Depending on where you live, these documents may be called a living will and powers of attorney for health care, a living will, or an advance directive. Whether you are rich or poor, it is imperative that you name your trusted medical decision-maker. The person you name to make medical decisions for you is called your health care “agent.” The health care durable power of attorney allows you to name a person to make medical decisions for you if you become incapacitated. When your healthcare agent is called upon, he…Read More
You may have done your homework and weighed your options. Perhaps you’ve even considered the tax and non-tax implications for common business entities. We bet you’re also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects personal assets of the business owners can make a corporation or limited liability company (LLC) look very attractive. To many, the word “veil” conjures up a sheer, flimsy, ethereal piece of material—perhaps fluttering behind a beautiful bride. And yet, this same term is used by many business owners to describe the personal asset protection provided…Read More
Among those who desire to own their own business, many attempt to build a company from scratch. That, however, is not the only available option. Purchasing a company that is already in existence is a valid alternative. If you are interested in potentially acquiring a business instead of starting one from the ground up, there are several vital questions to answer: Do you want to purchase an independent business or a franchise? One decision you must make is whether you wish to buy a franchise or an independent company. Each option…Read More
Medicare and Medicaid are two different government programs for healthcare. It is important to understand the difference between them. We will discuss how the program benefits differ, how eligibility for each program is established, and discuss some recent news pertaining to each program. Medicare vs. Medicaid – What are the program benefits? Medicare is a program administered by the federal government to provide healthcare to certain populations. Original Medicare is divided into Parts A and B. Medicare Part A covers hospital care and a limited period of nursing home care,…Read More
Undue Influence is when someone pressures another in such a way that the person being influenced is not acting by their own free will; they are being coerced into taking a certain action. Undue influence often arises when a friend family member falls ill. For example, mom has been diagnosed with cancer and her boyfriend influences her to change her estate plan so that all mom’s assets go to him instead of to her kids. The plan is oftentimes carried out in secret and others don’t know about what has…Read More
There are many, many good people in the world. Some strangers would give you the shirt off their back, folks who volunteer their time to help others in need, and those who hold the door open for you as you are entering a store. Especially in our tumultuous times, it is important to be kind and generous to our fellow neighbors. However, with the good must come the bad. There are scammers out there who prey on various populations, usually ones who are more vulnerable. Beware of senior scams! What…Read More
It is easy to succumb to the dark clutches of depression at any stage of life. Life is full of surprises and twists, and not all of them have a positive effect on the psyche. However, once a senior is in the grasp of depression, it is often difficult to find release. More than 6.5 million Americans aged 65 and up are affected by depression. We will explore what depression is, what some causes are of depression in seniors, and some recent scientific research that has given insight on how…Read More
We continue in our series on what it takes to design and implement a successful exit plan. We have discussed Setting Your Target Departure Date and Determining the Amount Needed from the Sale of the Business. We continue to explore exit planning with a discussion on step three in the process—Choosing Your Successor. The Three Key Elements to a Successful Exit Plan: As we discussed, most business owners define success as leaving the business: On the date they choose (Setting the Target Departure Date) For the cash they want or…Read More
We started a series on what it takes to design and implement a successful “Exit Plan.” We discussed the importance of defining exactly when you want to exit your business—Setting the Target Departure Date. We now continue to explore exit planning with a discussion on step two in the process—Determining the Amount Needed from the Sale of the Business. The Three Key Elements To A Successful Exit Plan As we discussed last time, most business owners define success as leaving the business: On the date they choose (Setting the Target…Read More
