Now that the dust has (mostly) settled from the almost weekly legislative changes these past few months, today’s guest, CPA Jon Sluis, says, “It’s time to start paying attention and start dealing with the change that happened.” He’s referring to the disconnect between what many are hearing in the media and what they are seeing in their own financial positions.

As a result of the flood of stimulus money injected into the economy, limited businesses went down; the same for individuals. In fact, many businesses and individuals pivoted as a result of all the changes thrown at them. Whether from increased support from clients, creative marketing or quick cost-cutting initiatives, many businesses and individuals are feeling more cash flush than before. While some saw declines in top-line revenue or investment returns, many are actually seeing an increase in bottom-line taxable income – which means there may be a tax liability coming. And when you are cash flush, it’s usually a good indication that you may need to start tax planning now and shift to those discussions.

This show will discuss the repercussions of what happened and how to deal with it now. Tune in and take control! There’s never enough time when we have Jon on the air.

The saying goes, “You have a trust when you don’t trust.” By creating a trust, you are attempting to control assets after your passing to provide legal protection. In some cases, it can protect the assets as they are inherited or to save estate taxes. However …

There have been a lot of changes with the SECURE Act of 2019. Trusts went from being one of the best places to leave your IRA to one of the most questionable. For those with disabled or chronically ill family members, trusts are invaluable. Generally speaking, however, they are not a cure-all when it comes to estate planning … especially with IRAs.

Tune in and find out more about one of the most popular estate planning tools. Ed Slott is direct with this piece of advice, “Stop naming a trust as an IRA beneficiary!”

The news can be negative and seem bias at times no matter which side of the political spectrum you fall on.  Its best to listen and collaborate with trusted advisors as you consider the facts and make decisions.

Have you ever wondered if your retirement assets are protected from bankruptcy and lawsuits? Perhaps you’ve never had to consider such a thing. But the way 2020 is going, at this point it feels like anything could happen! In the words of Ed Slott, “In the current environment with so many small businesses on the brink of closing and struggling employees in limbo, increased bankruptcy filings could be around the corner. It is imperative to understand which accounts hold what protections, and how retirement assets are shielded from those anxious to get a piece of the nest egg.”

We’re going LIVE today to talk about it! Also, Heidi has some deadline updates, and we’ll celebrate Social Security’s 85th birthday!

We’ve noticed something over the years … you like Shea Stats! YAY! Honestly, who doesn’t love a good stat once in a while? Which is why we’ve decided to devote this week’s show entirely to Shea Stats and Chats! Dennis will give his immediate feedback on the most pressing information and what it means for you.