6 Changes to Watch For In Your 2020 Taxes

Although you may have just filed your 2019 income taxes in July, now is the time to start thinking about your 2020 return due next April. While it’s always a good idea to be proactive when it comes to tax planning, it’s particularly important this year.

In addition to annual updates for inflation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individual taxpayers with several new tax breaks, most of which will only be available this year. The sooner you learn about the different forms of tax-savings available, the more time you will have to take advantage of them.

Here are 6 ways your 2020 return will differ from prior years:

COVID-19, TaxesErica EndykeSeptember 30, 2020tax savings, Tax exemption, COVID-19, CARES Act, retirement account, tax filing

The Need For a Go-Bag Is Even More Important During a Pandemic

In response to a series of wildfires that ravaged Southern California in 2017, I read an article written by my mentor explaining “why your family should have a “go-bag” ready in the event a natural disaster or other emergency strikes your home. Go-bags originated with the US military, which requires its personnel to always keep one on-hand packed with the essential items needed to survive for at least three days following a disaster.

When you have just minutes to evacuate, you won’t have time to think about what you should pack to survive the days—or weeks—to come, so the time to prepare for your family’s safety is now.

COVID-19, Estate PlanningErica EndykeSeptember 9, 2020preparedness, go-bag, documents, COVID-19, natural disasters, estate plan, living will

COVID-19 Highlights Critical Need for Advance Healthcare Directives—Part 2

In the first part of this series, we discussed the vital importance of having updated advance directives in place in light of COVID-19. Here, we’ll look at several additional provisions you should consider adding to your directives to address potential contingencies related to the pandemic.

With new cases of COVID-19 currently surging in dozens of states, doctors across the country are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their treatment and care should they become hospitalized with the virus. The most crucial planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care should you become unable to express your own wishes.

COVID-19 Highlights Critical Need for Advance Healthcare Directives—Part 1

As the COVID-19 pandemic continues to ravage the country, doctors across the nation are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their care should they become hospitalized with the virus. The most critical planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care in the event you’re unable to express your own wishes. In light of COVID-19, even those who have already created these documents should revisit them to ensure they are up-to-date and address specific scenarios related to the coronavirus.

A Map to Doing the Right Thing for the People You Love During the COVID-19 Pandemic

Right now, huge numbers of people are coming face to face with their own mortality, and realizing they need to plan for the worst. This goes not just for those of us in the “senior” category, but for all of us, no matter our age. We are facing the reality of our mortality, and many of us are doing it courageously by taking this as an opportunity to learn what we need to do for the people we love.