How Have Our Clients Been Doing Through Quarantine?

Click the play button to hear the episode or skip around to certain topics!

We spend a lot of time on the financial side of life, but money is nothing without your physical and mental health. Today we talk to Don about how clients have been handling isolation, how they’re staying healthy, and whether they are starting to venture out.

The Story:

We spend a lot of time on the financial side of life, but money is nothing without your physical and mental health. Today we talk to Don about how clients have been handling isolation, how they’re staying healthy, and whether they are starting to venture out.

Click play to listen to the episode…

The Show:

How are you doing?

That used to be a kind gesture you might ask someone in passing, never really expecting much of an answer. Now it’s something we are asking clients quite often during all of the phone calls and virtual meetings we’re holding.

So we wanted to provide an update for those that have been missing that interaction and human contact. That’s what we’ll do on this episode of Your Money & Your Life with Don Cash. As things begin to reopen here in New Jersey and across the northeast, more and more people are taking steps to return to normalcy but there’s still a ways to go.

Instead of spending the entire show on the impact coronavirus is having on the economy, let’s focus some time on what it’s doing to people in our community from a personal standpoint. We’ll ask Don about the approach clients are taking to this new normal, whether they’re managing to stay active and healthy, and whether they’ve started venturing out.

One thing to keep in mind right now is some companies are providing discounts to people so make sure you check with your insurance company to see if that’s being offered.

After we finish up our conversation on health and wellness, we’ll take a Cash Connection question from a listener that received a much larger inheritance than expected and wants to be responsible with it. So what are their options for that money and what tax obligations are they going to have?

Thanks for listening to the show. Please stay healthy and safe and we’ll talk to you again soon.

Listen to the full episode or click on the timestamps below to hear more about a particular topic.

1:09 – What’s the latest update on opening up businesses?

2:57 – Don was finally able to get a haircut but here’s what he had to do.

5:15 – How are clients doing financially and emotionally through this pandemic?

7:06 – Are clients starting to venture out yet at all?

10:13 – The isolation is starting to wear on people.

13:20 – Many deceased people are receiving stimulus checks.

14:59 – A lot of companies like insurance are providing discounts during this time.

16:56 – Cash Connection question: I just inherited a large sum of money from my dad. I thought it would be a bout $50,000 but it’s about 10x that amount. I’ve been saving on my so I don’t really know what to do with this. Any recommendations?

18:39 – Different tax treatment for each asset in the inheritance.

Show Resources:

https://www.marketwatch.com/story/some-auto-insurers-are-giving-refunds-because-of-the-coronavirus-outbeak-heres-how-you-can-get-a-break-too-2020-04-09

https://www.cbsnews.com/news/stimulus-checks-dead-people-return-irs/

https://www.irs.gov/coronavirus/economic-impact-payment-information-center#more

Subscribe To The Podcast:

Additional Resources:

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.

Share the Show, Share the Knowledge!

Facebook
LinkedIn
Email

ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on 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.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Don't Stop Here...

Year End Planning: “In the Red Zone” (Part 2)

We’re back to wrap up this two-part episode on year-end planning for 2023. In this episode, we’ll chat about several topics including the looming expiration of the current tax code in 2026, the increasing national debt, and the potential rise in tax rates. Don will also share how those in need of long-term care can leverage their IRA assets to minimize taxes, talk about the often-overlooked 0% capital gains tax bracket, discuss the importance of proactive tax planning, and more.

Year End Planning: It’s Not Too Early (Part 1)

Join us for a two-part episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. With the holidays right around the corner, it is the perfect time of year for these conversations. Listen in as we cover a range of topics, from IRA and 401k contribution limits to Roth IRA conversions and charitable giving options.

Medicare Mistakes To Avoid During Open Enrollment Season

It’s Medicare open enrollment season, so in today’s episode, we’re going to dive into some of its complexities and share the common mistakes you want to avoid during this critical period. Listen in as Don and Marc discuss the differences between traditional Medicare, Medicare Supplements and Medicare Advantage plans, and stress the importance of understanding Medicare drug plans.

WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com