re: best explanation of how money works I have seen... Do yourself a favor and watch this now!

5 Reasons Why You Shouldn't Use A Broker to Sell Your Business

re: thinking about selling your business?
watch this short video first.




File under: business-brokers, business selling, how-to-sell-your small-business, business-finance

Thinking about selling your business? Do these things to make the process easier

 by Teresa Kuhn, JD, RFC, CSA
Living Wealthy Financial Group

If you are seriously considering selling your business, there are three things you can do right now that will ensure you have a successful, stress-free, and profitable selling experience.


1.Prepare a comprehensive exit strategy.  

A profitable business sale could potentially be jeopardized by an owner on an emotional roller coaster,  After all, there is definitely an intense connection to this business you've worked hard to build.   Avoid an uncomfortable sleep on the bed of regrets by preparring your exit blueprint long before you begin the process of finding a buyer.  Your emotions are far less likely to tank the sale if you do this with a view to your future life plans.  Be sure to include your family in the planning process, especially if they have been working in the business for a while.  At Delta Business Services, we can help you make an exit plan that will keep you from going crazy when the time comes to leave your business.

2. Start preparing the business to run without you.. far in advance. 
Nothing turns off potential buyers quite as much as a business that looks as if it won't be profitable without the owner.  Start stepping back a little, delegate more responsibility to a family member or employee.  Do everything to create profitable systems that a new owner can continue- without you being involved.

3. Be realistic when valuating your business...  Far too often, business owners are unrealistic about how much money they hope to get from the sale of their business.  Business valuation is based on quantifiable criteria, not what an owner thinks it's worth.  You need to be sure to get an objective third-party valuation early in the process and work hard to do things that will increase the value.

For more tips and actionable ideas to help you exit your business with a lot more money in your pocket, get our free report:

What do you do when you've fallen out of love with your business?

Download it here:

http://www.mediafire.com/download/r2d4o22puuy37h8/What_to_do_when_you(1).doc

de Gaulle Had it Right in 1965

re: full interview with Charles Hugh Smith

from Teresa... 


On October 6, I had the privilege of having one of the 21st century's most original thinkers and trend analysts on the show.

If you've never heard of Charles Hugh Smith, then you have definitely been missing out.  A prolific author, blogger, and commentator, CH Smith isn't afraid to go against the grain when it comes to making predictions about natural resources. finance, and education.

Smith's latest book "The Nearly Free University" challenges the near-religious fervor of those who believe that a costly university education is the only path to success in the modern world.

Check out the full show here:

http://www.youtube.com/watch?v=VFXRv5e2wxQ&feature=youtu.be

re: Obamacare update with Rick Liuag


from Teresa...

The opening of the Obamacare "marketplaces" on October 1 has done little to nothing to assuage fears of widespread implementation chaos.

So I asked Rick Liuag to give a short update on what has happened since October 1 and offer you some of his strategies to ensure you can afford affordable healthcare.
 

https://www.youtube.com/watch?v=fmmZzZnxKwE

 

Also, if you missed the first interview I did with Rick- you can watch it now at

https://www.youtube.com/watch?v=f5EApBrdHzk

A Fine Estate of Affairs: 7 Common Estate Planning Mistakes That Can Wreck Your Best Laid Plans

By Teresa Kuhn, JD, RFC, CSA

Living Wealthy FinancialGroup

The first thing you need to know about estate planning is this:

Everyone has an estate plan, whether they create their own via attorney-directed wills and trusts, or whether they allow the state to enact a default plan on their behalf. 

This default plan, put together through what are known as the laws of intestacy, allows the state to decide who gets what when you die and also lets them take the maximum amount of tax possible from your estate.

In my opinion this is the very worst thing that could happen to the legacy you’ve worked so hard to leave to your loved ones.  Yet, there are thousands of people who die each year without even a simple estate plan; leaving their families to deal with taxes and other consequences.

So, the first mistake in estate planning is simply to not have a plan in place when you die.  What, then, are other common mistakes people make when preparing for the final stage of life?

Estate attorneys have identified some of the most common estate planning mistakes; mistakes that, each year, result in a myriad of problems for the ones left behind.

Here are just 7 of the most common estate-planning errors:

1. Forgetting the IRS is NOT on your side.  The government wants you to die wealthy because it results in more cash for them.  Therefore, they have a vested interest in you not taking advantage of laws and strategies which can result in your estate paying ZERO taxes. 

