For most, creating an estate strategy is important to make sure your loved ones are taken care of after you’re gone. But it may be just as important to have an estate strategy for your business. Whether you’re a sole proprietor who will be passing on your business to your heirs or your business partners will take over for you, having an agreement in place might ensure that your business legacy continues to live on.
If you have a child with special needs, a trust may be a financial priority. There are many crucial goods and services that Medicaid and Supplemental Security Income might not pay for, and a special needs trust may be used to address those financial challenges. Most importantly, a special needs trust may help provide for your disabled child in case you are no longer able to care for them.
Families with special needs children have a new tax-deferred savings option. The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states rather than the federal government. These plans emerged after the passage of the Achieving a Better Life Experience (ABLE) Act in 2014.
By Jessica Searcy Kmetty
After weeks of lockdown, I’m sure the last thing people are thinking about is taking a sabbatical.
Traditionally seen in academic fields, sabbaticals have become popular in recent years as both an employee benefit and as a mid-career break for professionals. But, what if they were built into the normal tempo of life in a similar fashion like summer vacations?
By Marc C. Shaffer
Kansas State University was the place I found my calling as a financial planner, and I have tried to stay as active as I can with the university in order to give back. And of course, I love cheering on the Cats any chance I can get!
I am the past president of the Human Ecology Alumni Advisory Board for K-State and am nearing the end of my term as president for the Kansas State University Personal Financial Planning Advisory Board. I also serve on the Kansas City K-State Alumni Planning Committee. Meeting the next generation of financial planners is very rewarding, and our program is continually growing and reaching new goals to produce thoughtful, educated financial professionals.
The COVID-19 outbreak has put tremendous pressure on stock prices, prompting some investors to blindly and indiscriminately sell positions at a time when the entire market is trending lower. Worried investors believe “this time it’s different.” When the market drops, some investors lose perspective that downtrends, and uptrends, are part of the investing cycle. When stock prices break lower, it’s a good time to review common terms that are used to describe the market’s downward momentum.
The $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was recently signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.
To put this monumental legislation in perspective, Congress earmarked $800 billion for the Economic Stimulus Act of 2008 during the financial crisis.
The CARES Act has far-reaching implications for many. Here are some important provisions to keep in mind:
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By Jessica Searcy Kmetty
Financial planning is not a one and done process. While we have many discussions with clients about their goals during the development of their plan, we know that things will pop up along the way that can cause goals to change. In some cases, these are decisions that are made after personal reflection warrants a change. But sometimes, we are forced to change our goals.
Goal planning isn’t just present in financial planning. I’m sure many of you have personal goals that you’re hoping to achieve this year. We’re in a brand new decade, which means some personal goals you set may have been even BIGGER than normal as you looked toward a chance to start fresh and new, or were ready to make things happen that you’ve been pondering for some time.
A correction is defined as a decline of 10% or greater from a recent high in the financial markets. Corrections can last anywhere from days to months, but few have lasted longer. Recently, we’ve seen a bumpy ride, and many people are looking for context as to what this might mean for their financial future.
Stock prices have bounced in-and-out of correction territory, as investors attempt to measure the economic impact of the COVID-19 virus. During periods of volatility, it’s important to remember that stock market corrections are not unusual and represent a normal part of the investing cycle. While the performance of any single year can deviate significantly from historical norms, on average, we see bear market corrections of 20% or more about every 3-4 years. The current situation of the market reacting to COVID-19 is impactful, but markets adjust all the time.
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