SWOT Analysis
When your car starts to make funny noises and quits running well, what do you do? You either stop to do a check-up or you take it to a mechanic. But what about when your business is struggling and you’re not meeting your goals? That’s where SWOT analysis comes in.
SWOT analysis is a method used to understand the strengths, opportunities, weaknesses, and threats of a company and provides both a high level and in depth look at internal and external factors; a sort of business “check-up.”
Investopedia says:
“The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results.” http://www.investopedia.com/terms/s/swot.asp
Basically, you look at what’s working/not working on the inside (strengths and weaknesses) and what could happen both good and bad on the outside (opportunities and threats). Here is a visual example of a company considering a government contract (click to enlarge):
Just like procrastinating a trip to the mechanic could cost you big when your car goes belly up, it’s best to perform business “check-ups” regularly. SWOT analysis is a great tool for doing so.
As always, GQLaw is here for your tax, legal and financial check-ups. We look forward to hearing from you.
What is Estate Planning?
What is Estate Planning?
We write a lot here on the blog about “Estate Planning” but I realized that some people out there may not know what Estate Planning is, means or includes. Read on for a simple explanation of what Estate Planning is and what it can do for you.
An estate consists of anything you own that has value such as your car, house, life insurance policy, checking and savings accounts, investments, jewelry, etc. I have done estate planning in San Diego for 25 years and one thing has never changed – no matter how big or small your estate may be you need an estate plan.
Simply put, estate planning is a written plan of who will own your things when you die, what they will receive, and when they will receive it. That explanation of estate planning sounds a lot like a will, however a good estate plan includes a lot more than just a will.
Estate planning also includes:
- Instructions for your care if you become disabled
- Naming a guardian and inheritance manager for minor children
- Transferring your business when you retire, become disabled, or pass
- Minimizing court costs, unnecessary legal fees, and taxes
- Obtaining a life insurance policy to provide for your family at your passing
Estate planning is a continuous process
Estate planning is not a one-time thing, but is a process that needs continuous attention. The reason it should be a continuous process is because your family, financial situation, or estate planning laws may change over time.
Everyone needs estate planning
A common misconception that many people have is that estate planning is for the “rich” or the “old and retired”. They couldn’t be more wrong. Estate planning is for everyone – rich, poor, old, or young – especially if you have children and/or any assets in your name.
There is no better time that now to get your estate plan started or updated. My staff and I would love to help! Please give us a call at 858-549-8600 and we’ll get you a free consultation to meet with us and get your own estate plan going.
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This is a blog post with general information and is not legal counsel. Please come in to our office or that of another professional to get legal advise about your particular situation.
Estate Planning in your 30s: Must Haves
Estate Planning in Your 30s: Must Haves
While we often think of Estate Planning as something important for “older” people, think 40+, it really is something for EVERYONE! We at GQ Law just can’t stress that enough. Estate Planning is for everyone- all ages, all walks of life. This particular post is dedicated to Estate Planning in your 30s.
We love this recent article on DailyFinance.com. It give great tips on Estate Planning in your 30s for the younger generation and lists out the top 6 Estate Planning moves you should make (documents you should create with an attorney) in your 30s. Read on for a summary and click over here for the full article. Then call us at 858-549-8600 or 1-855-MY-GQLaw to get started on your Estate Plan today.
1. Last Will and Testament
Most importantly a last will and testament makes clear who will inherit your possessions and assets when you die.
2. Living Will
This outlines your wishes if you are incapacitated or in a persistent vegetative state.
3. Durable Power of Attorney
This document identifies who can make financial decisions for you, pay bills, manage your assets, etc. if you are incapacitated.
4. Health Care Proxy
This sets up someone who can make medical decision on your behalf and can help clear up a lot of family stress should you be in some sort of accident. Think: You got on an awesome cliff jumping trip with your buddies and get majorly hurt, in the hospital both your mom and your wife have different opinions on the care you should receive- who gets the final say? This document clears up that situation.
5. Life Insurance
Term life endurance is a generally inexpensive way to make sure your loves ones aren’t left with a major financial pain if something happens to you.
6. Retirement Fund
Even though retirement may seem a long way off, there is no better time to start saving now. Take advantage of retirement savings matching offered by your employer (think 401K) as well as other retirement savings options such as an IRA or Roth IRA. Talk with an experienced financial planner to find out which is best for you. Need to get connected with a planner? Contact our office and we can help you out!
Other tips for 30-somethings:
In your 30s your life is likely changing, maybe marriage, maybe kids, maybe purchasing property, etc. Make sure you keep your information and especially your listed beneficiaries up to date, in writing, on your financial documents.