You may realize that there are only 3 real ways to reduce estate taxes: give money away while you are still alive, spend the money now, or use a specially-designed trust called a bypass trust that lets you give it away while you are alive while retaining use of the money for yourself.

The IRS is banking on you being the kind of thrifty, careful person who has a hard time letting go of the money you so painstakingly accumulate…because they’ll have more money to TAX!

2. Failing to Ensure Benficiaries Are Correctly Designated on Retirement Accounts

Often times, the beneficiaries of retirement accounts will change, particularly if the primary beneficiary dies before the account owner.

In most cases, the account owner is required to complete a new beneficiary designation form, indicating the new beneficiary. Failure to do so might result in the beneficiary being determined under the default terms of the retirement account agreement.

Payout options under most retirement plans often depend on whether the beneficiary is a spouse of the account owner.. There can be unintended and adverse tax repercussions for those who are not careful in this matter. 

3. Inadequate life insurance
Because of the specially designed Bank on Yourself ™ whole life policies used in the financial plans designed by Living Wealthy Financial Group, inadequate life insurance is not a problem for our clients.
However, for most people it is a BIG issue.

According to a recent Metropolitan Life Insurance survey, more than half of the widows and widowers who collected life insurance proceeds in the United States received less than one year’s income.  
If you are concerned about not having enough life insurance, please give our office a call to arrange a personal consultation. We can go over your insurance to ensure that you have the right amounts for your goals.


4, Wrong guardian listed for your children     If you don’t have a will, the state decides who will care for your minor children. However, if you do have a will, be sure to review it regularly . Check to see if your original guardian is still valid and still willing to take on the responsibility.  Things could have radically changed for your guardian such as their job situation or they could have new financial challenges.


5. No medical power of attorney and living will or those documents are not valid
Even if you have a medical power of attorney or living will in place, it is always best to assume that these documents weren’t correctly executed or notarized and are not valid. 
Assuming this will force you to review those medical papers with an attorney to be sure they are valid in your state and that you’ve addressed every important issue.
If you do not have these documents on file, you are creating a potentially devastating situation for your loved ones should you become incapacitated due to a medical problem.
Without a proper durable power of attorney, no one can access funds to pay for your medical care or other bills.  They will also be unable to legally sell your property such as a car or real property.

6. Trying to be “fair” with your children

If you have more than one child, the temptation is great to want to divide your estate evenly with all of them.  After all, you reason, you love all your kids the same so it is only fair that each one of them gets the same share of your estate.

Unfortunately this can be a great mistake, especially in the case of a family owned business.  If you have children who participate actively in the business and others who do not, giving the non-participating child a share equal to the children who actually work the business can cause a lot of resentment and lead to family disputes.

Consider giving shares of the business to your kids who actually work in it and then give non-business-related assets to your other children. 

If you feel that this creates an intolerable imbalance, talk to my office about how to correct such an  imbalance by purchasing additional life insurance or other methods.

7.  Take my debt, please…

Sometimes the law of unintended consequences means that what is supposed to be a loving gift from a parent to their offspring can turn into a stressful financial nightmare.

For example: when an estate comprised of heavy illiquid assets is given to beneficiaries, Uncle Sam wants his cut right away..

As a result, those beneficiaries are often forced to borrow great amounts of money to pay estate taxes because the assets which created the tax situation simply don’t generate enough income to pay it.

It is common for those loans to come from banks or other financial institutions, sometimes at unfavorable interest rates.

Again, life insurance is a great solution, providing liquid assets which can be used to pay off  taxes and other costs associated with settling an estate.

Many of my clients fund Bank on Yourself policies  with the express purpose of providing extra cash to their beneficiaries to help them meet their tax obligations.

 

Conclusion

It never ceases to amaze me that most people spend more time planning their social calendars than they spend on planning their financial futures. 

Yet, few things will have as much impact on your happiness and sense of well-being than knowing you have a current, complete estate plan in place. 

If you haven’t talked with an estate planner lately (or at all) call our office 

today at  (800) 382-0830    

We can arrange a free consultation with one of our hand-picked estate attorneys who have partnered with us to provide competent, ethical, and thorough estate planning services to all our valued clients.