Coronavirus Update: Understanding the CARES Act

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The Story:

Have you heard about the CARES Act, which will provide aid and relief for individuals and businesses? What adjustments have you made recently due to coronavirus and its impact? We’ll discuss a few key areas to pay attention to.

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The Show:

With coronavirus in the world, all of our lives have had to make adjustments. From staying at home to video calls or learning new technology to cope with the situation. Hopefully we all have a renewed sense of gratitude by the end of this.

Are people making big changes right now when it comes to their financial plans? No one knows what is going to happen ultimately, so many of Don’s clients have expressed concern but aren’t making major changes at this point. Even before coronavirus, people have worried about getting sick or running out of money. The current state of things has caused people to face these fears head-on.

Consider the things you can control and do the best you can. Then, acknowledge that there are many things we can’t control. Think strategically and plan according to what you can do.

What has changed when it comes to planning? Are you aware of the different elements of the stimulus package from the CARES Act? What opportunity is at hand for you and your financial plan, whether that pertains to RMDs or this year’s taxes?

The past has brought a lot of challenges, and likewise, we will get through this. Planning is a process, and one you’ll want to focus on as we work through the current situation. Find an advisor you trust to create the best plan for you.

Listen to the full episode or click on the timestamps below to hear more information.

[0:40] – What a world we’re living in now with social distancing and flattening the curve.

[5:40] – Have people been making big changes with their financial plans?

[7:49] – People typically fear getting sick or running out of money.

[8:20] – What can you control?

[9:54] – What has changed with the CARES Act?

[14:40] – What are coronavirus-related distributions?

[18:31] – Planning is a process and this will pass.

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Phone: (732) 784-2867

Email: don@DonaldCash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advoctaes a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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