What’s so bad about Probate?
What’s so bad about Probate? The following questions were posed to me on my radio show today: What’s so bad about Probate? and What is it and why do we want to avoid it? First, what is Probate? Probate is a court proceeding used when estate planning is done wrong or not at all. Second, what’s so bad about it? Here’s why you want to AVOID Probate. 1 – Probate is very slow (1 to 3 years) to get money to the beneficiaries. 2 – Expensive – 6% of gross estate. Six percent is a huge chunk of change for anyone to have to pay. 3 – The...
Read MoreFake Charities: Dirty Dozen Tax Scams 2016
Fake Charities: Dirty Dozen Tax Scams 2016 Did you know that not all charities are truly charitable? Its a terrible and twisted concept but its reality. There are groups that pretend to be charitable, drawing you in and encouraging you to donate money and give your personal information with plans to scam you. The IRS recently warned tax payers to be aware of such fake charities in its recent update about its Dirty Dozen Tax Scams for the 2016 filing season. “Fake charities set up by scam artists to steal your money or personal information are a recurring problem,” said IRS...
Read MoreThree Common Trust & Estate Planning Mistakes
Three Common Trust & Estate Planning Mistakes Today on our radio show we listed out three common trust & estate planning mistakes people make. Read on to review our list and see if you’ve made any of the common mistakes. On the radio with Gary Quackenbush and Marty Schneider, the Retirement Professor. K-PRAISE 1210am: Three Common Trust & Estate Planning Mistakes 1 – Funding not done or not done right. To be done correctly, the house must be deeded to the Trustee of the Trust. All personal property needs to be assigned to the Trustee. Bank accounts should be in...
Read MoreThe Business Model Canvas
The Business Model Canvas Now that we’ve spoken about the Business Idea Canvas, our next tool in line is the Business Model Canvas. This revolutionary tool is a simple, yet powerful method for setting structure to your business idea/new product/new branch of your existing business in order to understand your “business model.” Well, that’s a catchy, often over used term, but what is a business model? Investopedia defines it as: “The plan implemented by a company to generate revenue and make a profit from operations. The model includes the components...
Read More2016: A Year of Innovation
2016: A Year of Innovation Innovation is quite the buzzword these days–and with good reason. In this fast changing, digital era, creative change is constantly happening in the business world. For some, being innovative or creative in a business environment may come easily, but what if you feel like you’re more of the “put your head down and get it done” kind of person? Here’s what Jeffery Dyer, Hal Gregersen and Clayton Christensen have to say. As a result of an extensive study of some of the most innovative entrepreneurs in recent years they share:...
Read MoreInterest Rate Changes: What an Entrepreneur Needs to Know
Interest Rate Changes: What an Entrepreneur Needs to Know We’ve all seen the headlines popping up on our news feeds, in the paper and in friendly conversations. But why should I care about the Fed changing it’s key interest rate? Well, here’s a brief overview of the implications of interest rate changes on your small business. First off, the Fed’s decision to raise rates is a good sign. The Fed will only do this when it strongly believes the economy is very healthy and growing well. In fact, that’s one of the biggest reasons they raise rates. If the economy is expanding too...
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