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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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2020 will be remembered for a lot of reasons. But until now, making savvy tax moves probably wasn't on your list.
Here are the 5 best tax planning ideas for 2020:
1. Make a Roth conversion - tax rates are historically low so consider paying taxes now instead of later, especially if your ordinary income took a hit this year.
2. Take an IRA distribution - minimum distributions aren't required this year but you may want to anyway because of the low tax rates. That distribution -- this year only -- can be converted into a Roth IRA.
3. Qualified Charitable Distributions - gifting straight to charity from an IRA is the most tax-efficient way to make gifts. The QCD age is 70.5 even though SECURE Act raised the RMD age to 72.
4. Gifting - this golden age of gifting may soon grind to a halt. These are the current limits with the last reverting to $5,000,000 in 2025, if not sooner and lower.
+ $15,000 annual exclusion gifts, unlimited
+ unlimited gifts for direct tuition and medical expenses
+ $11,580,000 lifetime gift/estate exemption ($23,160,000 for a married couple)
5. Update your estate plan from the SECURE Act - the stretch rule is gone. All non-spouse IRA beneficiaries need to abide by the 10-year rule. Conduit trusts commonly named as beneficiaries won't work as intended anymore.
The five best 2020 tax planning ideas (https://www.fa-mag.com/news/the-five-best-2020-tax-planning-ideas-58134.html)
by Ed Slott
** Your Life
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Fall is upon us, and winter is coming. The thought of staying inside even more can be disheartening. Let’s escape again and think about trip planning after the pandemic is over. Ahhh, the spa:
16 Luxurious Spa Getaways That We Can't Wait to Experience in a Post-Pandemic World (https://www.veranda.com/luxury-lifestyle/g33659422/best-spas-in-the-world/)
by Lauren Wicks
And right in my own back yard, I can't wait for this one to reopen:
Grove Park Spa Gallery (https://www.omnihotels.com/hotels/asheville-grove-park/property-details/gallery#/spa)
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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The website Invisible Stories (https://www.theinvisiblestories.com/) accurately states that our sense of smell is inherently tied to our limbic system. More specifically, our olfactory receptors have strong input into the amygdala, which is the emotional center of our bran. So, scent, in addition to forming and triggering memories, makes you feel things about these memories. As such, scent becomes a powerful tool for mental health, even if its effects are temporary.
With that said, here is a list of smells that have proven positive effects on our mental state. Like a compilation of favorite songs or an inventory of supplements, smells can become part of our toolkit for correcting, boosting, and changing the way we feel.
FOR THE HAPPINESS DEFICIENT:
* Bergamot, lemon and other citruses
* Jasmine
* Pine
* Fresh-cut grass
FOR THE EASILY DISTRACTED:
* Peppermint
* Cinnamon
* Rosemary
FOR THE SLEEP DEPRIVED:
* Lavender
* Chamomile
* Ylang ylang
FOR THE EMOTIONALLY DISPLACED:
* Baby powder
* Sunscreen
* Rose
** Trivia
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A: 22
Q: Which African country was formerly known as Abyssinia?
https://www.youtube.com/watch?list=PLCirtmymlHOYbA1HbBuxEaM3PXe3_bOcU&v=IUc0R8bbWQE
** This got us all singing out loud
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