Probate and planning: May newsletter.

Probate: What is it and why you want to avoid it at all cost!

A will can help avoid probate.

A will can help avoid probate.

 

 

 

 

 

 

Estate Ideas

May 2016

AVOIDING PROBATE

Probate is simply the Latin word for prove, which means that the estate probate process is the process by which your will is brought before a court to prove that it is a valid will. The courts charged with this responsibility are generally known as probate courts, which may actually supervise the administration or settlement of your estate.Supervision of the estate settlement process by the probate court can result in additional expense, unwanted publicity and delays of a year or more before heirs receive their inheritance. The publicity, delays and cost of probate motivate many people to explore ways in which to avoid or minimize the impact of probating a will, including:

State StatuteIf specific requirements are met, many states have made provision for certain estates to be administered without the supervision of the probate court, resulting in less cost and a speedier distribution to heirs.
Form of Property OwnershipThe joint tenancy form of holding title to property allows ownership to pass automatically to the surviving joint tenant, who is normally the surviving spouse.
Transfer on DeathMany states have enacted Transfer on Death statutes that allow a person to name a successor owner at death on the property title certificate for certain types of property, including real estate, savings accounts and securities.
Life InsuranceUnless payable to the estate, life insurance proceeds are rarely subject to the probate process.
Lifetime GivingGifts given during life avoid the probate process, even if made shortly before death.
TrustsA “Totten” trust, which is a bank savings account held in trust for a named individual, can be used to pass estate assets at death outside of the probate process.

A revocable living trust, created during the estate owner’s lifetime, can be an effective way to avoid the expense and delay of probate, while retaining the estate owner’s control of his or her assets prior to death.

Proper planning may serve to minimize the impact of the probate process on your estate and heirs.

Any potential method of avoiding probate, however, should be evaluated in terms of its income and/or estate tax consequences, as well as its potential impact on the estate owner’s overall estate planning goals and objectives.

MESSAGES
from the Masters…

TOP THREE KEYS TO GREATNESS

by Jim Rohn

Several years ago I went into the studio and recorded a 56-minute video for teenagers called “Three Keys To Greatness.” Although my focus was for teenagers, the principles I shared certainly apply to adults as well.

Recently I was asked to list these three things using one to two sentences for each. Now for your benefit here they are again.

1) Setting Goals. I call it the view of the future. Most people, including kids, will pay the price if they can see the promise of the future. So we need to help our kids see a well-defined future, so they will be motivated to pay the price today to attain the rewards of tomorrow. Goals help them do this.

2) Personal Development. Simply making consistent investments in our self-education and knowledge banks pays major dividends throughout our lives. I suggest having a minimum amount of time set aside for reading books, listening to audiocassettes, attending seminars, keeping a journal and spending time with other successful people. Charlie Tremendous Jones says you will be in five years the sum total of the books you read and the people you are around.

3) Financial Planning. I call it the 70/30 plan. After receiving your paycheck or paying yourself, simply setting aside 10% for saving, 10% for investing and 10% for giving, and over time this will guarantee financial independence for a teenager.

If a young person, or for that matter an adult, focused on doing these three simple things over a long period of time I believe they will be assured success!

To Your Success,
Jim Rohn

Brought to you by:

Billy Snyder
B Snyder Insurance
343 Deer Park Lane
Lafayette, TN 37083-6206
615-666-7217
bsnyderinsurance@gmail.com
http://finsecurity.com/Billy

About our firm:

B Snyder Insurance offers a full array of insurance and retirement planning using life insurance and annuities. Our goal is to understand the unique needs of each client and to work closely with our clients in developing and managing a plan to help them accomplish their financial goals. We develop plans for business owners, doctors and other professionals, homeowners and families to insure their future today and reduce their taxes for tomorrow.

QUOTES
from the Masters…

On Attitude

“What we see depends mainly on what we look for.”

— John Lubbock

“Age is a matter of feeling…not of years.”

— George William Curtis

“Watch your manner of speech if you wish to develop a peaceful state of mind. Start each day by affirming peaceful, contented and happy attitudes and your days will tend to be pleasant and successful.”

