virus, covid, science

Coronavirus Aide, Relief, and Economic Security (CARES) Act

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Congress rushed through legislation and it was signed by the president. The cares act is the largest stimulus bill ever passed, and intended to help American families and American businesses. For the purposes of this article we’re going to focus on a few of the provisions that are likely to impact the majority of our clients.

Stimulus checks for American workers

Are US residents with an adjusted gross income of up to $75,000 for single filers, and $150,000 for married couples filing jointly are eligible to receive $1200 each. Folks for children under the age of 17 will receive an additional $500 per child.

For single fathers who make more than $75,000, or for married couples who make more than $150,000 there’s a phase out calculation. For every $100 over the limit, five dollars will be deducted from the potential stimulus check. Therefore, folks who are single filers will be completely phased out if they make $99,000 a year or more, and those married filing jointly will be completely phased out at $198,000.

Stimulus checks will be sent to folks without income as well. For example if you did not have any reportable income in 2019, or your income was from a non-taxable non-means tested source of income like Social Security you still qualify to receive a stimulus check.

The stimulus checks are considered a rebate from the IRS. They are being treated as an advance of refunds of a 2020 tax credit. Taxpayers will then reduce the amount of the credit available on the 2020 tax return by the amount of the advance refund payment received.

For the most part, there’s no real action for anyone to take. Congress has instructed the IRS to send checks out as soon as possible. So long as you are not in a state, or a trust, you’re eligible for this rebate, and you should expect to receive a stimulus check from the government as a result.

Although there is no specific date in which we know for certain when these checks will be hitting bank accounts, we expect that many of the checks will be delivered in April electronically to the bank accounts on file for those who file their taxes online.

Student loans

The federal government is suspending loan payments on federally issued student loans through September 30 of 2020. There will be no penalty for missed payments, and no interest will accrue during the suspension.

Employers are also being encouraged to help employees with student loans by offering an incentive for those who are offering repayment benefits to their employees. These repayment benefits will be received as tax-free compensation. Employers can contribute up to $5250 annually towards employee’s student loans debt and it would be excluded from the employees income. This incentive applies to payments made after the cares act enactment through the end of 2020.

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With us, you’ll get your arms around your financial life. We’ll do this together by taking a detailed inventory of your resources and goals.

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Our team gets to know you, and you get to know us. We work together every step of the way to make sure that your future is financially sound.

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Hope is not a strategy. We work to clearly understand your goals and craft a plan that focuses on realistically meeting those goals.

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We find that informed clients are successful clients. You get answers to your questions and an education that will empower you to take control.

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We are always looking forward to find and implement new strategies for you. We feel the best results are when we are ahead of changes, not reacting to them.

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Triplett-Westendorf Financial Group Is Compensated

Folks seeking financial planning and investment advice from a fee-based client-first fiduciary advisor may choose to engage with Triplett Wealth Management*, a division of the Triplett-Westendorf Financial Group. These folks would pay an annual fee deducted quarterly from their accounts, and in return receive conflict-free investment advice about their securities investments like equities (stocks for example), and fixed income (bonds for example), and any other securities-related investments.

Folks who are a good fit for this engagement are those who might feel good knowing that their advisor receives no commission or financial incentive to recommend one investment over another and that our firm does well financially when they do well.

Folks seeking this type of relationship pay a fee based on the assets managed within their plan. The fee covers the fiduciary management of market-based investments within their portfolio, as well as the ongoing maintenance of their personalized PT5 Written Retirement Income Plan designed to guide them to and through their very own vision of a successful retirement.

PT 5 Retirement Income Plan Screening – $2,400 – One Time Initial Planning Fee

  • Initial Comprehensive Plan Design – Steeped in our 6 cores values
  • Listen to, and take a record of, the vision you have for your future Establish written goals & organize your retirement resources
  • Evaluate social security & pension claiming options
  • Produce a comprehensive analysis of your current path projected forward
  • Included: Customized Social Security Analysis, Comprehensive Investment Analysis, Personalized Retirement Income Plan Examination.

PT 5 Retirement Income Plan Screening – $2,400 – One Time Initial Planning Fee

Includes Investment Supervisory Services & Ongoing Financial Planning & Advice – We Become Your Financial First Responder

  • $100,000 – $499,999 = 1.5%
  • $500,000 – $999,999 = 1.25%
  • $1,000,000+ = 1.0%

*Royal Fund Management doing business as Triplett Wealth Management

We believe every financial product is a tool. Each tool was designed to perform a specific job. Some tools are better quality or perform their intended job better than others. Freedom to choose the appropriate tool based on quality and effectiveness at getting the job done is important to our team. Sometimes insurance products like life insurance, fixed annuities, or long-term care insurance may be the right tool for the job. However, they are not all created equal, and specific manufacturers of these contracts are better at certain things than others.

When we have determined that it is in our clients’ interest to use an insurance contract issued by an insurance company to transfer specific risks away from them and their family, to an insurance company specifically specializing in handling such risk, those companies who we do business with pay our representatives a commission. Our insurance licensed representatives are completely independent, and therefore capable of representing a broad spectrum of companies. That means that they are free to choose the tool that they believe will provide the most economic value to our clients, from a quality manufacture, based on a specific job that needs to be accomplished.