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- We have a President-Elect, but control of the Senate and COVID-19 hang in the balance
It was not unexpected to have the final results of the Presidential Election delayed until sometime following election day; however, this was not necessarily the case with the U.S. Senate. As of this morning, it appears Senate control will remain with Republicans, but we will not know until the run-off election for the two Senate seats in Georgia, which will occur in early January. Democratic control would increase the chances of more significant policy changes out of Washington. It appears post-election financial market performance to this point might have been incorporating a status-quo, divided government type scenario; therefore, election results may continue to present a risk factor for the financial markets through early 2021. - Special Needs Trusts for Individuals on the Autism Spectrum
Caring for someone on the autism spectrum can be a significant challenge, one which most of us are not equipped to handle alone. This webinar will help you gain a better understanding of how a special needs trust can help support loved ones/clients on the spectrum throughout their entire life. - Near Term Election Uncertainty, but Continue to Focus on Long-Term
At the risk of sounding somewhat cliché, one of the most important election days in our country’s history is quickly approaching. While still a week away to the election, approximately 66.8 million votes have already been cast through the mail and early in-person voting, representing 48% of the total votes counted in the 2016 election. - How about a “Kiddie Tax” Refund?
The so-called “Kiddie Tax” is a tax imposed on a child’s unearned income. Generally, a “child” means someone under 17 years old (or under 24 if certain criteria are met) and “unearned income” means income derived from sources not related to employment, including investments. - Economic Review Fall 2020
<p>We will join the chorus and state the obvious. Unless you survived the flu epidemic of 1918, 2020 is a year unlike any experienced in our lifetime. The U.S. economy suffered its steepest downturn on record due to the COVID-19 pandemic when Q2 GDP plummeted at a 31.4% annualized rate, following a Q1 decline of 5%. Consumer spending plunged 33% during the second quarter.<sup>1</sup> Except for government spending, other economic sectors shrank drastically as well.</p> - Planning with IRA and 401(k) Assets in 2020 and Beyond
The biggest legislative change to retirement plans in more than a decade happened just before 12/31/19. The SECURE Act, among other things, eliminated the “stretch”, a core of estate plans for decades. Kimberly I. McCarthy, Esq., Senior Vice President and Chief Tax and Benefits Officer, Wealth Management Client Services, discusses the key changes under the new legislation and guidance. - Economic & Financial Market Review & Outlook- Summer 2020
The U.S. is suffering its worst economic downturn since the Great Depression with GDP estimated to have plunged at an annualized pace in excess of 30% in the most recent quarter after a 5% drop in Q1. The velocity of the decline is as stunning as its magnitude. This recession was, of course, self-imposed as much of the economy was shutdown beginning in March to halt the spread of COVID-19. - 2020 Changes to Required Minimum Distributions - What You Need to Know
<p>There have been a lot of changes regarding Required Minimum Distributions (“RMDs”) in the past 6 months! For anyone that wants to hit the pause button on this chaotic state of affairs and get an RMD “do over”, June 23rd was a good day. </p> <p>On Tuesday, June 23, 2020, the IRS released formal guidance expanding relief for participants in 401(k)/403(b) plans, IRAs, and their beneficiaries. Specifically, the new guidance extends existing relief backwards (to distributions taken as far back as 1/1/20); extends existing relief forward (by moving the deadline to “reverse” or “undo” an RMD from 7/15/20 to 8/31/20); and by providing a new category of relief (allowing inheritance beneficiaries to re-contribute their RMDs). </p> - Spring 2020: Economic & Financial Market Review and Outlook
Economic forecasts for 2020 have been upended as public health concerns prompted the shutdown of large parts of the U.S. economy in order to prevent rapid transmission of COVID-19. 2019 had concluded on a very healthy note as GDP grew at a 2.1% pace in the final quarter and 2.3% for the year.<sup>1</sup> A continuation of moderate growth seemed probable in 2020. If you recall, January and February economic data were solid, characterized by strong employment and a robust housing sector. - Market & Economy Outlook 2020
2019 was icing on the cake to a decade that began with trepidation coming out of the financial crisis and the Great Recession but proved to be extremely rewarding for U.S. investors.
