Fresno Financial Advisor Video-Will You Lose Home If You Use Medi-Cal?
Will You Lose Home If You Use Medi-Cal?
If you or a loved one uses Medi-Cal, will the state put a lien on your home? It’s true that all your benefits paid to a person 55 years old or older by Medi-Cal is like a loan and they have the right to ask it back when you’re gone. It’s also true with proper planning that all your assets can pass on to your beneficiaries and not the state.
Fresno Retirement Consultant News: The Perks and Pitfalls of Self-Employment
Sole proprietors in the U.S. caught a huge break in April. The Paycheck Protection Program, borne out of the economic hardship caused by the COVID-19 pandemic, became available to solo entrepreneurs and independent contractors on April 10, 2020.1
According to a 2017 survey, 36% of U.S. workers are part of the gig economy.2 With so many sole proprietors contributing to today’s economy, it stands to reason that the federal government would recognize these contributions through the Coronavirus Aid, Relief and Economic Security (CARES) Act’s small-business loans and unemployment insurance provisions.
Retirement planning can be difficult when you work for yourself, especially when it comes to navigating the various retirement plan options. If you’d like help creating a strategy for income in retirement, please give us a call. We’ll work with you to craft a plan that is designed to match both your needs and business model.
One of the silver linings of the recent crisis may be a greater focus on the needs of independent workers. Following the lead of recent federal government legislation, individual states are getting in on the act. California, New York and Washington already offer paid family and medical leave benefit programs in which the self-employed can participate. Meanwhile, Massachusetts, Connecticut, Oregon and the District of Columbia also are working to establish family and medical leave programs.3
Given the recent rise in unemployment numbers, it would be no surprise to see more people consider self-employment once the economy recovers. Many people don’t like having to rely on government benefits to see them through hard times, but recent experiences have shown that traditional employment may not always be reliable either. However, there are a mountain of considerations when it comes to becoming a full-time sole proprietor.
For example, it takes a broader set of business skills. Not only do you provide the product or service that you’re good at, but you also have to learn to manage the administrative functions of your business, including accounting, marketing and sales. Some of the sad truths of self-reliance are that there are often no financial safety nets, you might work long hours — even if you are sick or caring for a sick family member — and may not be able to enjoy vacations since you are “on call” nearly 24/7, 365 days a year.4
There are perks to being self-employed, however, such as the opportunity to earn unlimited income. There are also tax deductions that self-employed individuals may qualify for and potential household budget savings on things like professional business clothes and commuting expenses.5
Fresno Retirement Consultant Takeaways
As your Fresno portfolio advisor Soutas Financial appreciated these points: The Paycheck Protection Program, borne out of the economic hardship caused by the COVID-19 pandemic, became available to solo entrepreneurs and independent contractors on April 10, 2020.1 One of the silver linings of the recent crisis may be a greater focus on the needs of independent workers. Given the recent rise in unemployment numbers, it would be no surprise to see more people consider self-employment once the economy recovers. Many people don’t like having to rely on government benefits to see them through hard times, but recent experiences have shown that traditional employment may not always be reliable either. Some of the sad truths of self-reliance are that there are often no financial safety nets, you might work long hours — even if you are sick or caring for a sick family member — and may not be able to enjoy vacations since you are “on call” nearly 24/7, 365 days a year.4
Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with the following…retirement annuity and stop spend down strategies to help accomplish those goals.
Soutas Financial & Insurance Solutions Inc. your Fresno financial advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Our firm is not affiliated with the U.S. government or any governmental agency.
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc are not affiliated companies. California Insurance License # OK48173
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 659682 – 6/20
Fresno Retirement Advisor News: Beware of Coronavirus Scams
After a press conference in which President Trump mentioned scientists were testing the potential of using disinfectants as a coronavirus cure, poison control centers across the country reported a spike in calls. In Maryland alone, the Emergency Management Agency fielded more than 100 calls asking about the president’s suggestion. In less than 24 hours of the briefing, the poison control center in New York City responded to more than 30 cases in which people were exposed to disinfectant as a possible treatment.1
The most important thing to remember in a crisis situation is to seek out credible, vetted information. It is unfortunate that the president’s mere observation of an untested theory was misinterpreted by so many people living in fear of having COVID-19. And yet, the need to verify information and advice goes for any crisis, and even when the crisis is over. Please remember that we are here for you to provide guidance and the most up-to-date information for your insurance needs.
