April 2022 Newsletter
Friends,
Whoever wins the Mega Millions jackpot will make history ...
They'll be the first billionaire to pay taxes.
In Connecticut, the Federal tax filing deadline is Monday April 18, 2022. So I’m filing for an extension and taking our family to Kittery, Maine for a vacation since it's school break week. I’ll still return calls and emails so I’m still available to you as always.
Ever wonder why it is not April 15th this year?
The deadline was pushed from April 15 because of Emancipation Day, which is a holiday in Washington, D.C.. Tax-filers in Maine and Massachusetts, however, will be able to submit their taxes until April 19 because of Patriot’s Day on April 18. If you plan on requesting an extension you’ll need to request one by April 18, and you’ll have until Oct.17, 2022 to file your return.
Kind Regards,
Michael Antonini
What’s New
Good news! If you already ordered 4 no-cost at-home COVID-19 tests from COVIDtests.gov, now you can get 4 more at-home tests shipped to you at no charge.
Visit COVIDtests.gov again to place your second order. As before, just enter your name and mailing address (you can also give your email address if you want status updates on your order).
If you haven't yet ordered any at-home tests, you can get a total of 8 tests shipped to your home. You'll just have to place 2 separate orders — each order equals 4 tests.
At-home tests, or "self tests," give rapid results and can be taken anywhere, regardless of your vaccination status or whether or not you have symptoms. Visit CDC.gov to learn when to test yourself, how to use an at-home test, and what your test results mean. Click here for the link.
Ask The Expert: Elaine Floyd
Elaine Floyd, CFP
When a loved one passes away, the person named as the executor has a lot of work ahead of them. This month, I bring in Elaine Floyd CFP for some tips.
Your job as executor of a will:
Most of us have watched movies or read books that depict a lawyer reading the will in front of the family. Script writers add to the drama by highlighting the reaction of those who receive and those who have been left out of the will.
Hollywood dramatics aside, it’s an outdated depiction.
Instead, the executor of the will makes sure the wishes of the deceased are carried out. The executor is the fiduciary for the estate, acts in the best interests of the estate, and executes the provisions of the will.
Steps to consider as you fulfill your duty as executor:
Meet with family members. Potential heirs may have no idea what is in the will. In addition, the executor compiles and catalogs all the assets, debts, accounts, and guardians that are in the will.
And keep the lines of communication open with heirs. This is a difficult time for those who have just lost a loved one, and emotions may be running high. The testator, who is the person that writes the will, is conveying his or her wishes through the will. Cash, bonds, or stocks may have little emotional appeal for the heirs. But the testator’s decision to convey his or her wishes prior to passing regarding treasured heirlooms may help avoid disagreements that can sometimes get out of hand.
File the copy of the will with probate court. Most states will require that the executor submit a list of all the assets that were owned by the decedent.
Advise various agencies. Alert credit card companies, government agencies including Social Security, banks, and investment firms that the individual has passed away.
Consider opening an account in the estate’s name. Federal and state income taxes, any estate taxes, and bills must be paid. This won’t happen overnight. Please exercise patience.
Consider the assistance of a professional. This depends on the complexity of the estate. Large estates may owe taxes or legal documents may need to be filed, which in many cases, is outside the expertise of the executor. Notably, assets with beneficiaries such as bank accounts, IRAs, and life insurance policies skip probate.
Transfer the assets to the heirs. Don’t lose sight of your goal – transferring assets to the rightful heirs.
Important Dates
My son Johnny turned 14 yesterday, and it turns out that a client’s son also had a birthday yesterday. So, I did some math, (I love math):
33% of the replies to last month’s newsletter were wishing my son a happy birthday. Johnny says thank you!
17% told me about one or more birthday’s in their lives
Most of my clients have a birthday this year and I already missed recognizing 24% of them (I did give Kathy C. and my father a shout out for February 1 in February) (By the way, it’s her son that has the same birthday as my son. Can’t make that up).
Therefore, Happy Belated Birthday to all of my clients who celebrated a birthday I missed in January, February or March
And Happy Birthday to all of my April clients and friends.
Don’t forget Monday April 18 is the last day to file state and federal taxes or to file for an extension (much less pressure). Peace.