Preparing for your future estate planning needs is essential to protect your estate assets and provide financial security and peace of mind for your family members in times of medical crisis.  Taking the necessary steps now in creating a Living Trust and Medical Power of Attorney will avoid unnecessary time delay, hardship, and legal costs to your family members.

However, when establishing your Living Trust, Medical Power of Attorney and other estate planning documents, the strategies and choices you make in creating these documents are just as important as creating the documents in the first place.

Strategic estate planning will solve many estate planning legal problems that boilerplate (on-line) documents do not resolve. Just having a Living Trust and Medical Power of Attorney is not enough. You need to be aware that there are strategic choices and language that must be included in your Living Trust and Medical Power of Attorney that will have a significant impact on achieving the goals you desire to avoid continued hardships for your family members. Your Medical Power of Attorney and Living Trust, together with the General Power of Attorney needs to be able to work immediately in times of crisis when time is of the essence. Proper strategy in drafting these legal estate planning documents will achieve your desired results.

Examples of these strategic estate planning options in preparing your Living Trust and Medical Power of Attorney are as follows:

1. You should not have your Medical and/or General Power of Attorney become effective upon disability or incapacity. This causes the difficulty and time delay for your designated Medical and Financial Power of Attorney to prove your disability or incapacity in the first place before being able to act when the need arises. It is not easy to establish your disability or incapacity under Arizona State law if you cannot act. Your designated Agent will first have to obtain a court order of disability or incapacity or receive a letter from your attending physician after conducting a mental/psychological exam and determining this fact. Both of these requirements result in additional hardship and time delay to your designated Agent to act on your behalf at banks, financial institutions, title companies, and hospitals when there is a need to act and time is of the essence. A much better strategic choice in the language in your Medical Power of Attorney is to designate your Agent (family members) with the full power and authority to act immediately. This will avoid the necessity of your designated Power of Attorney to establish your disability/incapacity in times of immediate need, and allows them to act immediately.
2. Designate two (2) Agents as your Medical Power of Attorney and General Power of Attorney, each with the full power and authority to act individually and independently in such legal capacity. This will allow one Agent to act when necessary if the other is not available. This way you will always have someone available to act on your behalf in times of need even if one is not available.
3. Never use the word “and”; always use the word “or” when naming your different Agents. The word “and” means both Agents must act jointly on all actions. This is a bad choice, by making it difficult to get anything done on your behalf when requiring both signatures of the two (2) Agents to act on all matters. A better choice/strategy in language is to use the word “or… each with the full power and authority to act individually and independently in such legal capacity”. This way only one designated Agent needs to act and/or sign documents making it easier and quicker to act on your behalf.
4. Make sure you create an asset worksheet listing in detail all your assets, bank accounts, investment accounts, accountant and lawyer contact information, and beneficiaries’ names and contact information. We have a Confidential Estate Questionnaire that allows you to set out in detail all important information that your successors/family members will need in the future. This is made available to you at no charge or commitment by visiting our website at Estate Questionnaire – Tucson Estate Planning | Living Trusts | 520) 797-1400, ALTA Estate Services In times of medical crisis, if you are not available, the Confidential Estate Questionnaire will make it so much easier for your family members to handle your estate administration by providing them with important contact information and all asset financial information, needed to administer your estate.
5. Set up your bank accounts now in advance of your future needs so that the people you desire to handle your estate administration and financial needs will be able to access your bank account funds to pay future bills and expenses without having to hire lawyers to obtain such authority in a court action.
6. Teamwork and coordination between you, your designated Successor Trustees under your Living Trust and Medical Power of Attorney and your financial and legal professionals in advance of any life crisis is just as important as drafting these estate planning documents in the first instance. Your spouse, family members, and designated Agents will most likely not know how to handle and proceed as your Agents in times of crisis and need. ALTA Estate Services offers a free “Emergency Hotline Program” to assist you, your spouse, and designated Agents with guidance and assistance in the use of these estate planning documents when the need arises. Planning now for future estate administration needs in times of crisis solves many critical issues. We offer this service at no charge to our clients. We will walk your Agent through the steps necessary to administer your health issues and estate asset administration. We will forward the Medical Power of Attorney to the hospital to open communication between medical staff and your family members. This is not an easy process especially during times of COVID. Without our assistance, communication with medical staff may prove to be difficult. We can open this communication through our Emergency Hotline Program. Visit Emergency Hotline – Tucson Estate Planning | Living Trusts | 520) 797-1400, ALTA Estate Services to learn more about this additional service we provide at no charge to you or your family members, in times of need.
7. It is essential to have periodic updates/meetings (by telephone, zoom or in-office) to make sure your estate planning documents are current with any changes in law. ALTA Estate Services does not bill for on-going meetings or consultations. We recommend that we connect with our clients once every year or two just to check up on all legal and financial matters to make sure everything is in order. Again, we offer this service at no additional charge to our clients.

For additional information regarding any of the topics covered in this article, or if you have any questions you would like to discuss, please feel free to call us at (520)797-1400 for a free consultation.

For more information on your estate planning strategy, please contact us by clicking the button below, or by calling (520) 797-1400.