So, is it time to change your #1 beneficiary from mom to spouse? Need to make a guardianship assignment for your kids? Let us help you update or start your complete Estate Plan today. Lets make sure your loved ones and assets are protected! 858-549-8600
Pet Lovers, Take a Lesson from Joan Rivers
Pet Lovers, Take a Lesson from Joan Rivers
The recent passing of 81-year-old comedian Joan Rivers has left both friends and fans mourning and estate planning experts cheering. Not because she’s gone but because she did a fabulous job estate planning-wise. She had a complete and updated estate plan, unlike the many Hollywood stars we learned lessons from in this post.
Rivers had a simple estate plan, with no spouse, most all was left to her daughter. This estate plan specifically included a plan for her beloved dogs via what’s called a Pet Trust which you can read about in our GQ Law blog post from February of this year.
While many pet owners don’t even (more…)
Chapter 13 Bankruptcy: Creditor Claims
Creditor Claims in Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy, all creditor claims are put into one of three classes: Secured, priority, or unsecured. Read on for a quick lesson on how to know which type of claim is which.
Secured Claims are held by creditors who (more…)
Baby Steps: Personal Finance
Baby Steps: Personal Finance
Money. One word with lot’s of emotions behind it. Today, we’d like to change gears a bit and talk about personal finance. Here are what Dave Ramsey calls the 7 baby steps to financial peace:
1: Get an emergency fund
Save up $1,000 for when those emergencies happen. It’s not a matter of if they will happen… it’s a matter of when. If your income is (more…)
October 15th: Tax Day the Sequel
October 15th: Tax Day the Sequel
We all know the dreaded April 15th is Tax Day. However, there is a less infamous cousin of Tax Day: October 15th, the deadline to file taxes for those who received an extension for filing.
The IRS allows taxpayers to request a six month extension to complete their taxes. I am sure those businesses and individuals immediately felt a sense of relief at the time when their extensions were granted. Last year, over 12 million individuals requested an extension according to the IRS.
Fast forward six months, and the dreaded October 15th deadline is looming over their heads again if they had not planned ahead. Understandably, life gets busy and people put off dealing with their taxes when more immediate matters require their attention, especially if they run small businesses.
So this is a friendly reminder to all you extension filers out there to do your taxes by October 15th!
It is important to remember that the six month extension is for filing only; it does not extend the time you have to pay your tax liability without penalties. What if you cannot afford the taxes you owe the IRS or are having other tax related problems?
California Attorney Gary Quackenbush has been helping people like you resolve tax problems with the IRS through Offers in Compromise and Installment plans since 1988. He knows the IRS and will fight for you. Make an appointment to meet with him for your free consultation soon to see what he can do for you to help alleviate your tax problems. Call the office at 858-549-8600, 855-MY-GQLAW or click here to request your free consultation online.
Estate Planning: Not Just for the Wealthy
Estate Planning: Not Just for the Wealthy
According to CNBC’s latest report about Estate Planning
There’s a common misperception that estate planning is reserved for the wealthy, as an attempt to shield assets from the grasp of Uncle Sam—but nothing could be further from the truth.
We here at GQ Law couldn’t agree more! EVERYONE needs (more…)
Can I File Bankruptcy?
Can I File Bankruptcy?
Bankruptcy Means Test
Debtors Assets
This article provides general information about California law. The laws are constantly changing and this article is not intended to provide legal advice about your specific situation. Seek competent legal counsel. Let me advise you about your particular situation.
Gary A. Quackenbush, Esq.
Bankruptcy: Detroit, Radio Shack and You
Bankruptcy
For anyone considering filing bankruptcy, hearing the word itself can cause sheer panic. Rest assured that if the new “b” word sends you into shock, you are not alone. According to the US Courts website 1,072,807 individuals and 34,892 businesses filed for bankruptcy (BK) protection in 2013. If you think that the total of 1,107,699 filed in 2013 is a lot, just take a look at 2012, 2011 and 2010.
Total filed by Year
2013- 1,107,699
2012- 1,261,140
2011- 1,467,221
2010- 1, 596,355
With media buzz that Radio Shack, once everyone’s go-to shop for all things electronic, now on the brink of filing bankruptcy and frequent news from the City of ongoing Bankruptcy battles in court, its no wonder that “BANKRUPTCY” has become a big part of our American culture.
Many people have strong opinions about finances and how they should be handled. While most people would never want to file bankruptcy, a quick look at the numbers above shows that over a million people are left with no choice each year. The good news is that filing bankruptcy can protect you.
If you or someone you know is over run by creditors and behind on taxes bankruptcy may be a helpful option for them. Come set up a free meeting with Gary and his staff. They’ll help you look at all of your options and try to find a way to settle your debts without filing for bankruptcy. If bankruptcy ends up being the best option for you, Gary and his team are BK experts here to help you though the rough and tumble process.
For further information on tax and debt solutions- please see this page on our website.
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This article provides general information about California law. The laws are constantly changing and this article is not intended to provide legal advice about your specific situation. Seek competent legal counsel. Let me advise you about your particular situation.
