential businesses in various forms, we are all working to navigate the quickly changing conditions and keep you up to date.
MFS
- We, like many other businesses, are in the process of determining when and how we will reopen our office to our Team Members and customers. In the end, we will determine the steps needed to protect the health of everyone inside of our office.
Individuals
- The new federal Pandemic Unemployment Assistance (PUA) Program will provide benefits for many individuals ineligible for state unemployment benefits, including self-employed individuals and 1099 filers. The benefits will be traditional to similar unemployment, include the additional $600 per week and will be retroactive to the date qualified, as early as February 2, 2020. The Ohio Unemployment website is now up and running to take advantage of this expanded eligibility.
https://unemploymenthelp.ohio.gov/expandedeligibility/
Planning Opportunities
- Now is a great time to revisit your estate planning. Make sure that your will, living will, health care directive and durable power of attorney are up to date. Review your beneficiaries, trustee’s and appointed individuals, as these often change. If you have a trust, updates may need to be made as a result of the SECURE Act.
- With Required Minimum Distributions (RMD’s) being put on hold for 2020, we still want to take advantage of utilizing the lowest tax brackets. For example, it may be ideal time for you to do a Roth conversion, IRA distribution, tax gain harvesting. In some cases it may make sense to simply do nothing this year and put the RMD on hold. We will be looking at these potential opportunities over the coming months.
- We often talk about financial capital and neglect other forms of capital, such as Human Capital. With many of you having extra time on your hands, it is an opportune time to optimize your Human Capital Value, so that you can maximize your income now and for the future. Consider returning to school, earning a graduate degree, obtaining a new license or designation or learn a new language. Learning anything new will help to grow your Human Capital Value, and from my experience, this is one of the best investments a person can make.
As always, if you have someone that you care about – your friends, family members and colleagues – who may also be facing challenging questions and a complex situation, it would be our pleasure to assist them. Please have them call me at 440-449-7709 x 102, or email me at vince@mayfield1.com.
I will be in touch next week with additional updates. Stay safe and healthy!
Vince