Stortz & Associates

Top Estate Planning Mistakes:

When To Update Your Estate Plan:

Common Myths About Estate Planning:

It's National Estate Planning Awareness Week! Estate planning is much more than a will and much more than planning for death; it’s not only for the elderly, but a process everyone over 18 must address. Taxes are only one component of an estate plan, and uncertainty doesn’t mean planning is not possible or critical; only that the planning has to be more flexible. Here are some important additional factors to consider:... Retirement Planning Asset Protection Your Financial Plan Is Your Will Current? It is estimated that over 120,000,000 Americans do not have an up-to-date estate plan to protect themselves and their families, making estate planning one of the most overlooked areas of personal financial management. With advance planning, issues such as guardianship of children, managing bill paying and assets in the event of sickness or disability, care of a special needs child, long-term care needs, and distribution of retirement assets can all be handled with sensitivity and care, at a reasonable cost. Let us know how we can help. Contact our office today with questions or to schedule an appointment with one of our estate planning experts at 610-967-4711.

Learn more during Pediatric Cancer Awareness Month - and help us spread the GOLD!

Life Insurance Awareness month continues...here are some great reasons why you should consider life insurance today!

September is Pediatric Cancer Awareness Month...help us to Spread the GOLD!

Life Insurance Awareness Month continues!

September is Pediatric Cancer Awareness Month - help us Spread the GOLD! pcflv.org/get-involved

September is Life Insurance Awareness Month! Every September we join a nationwide initiative to raise awareness about the importance of life insurance, whether you’re in need of a policy or need to adjust the amount of your coverage to properly suit your family’s future needs. This year, under the strain of an unpredictable global pandemic, the message is clear: the time for life insurance is now. According to ThinkAdvisor.com, the Lincoln Financial Survey polled about 1,000... U.S. adults this summer and found that: -36% said the pandemic makes owning life insurance more important. -9% said they had changed the type of coverage they own in response to COVID-19. -12% said they had increased their life insurance coverage in response to COVID-19. This month we’ll bring you important facts and statistics related to life insurance coverage (and hopefully dispel some myths!) while inviting you to contact our office to review your coverage needs and put a plan in place to protect your family for years to come. Sources: thinkadvisor.com, lifehappens.org (Please be aware that this post is for informational purposes only and should not be considered tax advice. Anything contained in the body of this email was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Contact our office for specific questions regarding this or any other tax-related concerns.)

Happy Labor Day from the Team at Stortz & Associates!

TAX TIP OF THE WEEK: Caution When Receiving Qualified Charitable Donations Charitable organizations should exercise caution when establishing means for people to make monetary donations. If an organization chooses to use a third-party payment network, such as PayPal, it’s important to set up the account as an entity, and not as an individual account. Take this recent example: a man, authorized to raise funds for a charity, accepted donations through his personal PayPal accoun...t, which the site then reported to the IRS as income. The man did not report it as such on his individual tax return, resulting in an audit of his 1040. He was able to prove to the tax court that the funds received did, in fact, belong to the charity and did not count as his income. Source: The Kiplinger Tax Letter, May 29, 2020 (Vol. 95, No. 11) (Please be aware that this post is for informational purposes only and should not be considered tax advice. Anything contained in the body of this email was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Contact our office for specific questions regarding this or any other tax-related concerns.)

TAX TIP OF THE WEEK: IRS Tax Scams 2020 Every year, the IRS compiles a list of common tax scams (the "dirty dozen") that taxpayers may encounter during the year. This year, the list focuses on scams that target individual taxpayers, with special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments (EIPs). The IRS urges taxpayers and tax professionals to be aware of these scams and not to engage with potential scammers...Continue reading