— Norman Vincent Peale

“You can do 99% of the things right but not posses a winning attitude, and you will fail.”

— Art Williams

On Change/ Choice

“I used to say, ‘I sure hope things will change.’ Then I learned that the only way things are going to change for me is when I change.”

— Jim Rohn

“To improve your life, be prepared to make new choices and decisions.”

-– Brian Tracy

“Are you a thermometer or a thermostat? A thermometer only reflects the temperature of its environment, adjusting to the situation. But a thermostat initiates action to change the temperature in its environment.”

-– Nido Qubein

“You must be on top of change or change will be on top of you.”

-– Mark Victor Hansen

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

Here is a link about the probate process.

Please don’t put this off. Talk to your lawyer and get a will now. Don’t put your family through more hardship just because you didn’t get around to it.

Insurance your business needs. March 16 Newsletter

Your business needs to be properly insured. Here are some of the more common types. If you are in a partnership, we need to talk about what happens when one of you is no longer around or able to work in the business.

 

Business Briefs

March 2016

PROTECTING YOUR BUSINESS

Launching and growing a business takes lots of hard work and determination. Without proper insurance coverage, however, a business risks being severely damaged or even destroyed when disaster strikes.While the specific types of insurance you should consider depend on the type of business you operate, the different types of business insurance fall into these general categories:

Property Insurance: If your business owns and uses property in the course of conducting business, that property can be lost or destroyed through, for example, fire or theft. Property insurance protects not just buildings, but also the items used in conducting business operations, such as office furnishings, machinery, supplies and computers.

Liability Insurance: A business can be sued for causing third party bodily injury or property damage. Liability insurance pays damages up to the insured limits, as well as attorney’s fees and other costs associated with a legal defense. Liability insurance is also available to protect against other risks, such as lawsuits alleging libel or slander.

Business Auto Insurance: Business auto insurance covers vehicles owned by a business and used for business purposes, such as cars, trucks and vans. The coverage also pays the costs of third party bodily injury or property damage for which your business is legally responsible. If you or any of your employees use your own vehicles for business purposes, discuss with your agent whether your personal auto insurance policy will provide coverage if the vehicle is involved in an accident.

Workers’ Compensation Insurance: Workers’ comp insurance requirements are determined by state law. Most states require that a business with more than a stated number of employees purchase workers’ compensation insurance that pays the costs of an employee’s work-related injuries, as well as replaces a portion of wages lost due to injury or death in a work-related accident.

Business Owners Policy (BOP): A business owners policy or BOP is an insurance package that generally provides coverage insuring against property damage, business interruption and comprehensive general liability. It is generally more cost effective to purchase multiple coverages bundled into a single policy than to purchase them separately.

Life Insurance: Life insurance proceeds can be used to help reimburse a business for the loss of a key employee’s services at death. Life insurance can also be an effective way to fund a buy-sell agreement between multiple business owners, or to help surviving family members continue a business at the owner’s death.

Disability Insurance: Some states require businesses to provide some level of short-term disability benefits replacing a portion of an employee’s wages if the employee is sick or hurt and cannot work. On an optional basis, a business can also provide disability benefits for a longer duration, after the short-term benefits run out.

Our free Protecting Your Business Life Guide is designed to provide a framework through which you work to arrive at the answers that are best for you, your family and your business.

Contact my office for your free copy of the
Protecting Your Business Life Guide.

MESSAGES
from the Masters…

CREATING YOUR CHARACTER IS LIKE AN ARTIST CREATING A SCULPTURE

by Jim Rohn

Could creating your character be likened to an artist creating a sculpture? In my opinion, I believe that character is not something that just happens by itself, any more than a chisel can create a work of art without the hand of an artist guiding it. In both instances, a conscious decision for a specific outcome has been made. A conscious process is at work. Character is the result of hundreds and hundreds of choices you make that gradually turn who you are, at any given moment, into who you want to be. If that decision-making process is not present, you will still be somebody. You will still be alive, but may have a personality rather than a character.

