COVID 19 has brought tragedy to many families and businesses and impacted personal finances. It has also rendered many an estate plan inaccurate and unrepresentative of current circumstances. If you, your family or your beneficiaries have been affected by the virus, you may need to review and make changes to your plan. Consider the following questions in your review.

New legislation -- the CARES Act -- permits qualified individuals to take early distributions from their retirement assets, such as their 401(k) or individual retirement account (IRA) -- penalty free. The rules – which sunset after 2020 – are designed to help the many cash-strapped Americans who have suffered financially as a result of the coronavirus epidemic. But tapping into your retirement savings has its costs, and there may be better ways to shore up your short-term cash flow.

A once-in-a-lifetime event such as the coronavirus pandemic forces us to reassess many things we may have taken for granted. Most of us take our personal good health for granted. Many of us assume we will always get by financially, that we will always be able to earn money in some way, and that, in a worst-case-scenario, the government will be there to step in and help.

Most businesses today do not offer a pension plan. But pensions are still a common benefit for teachers, federal employees, and others who work in the public sector. Many grandfathered private-sector plans also still exist. In fact, according to the Bureau of Labor Statistics, over 30 million public and private sector American workers participate in a pension plan.

Americans are paying more than ever for credit. According to a recent report,1 credit cards now carry an average interest rate of over 17% -- a 35% increase from just five years ago, despite the prevailing low interest rate environment. Yet almost half of cardholders surveyed carry a running balance each month, paying high interest rates on their unpaid balances.

As the end of the year draws near, the last thing anyone wants to think about is taxes. But if you are looking for ways to minimize your tax bill, there's no better time for tax planning than before year-end. That's because there are a number of tax-smart strategies you can implement now that may reduce your tax bill come April 15 or in the years ahead.