Cockatiels and Trust Funds
Cockatiels and Trust Funds
We have posted a few times here on the GQ Law blog about the possibility of setting up a Pet Trust, a special trust that can set aside money and care plans for your beloved pets after your death. You learn about Pet Trusts in this post and read about Joan Rivers’ pet trust on our blog here.
Another pet trust made national headlines recently as late billionaire Leslie Ann Mandel left $100,000 to her pet cockatiels upon her passing in June 2015. According to an article in Time, Mandel founded The Rich List Company and her estate totaled $5.3 million.
Mandel listed her step-son as trustee of the estate and left detailed instructions for the continued care of each of her 32 pet cockatiels. She also left instructions to care for her rescue dog, Frosty, and cat, Kiki.
The Time article quotes her Will ““It is my wish that the birds be fed and the building cleaned each Monday and Thursday and their food shall be purchased from Avi-Cakes, carrots, water and popcorn.”
Even with such painstaking detail on the care of the birds, her estate is not left without dispute. A 2005 copy of her Will leaves most everything to her husband and step son but her sister has a copy in which their names are crossed out and replaced with hers, claiming it was singed in 2006. They will be seen in court next month and in the meantime, the birds will have to wait to receive their enormous “nest egg.” You can read more about the Will in the New York Post article here.
Make sure your loved ones, birds, cats, dogs, husbands, step sons and sisters are all left with clear expectations about what will happen when you go. Make an appointment with our office today to set up or update your complete Estate Plan. Call us at 858-549-8600 for your free consultaiton.
Tax & Estate Planning Help on Social Media
Tax & Estate Planning Help on Social Media
Did you know that you can get valuable tax and legal help throughout the year via social media? Whether you use social media daily, weekly or rarely, connecting with the available GQ Law and IRS accounts will get you access to free legal advice, success tips, information on IRS filing requirements and keep you updated about new tax deductions, tax brackets, etc.
GQ Law Accounts
- Twitter. Keep up with Gary, tax tips, links to videos @GQLaw
- Facebook. Links to posts on this blog. Posts cover legal and business topics ranging from guardianship designations and wills and trusts to tax tips, bankruptcy and success. GQ Law
- YouTube. Gary and his team post short and informative videos on everything from Estate Planning to Small Business. GQ Law YouTube Channel.
IRS Social Media Accounts. Information from here.
- Twitter. IRS tweets include tax-related tips, news for tax professionals and more. Follow the IRS @IRSnews, @IRStaxpros and @IRSenEspanol. Follow the Taxpayer Advocate Service @YourVoiceAtIRS.
- IRS2Go. IRS2Go is a free app where you can check your refund status, get tax news or follow the IRS on Twitter. Subscribe to get helpful IRS Tax tips via email. You can download the app free from the Google Play Store for Android devices, or from the Apple App Store for Apple devices. IRS2Go is available in both English and Spanish.
- YouTube. IRS YouTube Channels offer short videos on a variety of tax topics. You can view them in English, Spanish and American Sign Language.
- Tumblr. The IRS Tumblr blog gives you the latest tax news. You can access Tumblr from your smartphone, tablet or computer.
- Facebook. IRS Facebook pages post useful information for taxpayers and tax return preparers. You can also connect with the Taxpayer Advocate Service.
- Podcasts. Short IRS podcasts provide useful tips on many tax topics. Listen to these audio files from the Multimedia Center page on IRS.gov.
Why a Roth IRA Might be Right for You
A Roth IRA is a retirement account with money contributed after taxes rather than money contributed pre-taxes like traditional IRA and 401k accounts. Because the taxes are paid before the money goes into the account, taxes are not due upon withdrawal. This can be a great benefit (more…)
Today’s Tip for Success: Get Some Sleep!
Today’s Tip for Success: Get Some Sleep!