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Meet The Black Real Estate Developers who are building a Fifty-unit Townhome Community in the Central Texas area. Kayla Beamon and Morghan Harvey aren’t only real estate agents and developers, they are the only women I know of that are in the process of building a fifty-home subdivision from the ground up as millennials. Obviously, we had to know more about these amazing women. Both from the Central Tx area, these dedicated entrepreneurs have grabbed the bull by its horns of this tough real estate industry and are currently accomplishing the impossible. Speaking with these ladies, you feel a sense of drive that is hard to come by. With only 1% of the real estate development industry being occupied by African American Women, this dynamic duo is truly breaking through ceilings. Kayla and Morghan both have a passion in promoting home ownership and encouraging financial literacy as well as generational wealth. They started their real estate company, Noire Developments in the midst of the pandemic knowing the real estate market was due for a correction. The duo understood the disconnect between their communities and home ownership. Morghan and Kayla teamed up with a beacon of the local community, A New Day Fellowship Church, led by Pastor Robert Beamon, to develop 36 acres of land on a forgotten side of town where the majority of residents are renters. They desire to bring a sense of modernness and high-quality to the neighborhood by building a fifty-home gated community with unique elevations and trendy finishes that will raise value and hopefully, the pride of the area. The pair stated “this will be the beginning of a master planned development that will bring needed commercial and retail businesses like a grocery store and laundry mat, as well as few other surprises that will wow the community on all factors”. They plan on breaking ground the end of this year. The developers look forward to building this project and are excited for the opportunity to give back to their home in such an impactful way. They hope that they can be an inspiration to the community and let others know that the sky is the limit as long as you believe in God and work diligently to see it come to pass. You can contact these ambitious real estate professionals via Facebook @noiredevelopments or at their website www.noiredevelopments.com.

Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2008.¹   

Since the start of the COVID-19 pandemic, six major stimulus bills totaling around $5.3 trillion have passed. With these efforts to alleviate pandemic-fueled financial strife, are inflation levels being impacted?

Fed Chair Jerome Powell has said that inflation is likely to pick up as the economy recovers from the pandemic, but he believes it will be temporary. Powell has also stated that the central bank plans to keep short-term rates anchored near zero through 2023.²  

As you consider any potential changes to inflation, we may be seeing this year, here’s a reminder about what inflation is and how it can affect you and your investments.

What Is Inflation?

Inflation is defined as an upward movement in the average level of prices. Each month, the Bureau of Labor Statistics releases a report called the Consumer Price Index (CPI) to track these fluctuations.

Understanding the Consumer Price Index

The CPI was developed based on information provided by families and individuals on purchases made in the following categories:³  

• Food and beverages
• Housing
• Apparel
• Transportation
• Medical care
• Recreation
• Education and communication
• Other groups and services

While it’s the commonly used indicator of inflation, the CPI has come under scrutiny. For example, the CPI rose 1.4 percent between January 2020 and January 2021 – a relatively small increase. A closer look at the report, however, shows the movement in prices on various goods tells a different story. Used car and truck prices, for example, rose 10 percent during those 12 months.⁴ 

Investments & Inflation

Inflation can affect investments in several ways. Most notably, it can reduce the rate of return, risk purchasing power and influence the Federal Reserve.

Rate of Return

Inflation reduces the real rate of return on investments. Say an investment earned six percent over a 12-month period. During that time, let’s say inflation averaged about 1.5 percent. That would mean that your investment’s real rate of return would have been 4.5 percent – not six percent.

Purchasing Power

Inflation puts your purchasing power at risk. When prices rise, a fixed amount of money has the power to purchase fewer goods and services.

The Federal Reserve

In addition, inflation can influence the actions of the Federal Reserve. If they want to control inflation, the Federal Reserve has several ways in which it can reduce the amount of money in circulation. Hypothetically speaking, a smaller supply of money means less spending – which could equal lower prices and lower inflation.

With so many changes over the past year or so, it’s no wonder investors and consumers are concerned about the rate of inflation today. When inflation is low, it’s easy to overlook how rising prices are affecting a household budget. And when inflation is high, it may be tempting to make changes to your financial standings and portfolio. If you’re concerned about the inflation rates we’re seeing in 2021, your trusted financial partner can help determine if changes need to be made or if you and your portfolio are already well-prepared.

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security: https://silverman-associates.com/blog/understanding-inflation-in-2021-what-investors-need-to-know

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Company Name: Silverman and Associates
Contact Person: Mark Silverman

Phone: 520.512.8832
City: Tucson
State: Arizona
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What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of numbers affecting the finances of businesses and individuals.

First, any individual or business that received government funds this year should keep that in mind and have records on hand. This includes unemployment benefits and Paycheck Protection Program funds. The taxable situation for these can be complicated, so be sure to discuss them with us before the end of the year.

Meanwhile, here are the big changes for 2021.

Affordable Care Act “affordability” percentage

Per IRS Revenue Procedure 2020-36, the ACA “affordability” percentage for 2021 is 9.83%, increasing slightly from 9.78% in 2020.

This means that, for 2021, employers subject to the ACA cannot charge employees more than 9.83% (of their household income) for the least-expensive self-only health insurance plan.

