Many Millennials Ask: Will There Be Another Recession?
Most wisdom will tell you not to worry about a recession. In any case, it’s a regular part of any economy’s life history. So how do prepare for it anyway? In terms of investing, you can’t time the market — but it’s better to be in it, rather than watching from the sidelines. Creating options for cash needs is a major factor in solvency. Another important tactic is to always be saving in an automatic fashion. For even more tips on preparing for the worst, read this article with more advice from author Remit Sethi.
What Happened in July? Here Are The Top Takeaways
For one, personal spending increased significantly among most Americans. The euro dropped below $1.10 USD — the first time in two years, much of this due to traders closing their positions near the month’s end. Texas crude oil fell 3% to roughly $55 per barrel. This past Sunday, President Trump’s new tariffs on $110B worth of Chinese imports took effect. For a further breakdown, click here.
President Trump Feels Patriotic With His Trade War, But The Collateral Damage May Be the Country’s Fuel — The American Consumer
This last Sunday saw the kickoff for U.S. and Chinese tariffs in the ongoing trade war — a conflict with international repercussions, not to mention domestic ones. However satisfied the president seems with his strategy, the tariffs will likely raise prices on basic products for consumers, including clothing. And a spending American has been a prime mover — and much of the strength — for the economy. December 15th is the date of the second round of tariffs, with a 15% penalty. China, in turn, has released a list of American imports targeted for tariffs on the same date. More details about the numbers can be found here.
Flexibility Is the Catch-Word Today For Estate Planning — Especially Regarding Trusts
For many high-net-worth or solvent families, the Tax Cut and Jobs Act (TCJA or Act) of 2017 was a godsend. The new laws doubled the federal estate, gift and GST tax exemption amounts, as well as making other provisions. However, this hasn’t been the case with many estate planners, mainly because of the act’s complexity — and that many of those provisions expire in 2025. So, how can the individual and/or family avoid the effects of the legislative rollercoaster — or the archaic protocol of an older trust? One way is to name a trust protector, someone with power over the trust who isn’t the trustee. Read this article for two more ways to install flexibility into a trust.