Do you ever feel like this guy? Well, you’re not alone. The Gallup Organization reports that roughly 59%of Americans don’t get enough sleep. But what are the consequences? Can’t you just barrel through the day and “tough it out?”
Ron Friedman, Harvard Business Review contributor, disagrees. He shares, “Missing sleep worsens your mood, weakens your memory, and harms your decision-making all day long. It scatters your focus, prevents you from thinking flexibly, and makes you more susceptible to anxiety.” Yikes!
But we’re in luck. Here are Friedman’s 7 techniques (excerpts from his article, How to Spend the Last 10 Minutes of Your Day) to wind down and get a better night’s rest:
Read something that makes you happy
Fiction, poetry, graphic novels. Whatever sustains your attention without much effort and puts you in a good mood. (Warning: Never read anything work-related in bed. Doing so will make it more difficult for you to associate your bed with a state of relaxation.)
Lower the temperature
Cooler temperatures help us fall asleep and make the prospect of lying under the covers more appealing. The National Sleep Foundation recommends keeping your thermostat between 60 and 67 degrees overnight.
Avoid blue light
Exposure to blue light – the kind emanating from our smartphones and computer screens – suppresses the body’s production of melatonin, a hormone that makes us to feel sleepy. Studies show that reducing exposure to blue light, either by banishing screens before bedtime or by using blue light-blocking glasses, improves sleep quality.
Create a spa-like environment
Create a tranquil environment with minimal stimulation. Dim the lights, play soothing music, light a candle.
Handwrite a note
One of the most effective ways of boosting happiness is expressing gratitude. You can experience gratitude while writing a thank-you note to someone you care about, or privately, by listing a few of your day’s highlights in a diary.
Meditate
Studies show that practicing mindfulness lowers stress and elevates mood.
Take a quiet walk
If the weather’s right, an evening walk can be deeply relaxing.
Getting more sleep could make you a better family member, friend, boss, co-worker and person. Just like employee compensation, a new technology or even exercise, sleep is an investment with a huge potential ROI. So tonight, cash in early, try these tips, get a solid 8 hours and see how you feel fired up tomorrow! Goodnight!
5 Things You Should Know About Social Media
5 Things You Should Know About Social Media
Everyone knows that social media has been changing the way the world works–especially in business. Marketing just ten years ago isn’t the same as it is today. Here’s a few quick tips from Entrepreneur columnist, John Rampton, that will help educate your business’ social media decisions.
1. Facebook is moving towards an older demographic
Rampton shares the following on Facebook users: “According to an infographic produced by Adweek using data from eMarketer detailing the demographic trends in social media for 2016, Facebook is still leading the market among social networking, but it’s there’s a projected 7.6 percent share increase among users 65 years old and older, the largest share increase among all demographics. The eMarketer data suggests that shares among the younger millennial demographic (18 – 24 year-olds) will decrease.”
2. The future is handheld
comScore, a digital analytics firm reports that in 2014 the number of handheld device users surpassed the number of mobile users—a huge landmark. Today, having a strong website that’s mobile friendly is a must to establish credibility and gain customers’ trust.
3. Social networks are becoming search engines
Google isn’t the only place customers will go for info on your company. Rampton shares that customers “are looking directly to sites like YouTube and Facebook (where every company has a presence), or in apps like Yelp,” to help them decide which company to choose. Having a simple presence in all of the popular social media sites is an important way to build business presence.
4. Politics will play out on social media
Keeping your own personal accounts on these same sites your business is on will help to keep you updated on trends, world events, and even political decisions that might affect your company. Rampton says, “Whereas in earlier years, a social media presence was a novelty move, it is now necessary to be active on Facebook, Twitter and Instagram.”
5. Big data is used to personalize
The big data movement may seem over your head, but it’s really right at your fingertips. Making sure that you’re keeping track of your customers and your potential customers (through the use of your business’ customer data, market research, etc.) you can know really how to help them. There is more information on your customer waiting to be accessed than is even imaginable, but an effort has to be made to find it.