Be aware that the disinfectant snafu isn’t the only type of misinformation out there. Ever since the start of the pandemic, the World Health Organization (WHO) reports there has been a dramatic increase in cyberattacks and email scams targeting the public at large. In fact, there are even fraudsters impersonating the WHO itself, sending emails requesting donations to a fictitious fund that’s supposed to help respond to the virus.2
The most prominent coronavirus-themed campaign has been aimed at people in Japan. Emails appearing to be from a Japanese disability welfare provider contain a leading malware called Emotet. Recipients are encouraged to open an attached document to learn in what areas the infection is spreading the fastest. Once opened, Emotet can automatically download onto their computers.3
Other scams include fraudulent websites that claim to help you work from home, emails selling products that claim to prevent the disease, fake test kits for sale and even scammers taking advantage of the market decline, promising “safe” investments to “get rich quick.”4 There is even a COVID-19 blackmail scheme in which scammers threaten to infect victims with the coronavirus if they don’t pay a ransom upfront.5
Another recent fraud has successfully scammed people out of money after they called a phone number they thought was the IRS to check on when they’d receive their Economic Impact Payment. The IRS has issued a warning about these scams, cautioning people not to give out any personal or banking information or sign over their Economic Impact Payment check to someone else.6
Because these scam artists move quickly and focus on the biggest fears of the day, the government and other regulatory agencies have not had enough time to track them down or prevent them from preying on consumers. It is very important, especially during this stressful time, that everyone be hyper-vigilant about opening suspect emails or clicking on links making an offer that sounds too be good to be true. Remember, if there is a cure or effective treatment or even a vaccine, you will hear about it from your local television news station and read about it in your local newspaper.
Be sure to follow advice and information from only reliable sources about COVID-19 and other health issues.
Fresno Retirement Advisor Takeaways
Fresno financial planning is our utmost concern here at Soutas Financial and we thought these takeaways were worth mentioning again. The most important thing to remember in a crisis situation is to seek out credible, vetted information. And yet, the need to verify information and advice goes for any crisis, and even when the crisis is over. Ever since the start of the pandemic, the World Health Organization (WHO) reports there has been a dramatic increase in cyberattacks and email scams targeting the public at large. The most prominent coronavirus-themed campaign has been aimed at people in Japan. It is very important, especially during this stressful time, that everyone be hyper-vigilant about opening suspect emails or clicking on links making an offer that sounds too be good to be true.
Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with the following…risk management and strategic wealth management strategies to help accomplish those goals.
Soutas Financial & Insurance Solutions Inc. your Fresno retirement plan consultant is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Our firm is not affiliated with the U.S. government or any governmental agency.
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc are not affiliated companies. California Insurance License # OK48173
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 659682 – 6/20
Fresno Financial Advisor Video-Must “Spend Down” – Use Up All Your Savings?
What if you or a loved one had to go into a nursing home and couldn’t be cared for at home any longer?
Many have heard confusing things about Med-Cal. That you must spend down or use up all of your life savings investments even your properties before getting any benefits?
Fresno Financial Consultant News: How to Deal With Financial Stress
A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.1
39% were worried about job security
48% worried about paying bills
28% didn’t know if they could pay their utilities
41% were worried about not having enough emergency savings
23% were worried about having enough saved for retirement
Even before the COVID-19 pandemic, subsequent mass layoffs and other hardships, a U.S. Bureau of Labor Statistics study revealed that 40% of adults did not have enough cash on hand to cover an unexpected $400 expense.2
Obviously, a home foreclosure or auto repossession can generate a snowball economic effect on a household, but everything from medical expenses to utility bills to parking tickets can coalesce into a high degree of financial distress, causing mental and physical health problems.
If you find yourself in financial stress during this difficult time, there are a couple of ways we can help. First, we understand what you’re going through, so your problems are very real to us. Second, we have access to a variety of different financial vehicles that may help address your unique issues. Please contact us to learn more.
Even in normal situations, financial stress can take its toll on a marriage. A pair of recent studies suggests that partnerships best able to weather financial distress are those in which spouses make a proactive effort to practice “relationship maintenance behaviors,” such as respecting and showing love and affection for each other.3
If you find yourself succumbing to the rigors of financial stress, follow some of the widely touted tips to help — because they work. Better yet, many ways to manage stress are easy and free. For example:4
Get regular exercise, particularly in nature.
Learn and practice relaxation techniques, such as meditation or yoga.
Laugh — watch old movies or TV shows that make you laugh out loud.
Eat healthy, well-balanced meals on a regular basis.
Learn to manage your time effectively, making time for hobbies, interests and down time.
