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Volume 4, Issue 3

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Volume 4, Issue 3 Insights: Volume 4, Issue 3 As We Close Out The Year: We will continue to Serve As we talk with each of you, we are so happy that most of you and your families have been well and safe during this pandemic. As you know, about half of our team is working in the office and the rest of the team is working from home. The plan is to continue this setup for now, so if someone in the office becomes sick the team members in the office, who may have been exposed, will quaran- tine at home for two weeks. We will have the office cleaned, and then the team members currently at home will come to the office so everything continues to run as it has since we instituted this practice in March. We are continuing our annual client reviews via telephone or Zoom, whichever is your preference. We appreciate you and are available to answer your questions, provide guidance, and assist in any way that may be helpful to you. Please feel free to reach out to us. Like most people, we are looking forward to the end of 2020 and a new beginning in 2021. It has been a very unusual year with the Coronavirus, many businesses being closed, a lot of political stress, cultural unrest, and other issues. We will be happy to see no more political ads and spend less time with the 24 hour news cycle. While we have faced great challenges, we have a lot to be thankful for this year. We live in a great country. Many people are helping those less fortunate, scientists and the pharmaceutical companies seem to be getting closer to a Covid-19 vaccine. Medical workers now know better how to treat patients than they did months ago (increasing re- covery rates). We should still take precautions as necessary. While economically we suffered a tough March and think we entered into a recession, things have recovered and look better going forward. Many clients ask us, “how can the stock market be doing as well as it is now?” Generally, we feel the markets look forward and respond to an estimated forecast trending better or worse than today, not are things good or bad now. Also, as we write this note it looks like Biden will be President (as polls predicted), but the Republicans may retain a majority in the Senate and the Republicans gained a few seats back in the House of Representatives. The elections were closer than many ex- pected, government may remain split, and gridlock in Washington is more likely. Our team always advises to separate political beliefs from investment strategies. In the long run, the markets have historically improved with both Democrats and Republicans in charge, but the markets usually feel gridlock is often a good thing. If you have not read the article 2020 U.S. Presidential Election “Our 10 truths no matter who wins” and are interested, please contact us for a copy. If you agree with our thoughts that business and the economy are likely getting better, please follow the message on the face mask that John often wears, “Stay Invested.” We believe, just like what has happened frequently in the past, many will be surprised at the next few years’ investment results. We truly appreciate all of our clients as well as all first responders, medical professionals, and all of those working hard to make life better for others. We all wish you a great end to 2020 and a very Happy New Year in 2021. 1/4 Team Updates We appreciate all that you share with us about your family, goals, and life changes. We would like to take this opportunity to give you a little update about our lives outside the office. While we have not had the opportunity to travel far during 2020, we have taken the time to rediscover many of Florida’s local wonders. “Kent, his girlfriend Jessie, John and I went to my old child- hood vacation destination, Sanibel Island. We enjoyed walks on the beach, the sand and surf, finding beautiful shells, and grilling. The highlight of our week was our boat ride on a gorgeous day to Cabbage Key and a delicious outdoor lunch.” ~Karen Debbie and Dan have enjoyed their time outdoors in the Florida sun and Debbie’s ever growing garden. Whether it be a nearby park or your backyard, we hope you have also found some time in the sun! In a new tradition to help add some levity to our Halloween celebration, our team for the first time encouraged wearing Halloween themed attire on the Friday before Halloween. J.R., trading on the Thor name, came as “fat Thor” from the Marvel Movie Avengers: Endgame. He got a long stare down when he walked into the building from the security guard and needed to confirm that yes, he does work in the building. Patty dressed up as the office devil; while Donna did not bring in her beloved dog Snickers to the office (per building policy) she snapped a picture of the two of them in their matching skeleton costumes. Finally, Mike shared his adorable daughters’ costumes. Eve dressed as Princess Poppy and Lila as Pink Rose. They had a fun Halloween! We all look forward to a more typical Halloween full of treats with the whole team together in 2021. “My daughter, Mary Grace, and I enjoyed our first Air Show at the Lockheed Martin Space & Air Show on Halloween day. We are pictured with a USAF Thunderbird flying behind us. It was great fun experienc- ing historical World War 2 bomber planes, parachuters, the maneuvers of the multiple fighter jets and not only hearing the deafening roar of the jets but feeling it too!” ~ Sarah 2/4 Year-end planning: 2020 changes and your end-of-year checklist Among its countless impacts, the coronavirus pandemic led to the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which brought investors a number of changes to deal with this year. In addition, investors are seeing changes in 2020 that were created by the Setting Every Community Up for Retirement (SECURE) Act, which was signed late in 2019. Because of these acts, investors have new issues to consider for the remainder of 2020, including: CARES Act Retirement Plan Distributions What changed: Required minimum distributions (RMDs) are waived for 2020 from certain qualified retirement plans (QRPs), such as 401(k) and 403 (b) plans, and IRAs, including Inherited IRAs, and 2019 RMDs not taken in 2019 with a required beginning date of April 1, 2020. Next steps: Although you’re not required to take an RMD in 2020, you may want to take it anyway. If you believe you are in a lower tax bracket now than you expect to be in the future, a current distribution may result in long-term tax savings. Distributions you take now will reduce your year-end balance, which could decrease the amount you have to distribute in future RMDs. If you do not need the cash flow, consider converting the distribution to a Roth IRA to take advantage of the possibility for tax-free growth. Consider the amount of income you expect over the next 5-10 years. Are there times when it might be lower or higher? It may be beneficial to take retirement plan distributions in these lower-income, lower-tax-bracket years to capture some tax savings. Charitable Contributions What changed: If you’re unable to itemize deductions, you will be allowed a charitable deduction of up to $300 for this year (2020). If you can itemize, the adjusted gross income (AGI) limitation is waived, letting you offset more of your taxable income. These provisions apply only to cash contributions and not to contributions to donor advised funds or other supporting organizations. Next steps: If you’re charitably inclined and itemize your deductions, you may want to increase your cash gifts to offset Roth IRA conversion income or significant capital gains from the sale of a concentrated position (a large holding in a single investment) or real estate. Coronavirus related Distributions (CRD) from Retirement Accounts What’s new: Qualified individuals of any age can take up to $100,000 from IRAs and QRPs. These distributions are exempt from the 10% additional tax for early or pre-59½ distribution and not subject to the 20% withholding requirements for qualified retirement plans. A qualified individual is someone who is diagnosed or their spouse or dependent is diagnosed with the virus SARS- COV-2 or coronavirus disease (COVID-19) by a test approved by the Centers for Disease Control and Prevention. Or they experience adverse financial consequences due to one or more of the following factors: being quarantined, furloughed, laid off, having work hours reduced, unable to work due to lack of child care due to SARS-CoV-2 or COVID-19, closing or reduced hours of business owned or operated by the individual due to COVID-19, or other factors as determined by the Treasury Secretary. Keep in mind these distributions will be taxable evenly over three years beginning with this year and if you want, you may repay the distribution within three years. (Continued on Page 4) 3/4 (From Page 3) Next steps: If you’re eligible and considering taking distributions, consult your finan- cial advisor about the potential impact on your long-term plans. SECURE Act Traditional IRA Contribution Age Limit Removed What changed: Starting in 2020, you can contribute to a Traditional IRA no matter your age as long as you or your spouse, if filing jointly, have earned income.
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