Employers may use one or more of these three IRS safe harbor methods to determine employees’ household income:

• The employee’s Form W-2 Box 1 wages.
• The employee’s hourly rate of pay multiplied by 130 hours, or the employee’s monthly salary.
• The federal poverty level for a household of one.

These safe harbors can be used only for the purpose of calculating ACA affordability.

ACA reporting

IRS Notice 2020-76 extends the deadline for employers to furnish ACA Form 1095-C or Form 1095-B to employees — it is changing from Jan. 31, 2021, to March 2, 2021. The notice also extends the IRS’ good-faith effort relief for plan year 2020 reporting.

Under the good-faith effort relief, employers will not be penalized for submitting incomplete or inaccurate ACA forms if they can “show that they made good-faith efforts to comply with the information-reporting requirements.”

The deadlines for filing Form 1095-C and Form 1095-B with the IRS remain the same: Feb. 28, if filing by paper, and March 31, if filing electronically.

Social Security wage base

The Social Security Administration announced that the Social Security taxable wage base for 2021 is $142,800, jumping from $137,700 in 2020. The employee’s and the employer’s Social Security tax rates remain at 6.2%.

The Medicare tax rate for 2021 is still 1.45% of all taxable wages, for both the employer and the employee.

Employees earning more than $200,000 for the year are still subject to an additional Medicare tax of 0.9%.

Health savings accounts and high-deductible health plans

Health flexible spending accounts

This limit has not changed; $2,750 remains the limit for health care flexible spending accounts. However, the maximum carryover amount for 2021 has gone up to $550, an increase of $50.

Qualified commuter benefits

The contribution limit for pretax commuter benefits is $270 — the same as in 2020. This is the maximum pretax amount that employees can set aside to pay for public transportation, ridesharing, vanpooling and parking expenses. 

401(k) contributions

Here are the 2021 contribution limits for 401(k) plans:

• Maximum employee contribution: unchanged at $19,500.
• Catch-up contribution for employees ages 50 and over: unchanged at $6,500.
• Maximum employee + employer contribution, excluding catch-up: $58,000.

Other inflation adjustments

The standard deduction for married couples filing jointly for tax year 2021 rises to $25,100, up $300 from 2020. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,550 for 2021, up $150, and for heads of households, the standard deduction will be $18,800 for tax year 2021, up $150.

For tax year 2021, the tax brackets and their limits are as follows:

• 37% for incomes over $523,600 ($628,300 married filing jointly).
• 35% for incomes over $209,425 ($418,850 married filing jointly).
• 32% for incomes over $164,925 ($329,850 married filing jointly).
• 24% for incomes over $86,375 ($172,750 married filing jointly).
• 22% for incomes over $40,525 ($81,050 married filing jointly).
• 12% for incomes over $9,950 ($19,900 married filing jointly).
• 10% for incomes for incomes of $9,950 or less ($19,900 married filing jointly).

The bottom line? It’s been a complicated year. Touch base with our firm before the end of the year to make sure you’re on track for any adjustments.

For more information, visit http://flowersrieger.com/

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April 26, 2021 – In dealing with dust particles and bacteria, be it cleaning bathrooms or windows, Equinox Cleaning does it all. Unsanitariness is not something this dirt bulldozing Company condones nor appreciates. One may even say that they are its worst enemy.

Equinox Cleaning is a company that is a resident in New Jersey and prides itself on the impeccable quality services that it has to offer. The Company has specialists devoted to cleaning those pesky surfaces until they are bright enough for one to see their reflection in them. Equinox Cleaning has made a name for itself and continues to be successful when it comes to providing customer satisfaction and the best cleaning services available in New Jersey.

Dating back to 20 years, the Company hasn’t slacked off. It is a pioneer Research and Development (R&D) cleaning company. The Company also innovates in disinfecting products that are sure to be gentle to the environment while simultaneously being hell for those dirt and grease spots. Equinox Cleaning is committed to preserving the Earth with the help of its products. Its latest EPIX 360 provides a one-year guarantee and covers surfaces up to 4000 square feet. The objective behind this spray is to eliminate dirt and bacteria particles while ensuring that the environment is not exposed to harmful contaminants.

Equinox Cleaning came into existence intending to help others. It is a family-owned business that offers quality assurance services to its consumers. A company initially built on trust and good faith has become famous for its services in a short time span. When the Company cleans client’s premises, leaving them spotless, it all offers them tips on maintaining hygiene. This includes paying significant attention to frequent touch points, as they are the most contaminated items on the entire premises.

Another outstanding thing about Equinox Cleaning Company is that they provide a safe working environment for their employees. This is part of the reason why the employees at Equinox are so motivated and energetic. They are part of a community that values and appreciates their talent. The result is a prim and meticulous workspace.

Equinox Cleaning knows that they aren’t the only hygiene freaks in the world. Therefore, to satiate the thirst of such other enthusiasts, they have made their blog posts readily available. The purpose is to read them and take motivation from the unique yet efficacious cleaning mechanisms that the Company uses.

For more information and package rates, please visit www.equinoxcleaning.net.

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Company Name: Equinox Purification
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