Coronavirus Financial Response Resources

The global pandemic has brought on many unexpected changes to finances and future plans. Browse our resource library for information about COVID related financial planning.

7 Estate Planning Things to do in the Time of Coronavirus

In this time of a global pandemic where many are making health and safety a bigger priority in their life, many have begun to make sure they are prepared for the future and know that their families are protected in the event of them getting seriously ill, or worse.

If you have started thinking about estate planning or updating your current plan, now is an ideal time to do so. Among the health reasons, there are also financial reasons due to the passing of the Tax Cuts and Jobs Act of 2017, and more recently, the SECURE Act to update your planning and documents. Don’t wait until it’s too late to ensure your estate planning is in order and communicated clearly.

Medicare and COVID-19-Related Health Care Costs

Right now, some private insurance companies are waiving costs to be tested for the Coronavirus, but not the services that go along with it. In case you are faced with an emergency related to the virus, now is a good time to review your health insurance plan to understand how much you would need to pay for any out of pocket costs. This article details more information and what Medicare covers.

Social Security and Coronavirus

In March, all Social Security offices were closed to the public for in-person services, but they are still able to provide critical services. Benefits will continue to be paid, phone and online services are available, you may be able to meet an employee in a local office if necessary and more services are continuing. Keep in mind that if an employee is trying to reach you for follow-ups or appointments, they may be calling from a different number then you are used to – make sure to confirm they are from Social Security – they would never ask for payments or make any threats. Lastly, if you have had a change in your job or business, you may be considering if now is the time to claim Social Security, however, there are important guidelines to keep in mind. This article can help you learn more about what they are.

Planning Opportunities Coronavirus Checklist

The Coronavirus pandemic has thrown a wrench into many financial plans, goals and ideas. Situations like being out of work, receiving the stimulus check, having a business that needed to close, etc are all things that have gotten people everywhere worrying about their plans and how to use their finances (or lack thereof) in the best way possible. This checklist is full of questions that are not meant as recommendations, but more so a way to encourage thinking and starting conversations about planning opportunities. If you have any questions or want to begin implementing changes to your current financial plan, contact your financial advisor to talk them through.

Updated: 2020 Key Financial Data Card

As you may have heard, the IRS has extended the 2020 tax filing date in response to the COVID-19 pandemic. You now have until July 15, 2020 to file your taxes this year. This deadline extension also applies to the deadline to contribute to an IRA and HSA. You will have until July 15, 2020 to contribute to those accounts as well. We have updated our “2020 Key Financial Data Card” to reflect these new numbers. If you have downloaded the one from earlier this year, please refer to this one for the rest of the year