Hourglass
Who is Katie's main assistant?
Carolyn White
72
Why was the Cares Act enacted?
What company worth 2 trillion dollars in assets recently did a 4 to 1 stock split?
In 2020, how many months should you have in monthly expenses in savings?
6-9 months
(both spouses working = 6 months)
(single working= 9 months)
How many locations does Hourglass have by the end of 2020?
4
How many years do you have to distribute all the proceeds out of an inherited IRA?
10
What is the AGI limit for gifting cash to a qualified 501c3 organization in 2020?
100%
The company was founded by Martin Eberhard and Marc Tarpenning, although current CEO Elon Musk led the first investment round in February 2004. At that point, he joined the company's board of directors as Chairman.
At what age does the state of IL require that a custodial account (account for a child) be transferred to the name of the child only?
21
How is each individual location set up?
Each location is a separate entity to reduce liability and provide as many tax advantages for each financial advisor.
How many hours do part time workers have to work in order to participate into a 401k plan under the secure act?
Used be to over 1000 hours in one year but now it has been changed to 500 hours over the course of 3 years.
How many years can you carry back losses in 2020 for tax purposes?
5
1998
What is the AGI limitation to contribute to a Roth 401k?
Unlimited. No AGI restrictions
How many locations are working remote?
2 (Plainfield and New Lenox)
What is the maximum tax credit business owners can get for starting a 401k plan?
$5000
What needs to be done from your employer in order to take out distributions out of your 401k without any penalties to cover COVID related issues?
The adoption agreement for the 401k plan must be updated to reflect the new Cares Act provisions OR the distribution will be subject to 10% penalty + ordinary income.
What rental car company recently filed bankruptcy after showing 1 billion dollars in cash on their balance sheets in mid March?
Hertz Rent a Car
What is the lookback provision on irrevocable trusts?
5 years
-People try to put money inside irrevocable trust accounts to protect assets and utilize Medicaid but the money has to be transferred for 5 years in order for the govt not to seize assets.
What new services will Hourglass provide with the acquisition of Burlington Iowa location at the end of 2020?
Warranty Accounts. Wells Fargo is the only broker dealer right now that will deal with auto warranty accounts.
How much of 529 plans can be used to pay down student loan debt?
$10,000
How much of the 2 trillion dollars in the stimulus bill was dedicated to hospitals? How much was dedicated to corporations?
130 billion to hospitals
500 billion to corporations
What company received a 1.95 billion dollar contract with the US Government to distribute the vaccine?
Pfizer
Coogan account
(lawyer drafts the trust and in order for the parents to take money out, they need a court order)