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Guidance Throughout Your Journey

11039 Broadway Suite C
Crown Point IN, 46307
(219) 779-9183
 

Updates

PAYCHECK PROTECTION PROGRAM - CARES Act

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven - Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly - Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time head count declines, or if salaries and wages decrease.

 

All Small Businesses Eligible - Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply - Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.


How to Apply -
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.


The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

Please let us know how we can be of assistance. 
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STIMULUS PAYMENT INFORMATION

Last week, Congress passed a $2 trillion stimulus bill intended to assist individuals, families and businesses in dealing with the economic fallout due to the coronavirus pandemic.  Included in the bill is a provision to send many Americans a one-time stimulus relief check.

  • You need a social security numberto qualify for a relief check, although you do not need taxable wages. Paper checks may take some time (perhaps 4-5 months) to distribute. If the IRS has your direct deposit information, the payment will be much quicker.

  • Individuals earning up to $75,000 will receive a check for $1,200. From there, the checks will be reduced by $5 for every $100 in income north of $75,000. They phase out completely if you earn $99,000 or more.

  • Couples earning up to $150,000 will receive $2,400. Checks phase out completely at $198,000 for couples. Heads of household will receive $1,200 if they earn up to $112,500, phasing out completely at $136,500.

  • Parents will receive $500 for each child under 17. That excludes anyone 18 and older, who can still be claimed as dependents on another person’s tax return. 18-24 year-olds are exempt from getting a stimulus check even if you’re still a dependent on your parents’ taxes.

  • Individuals earning above the income thresholds, non-US citizens without a green card along with individuals classified as dependents will not qualify for a stimulus check.

  • Many retirees receiving Social Security benefits will be eligible for a check, as long as their gross adjusted income meets the above-mentioned requirements.

  • If you recently lost your job due to the coronavirus pandemic, but your income was over the eligibility requirements in 2019, you will not be eligible for a stimulus check.  You would be eligible to file for unemployment.

  • If you’ve filed your 2019 return, the amount you receive will be based on your 2019 adjusted gross income (AGI). Otherwise, the federal government will use your 2018 return to see if you are eligible.

    AGI is different from taxable income. It includes income including earnings from your job, self-employment, dividends, etc., minus certain “above the line” deductions like alimony payments and contributions to certain retirement accounts, including a 401(k) and IRA. You can find your AGI on line 8b on your 2019 Form 1040 and line 7 on your 2018 Form 1040.

  • A bit of GOOD NEWS – the stimulus checks will not be taxed.

    Stimulus Payment Calculator

IRA & HSA CONTRIBUTIONS – TAX FILING DEADLINE
The Internal Revenue Service has extended the deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year to July 15, 2020. This is also the new deadline for filing and paying taxes for the 2019 tax year, pushed back from April 15, 2020.  You will automatically avoid interest and penalties on the taxes paid by July 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. 

RMD DEFERRAL FOR 2020
Aside from making it easier for workers to access 401(k) savings, the Cares Act suspends required minimum distributions for this year from company plans like a 401(k) and 403(b) or individual retirement accounts. It’s welcome news for account holders who won’t have to take distributions or pay hefty taxes at a time when many portfolios are down sharply from near-record highs of Dec. 31, 2019, the date by which RMDs for 2020 are calculated.

ACCESS TO RETIREMENT PLANS
The CARES Act waives the 10% early withdrawal penalty on retirement account distributions for taxpayers facing virus-related challenges. Withdrawn amounts are taxable over three years, but taxpayers can recontribute the withdrawn funds into their retirement accounts for three years without affecting retirement account caps. Eligible retirement accounts include individual retirement accounts (IRAs), 401Ks and other qualified trusts, certain deferred compensation plans, and qualified annuities. 

 MORTGAGE LOAN DEFERRAL
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages: 1) a foreclosure moratorium  2) A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency. If you don’t have a federally backed mortgage, you still may have relief options through your mortgage servicer or from your state.

CHARITABLE CONTRIBUTION DEDUCTIONS
Creates a $300 partial above-the-line charitable contribution for filers taking the standard deduction and expands the limit on charitable contributions for itemizers.

The TrueWealth Advising Group team is available to answer any questions you might have regarding the CARES ACT Stimulus Package.  Our advisers are available to discuss the current COVID-19 pandemic’s effect on your financial picture. There has never been a better time to have a trusted financial professional on your team. We are here for you.
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TrueWealth Advising Group Updated COVID-19 Safety Measures

These are challenging times personally, emotionally, professionally, and financially.  TrueWealth Advising Group is here to provide “Guidance Throughout Your Journey”. 

