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Assessor's digital Family Wealth Forum spotlights pandemic personal‑finance options
Summary
Assessor Carmen Chu's first Digital Family Wealth Forum session covered CARES Act stimulus and retirement rules, flexible‑spending/HSA changes, FAFSA/529 advice and practical steps for families managing cash flow during COVID‑19.
The Office of the Assessor hosted a digital Family Wealth Forum during which certified financial planners and CPAs explained key personal‑finance questions for households coping with COVID‑19. Panelists described CARES Act provisions including stimulus payments, expanded access to FSA/HSA purchases (over‑the‑counter medications and feminine hygiene products), and penalties waived for certain retirement withdrawals.
Speakers advised keeping retirement contributions where possible and cautioned against unnecessary 401(k) cashouts unless financially compelled, noting the long‑term downside of reducing retirement savings. They outlined differences between workplace plans (higher contribution limits) and IRAs, and described Roth IRA income limits and backdoor Roth strategies for high earners.
On college planning, panelists recommended FAFSA strategy (reducing reportable assets via retirement vehicles and paying down unsecured debt), considering 529 plans for tax‑free education gains and front‑loading options, and community college transfer pathways to lower costs. They also suggested resources: irs.gov, IRS Publication 502 for qualified medical expenses, California HICAP for Medicare counseling, and nonprofit counseling organizations for planning.
Assessor Carmen Chu and presenters emphasized practical next steps: update beneficiary designations, consider transfer‑on‑death deeds for simple property transfers, and seek nonprofit or sliding‑scale legal help for wills, trusts and more complex estate plans.
The session included Q&A on Roth rollovers, inheritance taxes, HSAs/FSAs, retirement and student loans; organizers said slides and recordings would be shared with participants.
