How Have Our Clients Been Doing Through Quarantine?

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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.

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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

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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.

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