We hope these five tips will help you feel the importance of social media and hopefully move you to step up your online game personally or as a company. We look forward to connecting with you!
Estate Planning for Women
Estate Planning for Women
While our motto here at GQ Law is that everyone needs an Estate Plan. Today’s post is specifically for the ladies- estate planning for women.. No matter whether you’re single, married, divorced, or widowed, you need an Estate Plan. Although the tools used for estate planning are the same for women and men, there are some differences to consider.
Since women are likely to live longer than men, more likely to have custody of children, they tend to face some unique challenges. Additionally, women (generally speaking) psychologically approach the process differently than men.
Patricia Annino, author of “Women and Money: A Practical Guide to Estate Planning” said “Estate planning is different for women and men, but not because of anything technical. Its different because of the psychologically different way that women approach the process.”
A recent MarketWatch.com article points out that women often overlook what will happen to them if their husband, parents or other relative diea. According to the US Census Bureau 36% of women are widowed at 65years of age or older. Only 12% of men are within the same age range.
Things to consider include payouts and income that would cease at the end of a loved ones life such as certain pension payments and retirement benefits. Annino also encourages married women to attend meetings and be involved in the creation and updating of the family’s Estate Plan, even when their husbands usually handle money matters.
Some aspects of an Estate Plan are arguably even more important for women in certain life situations:
Single women: Who will take care of you, make medical and financial decisions in you behalf, etc. if an illness incapacitates you?
Women with Minor Children: Who will be the guardian of your children if something should happen to you,? How will they be cared for financially?
Widowed Women: Has your Estate Plan been updated to reflect your husband’s death and any necessary changes as a result of that?
All in all, we ALL need an Estate Plan. Let us help you update or set up yours. Call us today for your FREE consultation- 858-549-8600
Time Management: How to Find Time
Time Management: How to Find Time
We live in a busy world and time is always of the essence. There is so much to do, so little time to do it. We often find ourselves saying “If only I had more time!” Well, if like most, you are on the constant hunt for more time, read on as we highlight some key points from Darren Hardy’s recent article “How to Wind the Ward Against the Clock” published in Success Magazine.
Hardy points out that, really, we ALL- Oprah, the guy who never gets anything done, the busy mom who somehow raises 9 kids and get them everywhere on time, top CEOs, billionaires and bum- have the same amount of time. There are 24 hours in each day and there’s just simply not any way to change that. What we can change, however, is how we use that time and learn to do what Hardy calls “manufacturing time.”
Hardy lists three ways in that we can “manufacture time.”
1. Invest Time
Invest time now to manufacture time later.
Hardy gives the example of getting Global Entry- an all access pass to breeze through security and customs when traveling. In order to get Global Entry you have to fill out a lot of paperwork (time!) and then go in person to an interview (lots of time!). At first glance this seems like a waste of sweet precious time that you never have enough of but once the initial time is invested and the Global Entry is granted, you SAVE time. From then on, each time you travel you “manufacture” time, precious minutes you would otherwise have spent in long security lines. Hardy estimated that the application process took him 5 hours and that the Global Entry saves him 15 minutes each time he travels. Since he travels 100+ times a year, that 5 hour cost is well worth the 25 hours “manufactured” in the course of a year.
So, lets apply that to your life. What little things can you do now to manufacture time later? Maybe its setting up auto deposit on your bank account or auto bill pay for utilities. Maybe its leaving a bag of travel toiletries already packed, therefore saving you a few precious minutes each time you pack for a trip.
2. Get Help and Delegate
Hardy uses the goal of earning $250,000 this year as an example. Working full time for that amount of earnings, your time is worth $125 an hour. There are plenty of things most entrepreneurs do that are not worth $125 an hour, think filing, mailing things, updating Facebook or Twitter accounts, sorting through endless unimportant emails, etc. You would never think of paying someone $125 an hour to do those things but that’s essentially what you’re doing when you do them yourself. Hire help! Delegate. Even paying someone $40 an hour to do those things you would manufacture time. For every 1.5 hours they work, one full hour is manufactured for you. If they work 15 hours a week, you now have manufactured 10 hours at your rate that you didn’t have before. Over a year that adds up to 520 hours or 65 days! You do have to take some time to create the job description, find, hire and train the staff but the payoff is still sweet.
