We're In This Together, We Will Get Out of This TogetherSubmitted by U.S. Wealth Oman on March 30th, 2020
By: Gary R. Oman, CPA, PFS, MST
I trust you and your families are managing these current circumstances in the best possible way and that you have remained healthy.
I suspect you are feeling a little isolated, staying at home all the time with intermittent walks around the neighborhood or quick trips to the grocery store. It has been challenging, especially with my 93 year old mother-in-law living with us. The Oman household has done a reasonable job staying on a regular routine each day, though I’ve pushed ahead my morning alarm to 6am since my commute is so much shorter.
It goes without saying that the impact of COVID-19 is far reaching and very personal. Businesses have been ordered to close and many have had to close. Business owners have reluctantly had to lay off employees, no easy decision for most owners. Others have experienced being laid off, causing serious concern about how all their bills are going to be paid.
The federal, state and local governments have been working hard to address the extensive effects of this pandemic. I have thought back to how well the Oman family was prepared for this situation which very quickly morphed into a very restrictive new way of living. We didn’t have everything we needed. We then tried to figure out what we needed, the things we really didn’t need, and the safest way to manage our trips away from home. Suffice it to say our current personal challenges pale in comparison to what our federal and state governments are facing to identify needs and how to respond to each of those needs and the effect and/or consequence of those responses, as well as finding an appropriate measure of optimism balanced with realism. A massive undertaking to be sure, however, I do see some good results, a few missteps, but generally forward progress in one way or another every day. It will take a while to get everyone what they need.
Amy and I have been working from home since March 17th…the day Tom Brady left town. Our ability to service our clients did not skip a beat due to our Business Continuity Plan and capabilities already in place, thanks to our colleagues and the administrative back office team at US Wealth Management. We can access all our client files, our broker-dealer LPL Financial, financial planning tools, and all other critical software and files via secure connections to all of them.
Overall, it appears Gov. Baker and our state government are responsive to the needs of the people of Massachusetts. I appreciate his/their regular updates and guidance and I will continue to look confidently to their leadership as we go forward and expect similar leadership at the federal and local level as well. And thanks to the first responders, medical staff, grocery workers, front line workers and others who continue to work to ensure we can still get the things we need. If we see a way to do something better, let’s pass it along. Reach out to your state or federal legislators, they are here to help in every way they can.
We are available if you need something, don’t hesitate to contact us. Remember, April 15th which is the typical deadline by which tax returns must be filed, taxes paid and IRA contributions made has been delayed/pushed out to July 15th without interest or penalty assessments.
My wish for you is to have a good day today and better day tomorrow; a smile on your face or put a smile on someone else’s face and more smiles tomorrow; make a call or two to someone you care about; and please remember we are all in this together and that each of us is trying to do the best we can.
To you and your family, take care, be well and stay safe!
Until next time…