The Coronavirus has us all concerned about both our physical and financial health. The economic impact of the pandemic has changed the value of everything overnight, making the process of dividing assets for a divorce settlement particularly challenging. So, what’s the best way to cope with the uncertainty? And what are our options if we need cash in hand right now?
Steve Kaplan is the founder and owner of Steve Kaplan CPA, a practice focused on dispute resolution services out of White Plains, NY. He has 30-plus years of experience in public practice, developing an expertise in business valuation, financial analysis and settlement support. Steve is trained in Collaborative Divorce Practice and mediation, and he is often called upon to speak on a variety of tax, forensic accounting and matrimonial dissolution topics.
On this special episode of Divorce Dialogues, Steve joins Katherine to offer advice on dealing with the current economic uncertainty, reminding us that portfolio values always come back after a downturn. He weighs in on how to think about the valuation of assets if you’re getting a divorce right now, explaining the benefits of choosing the collaborative process when it comes to real estate and business valuation. Listen in for Steve’s insight around the benefits available to those of us who need cashflow now and learn how to take advantage of the changes to the tax code initiated by COVID-19.
Topics Covered
Steve’s advice on dealing with the current economic uncertainty
Portfolio values come back after downturn
Value today less relevant than at exit
Taking action now may compound problems
The benefits available to those of us who need cash in hand now
Increase in unemployment benefits
Small business loans available at low interest rates (e.g.: PPP)
Opportunity to borrow from retirement account
$1200 checks issued automatically to most taxpayers
How to think about real estate valuation if you’re dividing assets now
Why business valuation is more challenging in the Coronavirus era
The benefits of collaborative divorce in terms of business valuation
Steve’s insight on the changes to the tax code initiated by COVID-19
Penalty for borrowing from retirement account waved
Minimum distribution requirements waived in 2020
Date to file/make first payment on taxes moved to 7/15
Connect with Steve Kaplan
Kaplan CPA: https://www.skaplancpa.com/
Call (914) 733-7340
Email [email protected]
Connect with Katherine Miller
The Center for Understanding Conflict: http://understandinginconflict.org/
Miller Law Group: https://westchesterfamilylaw.com/
Katherine on LinkedIn: linkedin.com/in/kemiller1
The New Yorker’s Guide to Collaborative Divorce by Katherine Miller: https://www.amazon.com/New-Yorkers-Guide-Collaborative-Divorce/dp/0692496246
Email: [email protected]
Call (914) 738-7765
Resources
CARES Act: https://www.skaplancpa.com/
SBA Loans: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Paycheck Protection Program: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
SECURE Act: https://www.congress.gov/bill/116th-congress/house-bill/1994/text