3. Set Up Systems
Its estimated that you and each person in your business spend at least 40 percent of the workday on recurring tasks. Set up systems to handle those tasks and –bam– time is freed up allowing you all to do more in the same number of working hours.
For more tips on how to increase your productivity and what to do to start systemizing your business, check out Darren Hardy’s free video series Wicked Awesome Tricks.
Miserable Tax Season Review
Miserable Tax Season Review
“For the majority of taxpayers who filed their returns and did not require IRS assistance, the filing season was generally successful. For the segment of taxpayers who required help from the IRS, the filing season was by far the worst in memory.” – Nina Olson, Tax Payer Advocate
After all that we read about, experienced and warned you all about during Tax Season 2015, we shouldn’t be surprised at the recent National Taxpayer Advocate’s dismal review of the 2015 filing season. We heard about the upcoming “miserable tax” season and warned you all in our post “Warning: “Miserable” 2015 Tax Season is Here“and then I told you my terrible (more…)
Whitney Houston’s Estate Plan
Whitney Houston’s Estate Plan
We’ve written on this blog before about celebrities and their notoriously bad Estate Planning. Often times these super stars leave their billions, homes, cars, jewels, royalties and family members in a big huge state of confusion, read about some specific cases in this post.
With the recent passing of vocal icon Whitney Houston’s daughter Bobbi Kristina Brown, there has been quite a bit of media coverage regarding Houston’s estate. Whitney Houston’s Estate Plan was actually well in order and updated when she passed. She left everything in her estate in a spendthrift trust to her sole heir, her daughter Bobbi Nicole Brown. She was to get 10% of the large estate at age 21, 25% at 25 and the remainder of the estate at 30.
At the time of her death (more…)
Tips for Hiring Top Talent
Tips for Hiring Top Talent
Every business owner knows how difficult, time consuming and expensive the hiring process can be. And on the other hand, every business owner knows how powerful and impactful a great new hire can be for the business. For that reason Andre Lavoie, CEO and Co-Founder of ClearCompany offers his advice on hiring. Here are his five key points:
1. Avoid basic, run-of-the-mill searches.
“Generic skill or technical-based searches, while applicable, will result in people who simply mention those terms in their resumes. Instead, try including detailed terms that focus on responsibility, such as create, manage, administer, design and configure.”
2. Take advantage of multiple sources.
Searching social media, hosting open houses and getting involved in community events are fantastic ways to get closer to talent.
3. Dig a well before you’re thirsty.
“When sourcing for one position, keep quality talent in mind for future positions. Sourcing gives employers and hiring managers an opportunity to connect with talent long before the need ever arises, which makes filling job openings with qualified candidates that much easier.”
4. Leverage, but don’t depend on, your tracking system.
“A company’s applicant tracking system (ATS) isn’t just great for storing resumes and running reports, it’s also a valuable sourcing tool.” However, Andre continues that, “a good majority of resumes in an ATS are discarded for not containing the right keywords. But the one word an ATS can’t find? Potential.”
5. Don’t post and pray.
“According to LinkedIn’s 2015 Global Recruiting Trends Report, 75 percent of professionals consider themselves “passive” candidates — that’s an awful lot of potential candidates that job posts don’t cater to. But by incorporating some of the candidate sourcing best practices outlined above, employers and hiring managers can take a more proactive approach to find great talent for their company.”
Hiring shouldn’t be the drag it’s often made out to be. It should be a process of discovery and merits as much or more attention than your top or bottom lines. We wish you luck in finding and hiring the best!