Character is not something you were born with and can’t change like your fingerprint. In fact, because you weren’t born with it, it is something that you must take responsibility for creating. I don’t believe that adversity by itself builds character and I certainly don’t think that success erodes it. Character is built by how you respond to what happens in your life. Whether it’s winning every game or losing every game. Getting rich or dealing with hard times. You build character out of certain qualities that you must create and diligently nurture within yourself. Just like you would plant and water a seed or gather wood and build a campfire. You’ve got to look for those things in your heart and in your gut. You’ve got to chisel away in order to find them. Just like chiseling away the rock in order to create the sculpture that has previously existed only in your imagination.

But do you want to know the really amazing thing about character? If you are sincerely committed to making yourself into the person you want to be, you’ll not only create those qualities, but you’ll continually strengthen them. And you will recreate them in abundance even as you are drawing on them every day of your life. Just like the burning bush in the biblical book of Exodus, the bush burned but the flames did not consume it. Character sustains itself and nurtures itself even as it is being put to work, tested, and challenged. And once character is formed, it will serve as a solid, lasting foundation upon which to build the life you desire.

Brought to you by:

Billy Snyder
B Snyder Insurance
343 Deer Park Lane
Lafayette, TN 37083-6206
615-666-7217
bsnyderinsurance@gmail.com
http://finsecurity.com/Billy

About our firm:

B Snyder Insurance offers a full array of insurance and retirement planning using life insurance and annuities. Our goal is to understand the unique needs of each client and to work closely with our clients in developing and managing a plan to help them accomplish their financial goals. We develop plans for business owners, doctors and other professionals, homeowners and families to insure their future today and reduce their taxes for tomorrow.

QUOTES
from the Masters…

On Enthusiasm

“There is a direct relationship between joy and effort. The joy of success is in ratio to the amount of effort expended to achieve it.”

— Denis Waitley

“I can’t imagine a person becoming a success who doesn’t give this game of life everything he’s got.”

— Walter Cronkite

“There is real magic in enthusiasm. It spells the difference between mediocrity and accomplishment.”

— Norman Vincent Peale

On Character

“Instill the love of you into all the world, for a good character is what is remembered.”

— Merikare

“No change of circumstances can repair a defect of character.”

— Ralph Waldo Emerson

“The function of prayer is not to influence God, but rather to change the nature of the one who prays.”

— Soren Kierkegaard

“The highest reward for a person’s toil is not what they get for it, but what they become by it.”

— John Ruskin

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

If you would like to discuss the 8D’s that business owners need to protect their business from, sign up at the yellow button. I will send you both the Financial workbook and a white pages with the 8D’s and then if you want to make sure your business is properly protected, book an appointment with me from my contact page.

February 2016 Business newsletter

Business Briefs

February 2016

2016 QUALIFIED PLAN CONTRIBUTION/BENEFIT LIMITATIONS

2016 Qualified Plan Contribution/Benefit Limitations:

Type of PlanMaximum Deductible 2016 Contributions/Benefits
(only the first $265,000 of compensation can be used in applying these limits)
Money Purchase Pension PlanAnnual additions cannot exceed the lesser of 100% of the participant’s compensation or $53,000.
Profit-Sharing PlanAnnual additions to individual plan participants cannot exceed the lesser of 100% of the participant’s compensation or $53,000.
401(k) PlanEmployer contributions: Up to 15% of covered payroll. Elective employee deferrals: $18,000 ($24,000 if age 50 or older)
Allocation limits: Total of employer contributions and elective employee deferrals cannot exceed the lesser of 100% of a participant’s compensation or $53,000.
Simplified Employee Pension (SEP) PlanAnnual additions cannot exceed the lesser of 25% of the participant’s compensation or $53,000.
SIMPLE Plan (401(k) or IRA)Maximum annual salary reduction deferral: $12,500 ($15,500 if age 50 or older)
Target Benefit Pension PlanAnnual additions cannot exceed the lesser of 100% of the participant’s compensation or $53,000.
Defined Benefit Pension PlanBenefit provided cannot exceed the lesser of 100% of the average of the participant’s highest three consecutive years of compensation or $210,000.
Tax-Sheltered AnnuityMaximum annual salary reduction: $18,000 ($24,000 if age 50 or older)
Section 457 PlanMaximum annual deferral: $18,000 ($24,000 if age 50 or older)
NOTE:Withdrawals from a qualified plan prior to age 59-1/2 may be subject to a 10% early withdrawal penalty, as well as taxation.