Set limits appropriately and say no to things that cause you stress.
Seek out social support and spend time with people who put you at ease.
Fresno Financial Consultant Takeaways
Soutas Financial, your Fresno financial planner would like to remind you of the following points: A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.1 If you find yourself in financial stress during this difficult time, there are a couple of ways we can help. First, we understand what you’re going through, so your problems are very real to us. Second, we have access to a variety of different financial vehicles that may help address your unique issues. If you find yourself succumbing to the rigors of financial stress, follow some of the widely touted tips to help — because they work. Better yet, many ways to manage stress are easy and free.
Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with the following…Medi-Cal and Medicare long term care strategies that can help you accomplish those goals.
Soutas Financial & Insurance Solutions Inc. your Fresno retirement planning advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Our firm is not affiliated with the U.S. government or any governmental agency.
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc are not affiliated companies. California Insurance License # OK48173
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market.If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.659682 – 6/20
Fresno Financial Advisor News: Ways the Pandemic May Change the Future of Employment
About 8.5% of U.S. households are headed by a self-employed person. While self-employed households tend to earn higher income than salaried households, research shows they also tend to take the biggest hit during an economic downturn.1
The emergence of independent contractors and the gig economy helped make self-employment a more viable option for Americans after the 2008 recession. Now, steps are being taken to help self-employed workers weather another economic struggle. For the first time, Congress passed legislation providing unemployment benefits for self-employed workers, including up to 39 weeks of coverage and an extra $600 a week through the end of July.2
The COVID-19 pandemic and its effects have been a difficult experience for everyone. Let us know if you need help creating a household budget during this unprecedented time.
One of the biggest detriments of losing a job is the possibility of losing health insurance, or at least being unable to afford higher premiums charged by COBRA. Because this recent crisis is a health care issue, the nation may consider the idea of de-coupling health insurance from employers. This would enable more workers to start their own businesses, and generate significant overhead savings for companies.3 At the very least, loss of income would not mean loss of health care coverage for the millions of Americans who receive employer-sponsored insurance.
Many companies have resisted allowing employees to work from home because of questions about productivity, logistics and technology challenges. However, the COVID-19 requirements for social distancing may push businesses to fully embrace the concept of off-site workers long term. According to Global Workplace Analytics, an employer can save about $11,000 a year per worker who telecommutes 50% of the time.4
Unfortunately, the 2018 Tax Cuts and Jobs Act eliminated the unreimbursed employee expense deduction for those now working from home. Therefore, even if your employer requires that you work from home for the rest of the year, you are currently unable to claim this tax deduction. Only the self-employed who work from home will be able to write off qualified expenses from their business income.5
However, working from home may be able to generate savings on some of your household expenses, such as work clothes, dry cleaning, lunches out and commuting to work. According to a study by FlexJobs, remote workers can save as much as $4,000 a year by working at home.6
There are other benefits, as well. For example, the average employee’s commute to work takes 26 minutes each day, adding up to four and a half hours in the car each week. If Americans reduced their commute by just one day a week, that would result in a 16% reduction in the U.S. carbon footprint. Plus, imagine how that newfound time could be put to better use.7
A month or two ago, working from home may have appeared to be a dream job, but many now forced into this arrangement may recognize its challenges, such as working longer hours; more distractions; and having a tougher time focusing on productivity, technology challenges, and juggling work and family life. The key is to find productivity during breaks from work, doing things like laundry, getting meals started, and taking time to exercise, all without even having to shower to go back to work.
America, and the world, will get through this pandemic, but in the meantime, we might as well learn from the experience and take away as many lessons as we can going forward.
Fresno Financial Planner Takeaways
As your Fresno financial advisor, we thought this was a good takeaway: The emergence of independent contractors and the gig economy helped make self-employment a more viable option for Americans after the 2008 recession. Now, steps are being taken to help self-employed workers weather another economic struggle. Many companies have resisted allowing employees to work from home because of questions about productivity, logistics and technology challenges. However, the COVID-19 requirements for social distancing may push businesses to fully embrace the concept of off-site workers long term. There are other benefits, as well. For example, the average employee’s commute to work takes 26 minutes each day, adding up to four and a half hours in the car each week.
Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with the following…stop spend down and long term care strategies that can help you accomplish those goals.
Soutas Financial & Insurance Solutions Inc., your Fresno portfolio advisor, are committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Our firm is not affiliated with the U.S. government or any governmental agency.
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc are not affiliated companies. California Insurance License # OK48173
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 659682 – 6/20