 Here are the measures we have in place:

  1. We are prepared to help you with your financial decisions, answer your questions, and provide service for you. 
  2. The TrueWealth office and team are available to help and have extensive business continuity strategies in place locally and with our vendors. 
  3. We have the ability and prefer to conduct web-based meetings or conference call.
  4. Our business processing system allows us to process most transactions electronically.
  5. We can accept paperwork and/or checks at our Crown Point office and are available to discuss your financial plan. 
  6. TrueWealth team members are at our Crown Point office during normal business hours and our secure mailbox has a slot to drop off documents and/ or checks.
  7. We implemented in house health and safety protocols including enhanced cleaning and disinfecting throughout each day and team members are working remotely.

We are committed to doing our part in slowing transmission of the virus and fulfilling our mission to provide guidance for our clients and team members.  We continue to conduct business using all the tools and technology available to us, while keeping everyone as safe as possible.  We are reviewing the situation often, will modify as deemed necessary, and will keep you updated on future developments. 

We appreciate your understanding during these times.

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COVID-19 RESOURCES:

1. Business owners are encouraged to do their part to keep employees, customers and themselves healthy. The SBA provides low-interest disaster loans to assist businesses and homeowners in the recovery of declared disasters. Please visit the link below for further information. 

www.sba.gov

2. Information for businesses regarding the COVID-19 pandemic is emerging rapidly. It’s vitally important for us to have access to the most accurate and up to date information. The link below includes interim guidance and other resources for preventing exposure to, and infection with, the novel coronavirus.

www.osha.gov/SLTC/covid-19/

3. Updated information on Indiana’s response to COVID-19 can be found by visiting the link below.

www.in.gov/coronavirus/

4. The IRS has extended the tax filing deadline to July 15th which applies to both filing and payments. Penalties and interest will not apply if you pay any tax due before the extended deadline.

www.irs.gov/coronavirus

5. Up to date information on the federal response to COVID-19 can be found by clicking the link below:

www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html

Please feel free to call our office with any questions or concerns.  Stay safe and healthy.  We are here for you.

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NATIONAL LIFE GROUP WOMEN’S LEADERSHIP SERIES: CAREY YUKICH

During Women’s History Month, we began profiling a series of National Life leaders to hear their experiences navigating both life and the financial industry as a woman.  We’ve decided to keep that momentum going…so stay with us as we continue to shine the spotlight on leadership.

The following interview has been edited for length and clarity.

Carey Yukich brings over 18 years of financial planning experience to her clients through her firm TrueWealth Advising Group.  She brings the same passion and drive that she had as a collegiate volleyball player to her business and her team.  Carey resides in Crown Point, Indiana with her husband John, daughters Jessica (21) and Samantha (19) along with their English Mastiff, Brandy and English Bulldog, Bozley. She is a Registered Representative and Investment Adviser Representative of Equity Services, Inc. Her registrations include FINRA Series 65, and 7.  She is also licensed in Life, Health and Long-Term Care Insurance. 

What has your career pathway been up to where you are now?

In late 2001, I was on a soul-searching mission to figure out “what I wanted to be when I grew up.” During this time, I was on maternity leave after the arrival of my youngest daughter and our nation was enduring the wrath of the terrorist attack on 9/11. Amid that uncertainty, I knew one thing for sure, I needed a change in my professional life and make a bigger impact on others. In my research, I read the book Do What You Are by Paul D. Tieger which proved to be an invaluable resource for me. The book was filled with different personal assessments filled with thought provoking questions. As I went through these assessments, it provided a result I already knew: it was time to choose a different profession. It aligned my responses to three professional categories: teaching, counseling, or financial planning. After more research into each recommended category, it became clear to me that financial planning was the professional path I would choose. Financial planning is a field where I felt I could deeply impact people by leveraging both my personal and professional strengths.  I started my financial career with Prudential and quickly learned that I wanted the independence of the “Hybrid Channel” (similar to the “affiliated channel” of National Life). This is the point in my career where I started to develop my philosophy on holistic planning. By 2007, I had grown into a leadership position and begun developing my team. In 2012, my husband John joined me, and this is when we started what I would call building our “real” team. It was nice to not feel like I was handling everything on my own and I appreciated true teamwork. By 2014, we created the brand of our current company, TrueWealth Advising Group.  In 2015 we added administrative and client services, marketing and business development focus.  That’s when we joined National Life and Equity Services.  This provided the structure we needed to be a turn-key model and to attract financial advisors to our team. We’ve added at least one financial advisor each year since making that decision.

What do you like most about what you do at National Life?

One of the biggest attractions to National Life is our shared values. The mission of Do good, Be good, Make good closely aligned with our professional and personal values. National Life also has many successful females in leadership positions. Not only on the board of directors, but also Pam Blalock leading the affiliated distribution channel, Carey Earle in marketing and many other women throughout the organization. That’s not the case in a lot of other companies. It’s a battle that women face across industries.

