First off, a quick reminder that estimated taxes for the second quarter are due June 15th. This one always feels as if it came a little quick (2 months instead of the normal 3), so if this applies to you, you’ll want to make sure you have that all set up in time.
Secondly (and relatedly), I think I’m still in denial that we’re already into June. Our busiest season is behind us, and I always seem to expect that everything will slow down in a massive way afterwards … but this year has seen so much energy and growth around our practice that I find myself in the midst of some very full days!
This, of course, is a very good thing. We are so grateful to be able to play such a meaningful role in the lives of our clients. We continue to work with some clients who are on extension and we’re helping clients who are (wisely) already making changes to their financial lives in order to pro-actively save themselves on taxes. It’s all fun, because we really do love what we do around here.
But that doesn’t mean I don’t pine away for vacation some days.
The BEST kind of vacation comes following work that is well and fully done.
And, I’ve found, it also helps to plan ahead — even when what we’re planning for involves beaches, lakes and mountains (and food … lots of food).
How Comprehensive Travel Insurance Can Help metro NY Families Avoid Vacation Nightmares
“It doesn’t matter where you are, you are nowhere compared to where you can go.” -Bob Proctor
So begins “vacation season”. June is here and school is pretty much out, and many metro NY families have already planned for their time away.
But when following your vacation itinerary, the last thing you want to do is worry about any financial loss that might occur as a result of a missed flight, an injury or illness, lost baggage, or any other unforeseen incident. To “insure” [;)] your peace of mind while away from home, many companies provide several different types of traveler’s protection plans to help ease the burden.
I do recommend that you strongly consider this, ESPECIALLY for vacations that are significant. The extra expense might seem excessive … until it isn’t. Certain trips have less “emotional loss potential” than do the big family vacay, and so it may very well be worth it to you to select these options for special trips.
Without insurance, a traveler can lose nonrefundable deposits and prepayments that can add up to hundreds, or even thousands, of dollars. A good, comprehensive travel insurance plan will often reimburse a traveler for all pre-paid, nonrefundable expenses for a covered loss.
Here are some general types of coverage you may want to consider before heading out for this summer’s vacation:
Travel Arrangement Protection – This covers you in case of trip cancellation, interruption, or travel delays (these can include inclement weather, lost or stolen passports, quarantine, hijacking or natural disaster).
Medical Protection – Despite having health insurance at home, the moment you set foot on foreign soil or even set sail on a cruise, many health plans are considered null and void. So be sure you carefully check your international coverage with your existing carrier, and as needed, get travel medical protection to cover emergency medical expenses, such as illness and accident expenses, and emergency medical transportation to the nearest medical facility.
Baggage Protection – Not only do you want coverage for lost, stolen or damaged baggage, but many plans offer reimbursement for the purchase of essential items if baggage is delayed.
Worldwide Emergency Assistance – If traveling outside of the country, make sure you purchase a policy that covers international emergencies. This can include emergency cash transfer assistance, legal assistance, and lost travel documents assistance.
The cost of travel insurance is based, in most cases, on the value of the trip and the age of the traveler. Typically, the cost is 5-7 percent of the trip cost. Like most every other type of insurance, be it automobile, medical, or homeowner’s, you hope you never need to use it. But it sure can be a relief to have it when you do need it.
The bottom line is: Before embarking on your next trip, do your homework! Talk to your insurance agent – or call me for a recommendation – and learn more about all the different insurance options available to you, so you can make the best choice for your peace of mind.
With that, I’ll leave you until next week.
Barry Picker, CPA, CFP Zesha Auerbach, CPA
Picker & Auerbach CPAs