Are you taking full advantage of the power of tax deductions and tax-deferred accumulations in your retirement planning?

MESSAGES
from the Masters…

WHAT ARE YOU WAITING FOR?

by Paul J. Meyer

Are you waiting for some special deal at the end of a month…or at the end of a quarter…or at the end of some calendar date?

IF SO, WHY?

There is a far better way:

Accept personal responsibility for your own life…
Accept personal responsibility for your own failure…
Accept personal responsibility for your own success.

The way OUT OF THE DEPENDENCY on expecting someone else to motivate you to take action with some special deal is to really, really accept responsibility for your own daily activity in your business!

This means YOU initiating action…

It means being personally responsible for your actions each day:

Making “x” number of calls a day…do it now!
Making so many presentations a day…do it now!
Getting in on some three-way calls for recruiting each day…do it now!
Getting leads for prospects from each person you sell…do it now!
and…
Have a goal to do some activity every day in your business.

Then the local meetings, the regional meetings, and the national meetings are not the cake itself. Rather, they become the frosting on the cake.

These events will then help you get twice as much…or five times as much…benefit if you have been responsible for doing all you could have done on a daily basis. You will have momentum going into these recruiting meetings, event weekends, training weekends…

IN OTHER WORDS…

STOP WAITING…
TAKE ACTION NOW!

Brought to you by:

Billy Snyder
B Snyder Insurance
343 Deer Park Lane
Lafayette, TN 37083-6206
615-666-7217
bsnyderinsurance@gmail.com
http://finsecurity.com/Billy

About our firm:

B Snyder Insurance offers a full array of insurance and retirement planning using life insurance and annuities. Our goal is to understand the unique needs of each client and to work closely with our clients in developing and managing a plan to help them accomplish their financial goals. We develop plans for business owners, doctors and other professionals, homeowners and families to insure their future today and reduce their taxes for tomorrow.

QUOTES
from the Masters…

On Desire/ Motivation

“The best motivation is self-motivation. The guy says, ‘I wish someone would come by and turn me on.’ What if they don’t show up? You’ve got to have a better plan for your life.”

— Jim Rohn

“Desire is the starting point of all achievement, not a hope, not a wish, but a keen pulsating desire which transcends everything.”

— Napoleon Hill

“The only real limitation on your abilities is the level of your desires. If you want it badly enough, there are no limits on what you can achieve.”

— Brian Tracy

“The difference between the impossible and the possible lies in a man’s determination.”

— Tommy Lasorda

On Experience

“Life is a succession of lessons which must be lived to be understood.”

— Ralph Waldo Emerson

“Experience is an asset of which no worker can be cheated, no matter how selfish or greedy his immediate employer may be.”

— Napoleon Hill

“Take time to gather up the past so that you will be able to draw from your experiences and invest them in the future.”

— Jim Rohn

“Develop wisdom in sales by reflecting on your experience, and learning everything you can from every call.”

— Brian Tracy

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2016 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

Workplace injuries: Top 10 ways business owners can reduce them and increase the bottom line.

Business owners, help reduce workplace injuries and benefit your bottom line. Talk about injuries and review regularly to keep your team safe.

Here are the top 10 most costly U.S. workplace injuries | LifeHealthPro

Read the full article here .

workplace injury cost chart

 

Workplace accidents and injuries, which cost employers $62 billion in 2013, can be attributed to 10 leading causes.

It’s not just a paper cut, sometimes workplace injuries can be totally disabling. From back injuries due to heavy/improper lifting to slips and falls, the result can be life changing for the employee. The costs go far beyond the medical expenses and could threaten the very business owner and the company.

According to a recent study, the top 10 work place injuries cost over $51,000,000,000 dollars to businesses and their owners. We will never eliminate all injuries, however we can prevent some of them. Education, regular review and encouraging the team to be conscious about their surroundings will go a long way towards that prevention.

Source: Here are the top 10 most costly U.S. workplace injuries | LifeHealthPro