Another reason we chose to align our business with National Life in 2016 was their willingness to not only partner with us, but also treat us like a valued client. TrueWealth Advising Group is an independent firm and we are encouraged to build our own brand. A lot of models in the financial services industry want you to do away with your personal brand and brand yourself as their corporate entity. We wanted the support and guidance of National Life and Equity Services with the ability to remain independently branded while sharing our values and culture. Like National Life, community involvement is also important to our entire team.

Has the industry landscape changed during your career and if it has, what changes have you seen?

I think there has been a shift towards holistic financial planning since I started in the industry back in 2001. When I started, a lot of the companies were talking the holistic planning talk, but they weren’t walking that walk. When I say holistic financial planning, I mean investments, protection, income, liquidity, estate planning, and more, all the pieces of the financial picture. Technology has made a huge advancement in the practices of our industry, so we are not only trying to build our practice, but we are also competing with these technology companies that are trying to make financial planning a commodity. We’ve seen that development and aim to make sure we are innovative and adapt in tandem to fulfill our customer’s needs. Knowing that technology streamlines our services, we’ve spent a lot of time and energy on differentiating ourselves, providing value added services in several key areas, especially integrated planning for business owners and individuals, estate planning, collaboration, and coaching. Coaching is right up my alley, before I got into the corporate finance world what I really wanted to do was be a collegiate volleyball coach. Having a coaching background is applicable in our industry because financial coaching is what people need.   You can plan all day long, but if you don’t implement, the best laid plans aren’t going to help.

Are there any women who have inspired you in your life?

It’s very hard for me to narrow it down to one so I’ll give you a short list. First, my grandmothers, mother, and younger sister on the personal side. And then I would say two strong women coaches: Beth Launiere, the Women’s Volleyball Head Coach at the University of Utah, who I had the great fortune of being coached by during high school; and Pat Summit, (who passed away in 2016) Head Coach of University of Tennessee women’s basketball.  More recently, outside of the athletic arena, would be Nikki Haley. All these women are tenacious and passionate in their beliefs, and they’re great at pushing through any obstacles that stand in their way.

Carey with her sister, Katie

What advice would you give to young women that are just beginning their careers?

Mentorship. Find a mentor and become a mentor. I had the honor of speaking at the last President’s Club (National Life’s producer conference) and I said that this business is “caught,” meaning that you catch it by observing, joint work, learning and then evaluating with feedback. Learn from people who are successful, but also have a mentor to bounce ideas off, make mistakes in front of, and grow with.

Work very hard. It’s going to be difficult at times, your practice will be a lot of work – what is crucial for women especially is finding a balance. I started in this industry in 2001 when my daughter was only 6 months old. I had another daughter who was 2 years old. It’s hard work to balance your time with your family, but it can be done.

Two more things:

  1. Push through the tough times. There are a lot of scenarios where you might feel defeated, like right now with the economy, but there is a silver lining and opportunities for you to shine if you are willing to look.
  2. Ask poignant, meaningful questions. Dig deeper especially when it comes to challenges, opportunities, relationships, and experiences that are important to your prospects and clients.  LISTEN.

What leadership quality do you most admire and aspire to?

Humble resilience. Staying humble and resilient in overcoming tough circumstances. As an athlete, I missed a lot of shots in basketball and I got blocked a lot of times in volleyball, but I kept trying and figured out different ways to elevate my game while staying humble in the meantime. As you gain success and grow as a leader, that is when you need to emulate.

Do you have a favorite cause or a do-good passion?

A few years ago, my team and I won an Agent Do Good award from National Life for our holistic commitment to Meals on Wheels of Northwest Indiana. Since then, I’ve gotten involved in our local community foundation. I am on the board of directors and investment committee of The Legacy Foundation based in Northwest Indiana. The ones that are near and dear to my heart are those surrounding women’s empowerment. The Legacy Foundation has a specific sector for “Women in Philanthropy.” It’s a smaller subset of the foundation that focuses on empowering women. It’s exciting. The women in philanthropy group grants funds annually, conducts a luncheon and has a speaker. Last year TrueWealth hosted a table full of women; our clients, and women who are important to our team. We host this group so we could say thank you and to share the good that is going on in our community.

Any other words of wisdom?

You don’t need to do things on your own to be successful. I tried to do everything myself, but then realized it’s better to surround yourself with a team of people who support your strengths and that are better than you at a lot of things. A lot of people on our team are better at a lot of things than me and have different perspectives than I do.  I had the courage to push through these boundaries and I think that’s a very poignant piece of advice when gaining the success that you desire.