Wills and trusts are common documents used in estate planning. While each can help in the distribution of assets at death, there are important differences between the two. What Is a Will? A last will and testament is a legal document that lets you direct how your property will be dispersed (among other things) when you die. It becomes effective only after your death. It also allows you to name a personal representative (executor) as the legal representative who will carry out your … [Read more...]
Five Key Benefits of the CARES Act for Individuals and Businesses
By now you know that Congress has passed a $2 trillion relief bill to help keep individuals and businesses afloat during these difficult times. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many provisions. Here are five that may benefit you or your business. 1. Recovery Rebates Many Americans will receive a one-time cash payment of $1,200. Each U.S. resident or citizen with an adjusted gross income (AGI) under $75,000 ($112,500 for heads of household and … [Read more...]
Market Week: June 8, 2020
The Markets (as of market close June 5, 2020) Despite nationwide protests and U.S.-China tensions, stocks rose to start the week. Apparently, investors focused on progress toward economic recovery instead of other pressing issues. Of the benchmarks listed here, the small caps of the Russell 2000 and the tech-heavy Nasdaq led the way, each gaining more than 0.60% by the end of trading last Monday. Stocks continued to perform well, as each of the indexes listed here posted notable gains. The … [Read more...]
The ABCs of Finance: Teaching Kids About Money
It's never too soon to start teaching children about money. Whether they're tagging along with you to the grocery store or watching you make purchases online, children quickly realize that we use money to buy the things we want. You can teach some simple lessons today that will give them a solid foundation for making a lifetime of sound financial decisions. Start with an Allowance. An allowance is often a child's first brush with financial independence and a good way to begin learning how to … [Read more...]
Mid-Year Is a Good Time to Fine-Tune Your Finances
The first part of 2020 was rocky, but there should be better days ahead. Taking a close look at your finances may give you the foundation you need to begin moving forward. Mid-year is an ideal time to do so, because the planning opportunities are potentially greater than if you waited until the end of the year. Renew Your Resolutions At the beginning of the year, you may have vowed to change your financial situation, perhaps by saving more, spending less, or reducing your debt. Are these … [Read more...]
Student Debt: It’s Not Just for Young Adults
Recent college graduates aren't the only ones carrying student loan debt. A significant number of older Americans have student debt, too. In fact, student loan debt is the second-highest consumer debt category after mortgage debt. In total, outstanding student loan debt in the United States now stands at approximately $1.5 trillion, with the age 30 to 39 group carrying the highest load. Source: New York Fed Consumer Credit Panel/Equifax (Q3 2019 … [Read more...]
Market Month: May 2020
The Markets (as of market close May 29, 2020) May saw several states and foreign countries ease restrictions put in place in response to the COVID-19 pandemic. As economies slowly picked up momentum, investors grew more confident in stocks, driving values higher. However, investor optimism was kept in check by sobering economic reports and growing tensions between the United States and China. The unemployment rate reached its highest level since the Great Depression while claims for … [Read more...]
Four Questions on the Roth Five-Year Rule
The Roth "five-year rule" typically refers to when you can take tax-free distributions of earnings from your Roth IRA, Roth 401(k), or other work-based Roth account. The rule states that you must wait five years after making your first contribution, and the distribution must take place after age 59½, when you become disabled, or when your beneficiaries inherit the assets after your death. Roth IRAs (but not workplace plans) also permit up to a $10,000 tax-free withdrawal of … [Read more...]
June 2020 Newsletter
Erb Financial Taxes * Planning * Investments Student Debt: It's Not Just for Young Adults Recent college graduates aren't the only ones carrying student loan debt. A significant number of older Americans have student debt, too. Mid-Year Is a Good Time to Fine-Tune Your Finances The first part of 2020 was rocky, but there should be better days ahead. Taking a close look at your finances may give you the foundation you need to begin moving … [Read more...]
Keeping Cool: Investment Strategy vs. Reaction
After losing ground in 2018, U.S. stocks had a banner year in 2019, with the S&P 500 gaining almost 29% — the highest annual increase since 2013.1 It's too early to know how 2020 will turn out, but it's been rocky so far, and you can count on market swings to challenge your patience as an investor. The trend was steadily upward last year, but there were downturns along the way, including a single-day drop of almost 3% on August 14. That plunge began with bad economic news from Germany and … [Read more...]
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