9 minute read
EXPERT ADVICE: Estate Planning Made Easy
The process of putting together an estate strategy may sound complicated, but it doesn’t have to be.
The first steps are to identify where you are today and where you want to be.
Step 1: Where am I today?
Make a list of everything you own. A financial advisor can help you group your assets and make beneficiary designations on your retirement accounts, insurance policies and annuities and make sure they’re up to date.
Things to consider include investment and retirement accounts, real estate, insurance policies or annuity contracts, wills, health care directives, and trusts. you. Don’t be intimidated, this is just a conversation to help you get started. Things to consider: • What do you want to leave to your heirs? • Do you want to leave money to charity? • Are efficiency and privacy important to you? • Are you concerned about estate taxes? • Do you have a minor child or a child with special needs? • Do you have specific wishes or desires you would like to ensure happen if you were incapacitated or passed away? • Who would you like to handle your affairs if you become unable to handle them for yourself?
Step 2: Where would I like to be? Identify your goals. A financial advisor can help you begin to answer these questions and prioritize what’s most important to
Step 3: Work with your team of professionals.
An estate-strategy team provides a comprehensive and streamlined approach to developing a strategy
THE ‘PRIORITY’ IS YOU
BY SEGUN OLANIYI
Contacting a company to provide staffing or service should not really be a headache, but it normally is owing to its many rules, requirements and processes.
Many people tend to also think that getting these services rendered on a smaller scale for individual use or for small businesses is impossible. The truth is that these services can be rendered to anybody.
Going about procuring these services should not be difficult, and it is this clarity and simplicity that Priority Groups wants to offer.
Priority Groups consists of Priority-Cleans, Quality Healthcare Staffing, Priority Billings and Priority Cares. Each of these departments focuses on a specific task, but work in conjunction to deliver excellent service.
We work to suit any and all schedules and budgets, and can even accommodate traveling distances. Priority Groups focuses on values, transparency and reliability. Values means customer demands are met with respect, care and fairness. Transparency is to ensure that customers know exactly what is going on. Reliability in this case ensures that everything is done as Segun Ezekiel Olaniyi is managing director of Priority Groups. promised. This small business was started to give back to the community. We wanted to create an easy way for small businesses to access cleaning services, meet staffing needs, and process billings. With Priority Groups, an individual or small business can easily acquire services without the requirements of many service and staffing companies. Not only does this benefit customers, but it also creates jobs. that works for you. Each member of your team will have a different area of expertise.
A financial advisor helps you understand the process, prioritize your goals and coordinates with the other members of your estatestrategy team. We can also discuss how your investment and estate strategies can work together.
Your attorney reviews your estate options and drafts legal documents. Your tax professional or CPA advises you on the tax implications of your strategies.
Creating an estate strategy is a team effort
Ask a financial advisor today about how you can work together to begin creating your personal estate strategy.
For more information, contact Edward Jones financial advisor John Renda at (718) 969-2606 or at john.renda@edwardjones.com.
A PRODUCT NO ONE WANTS
Many people dream of starting their own business, but there are many challenges surrounding entrepreneurship. Arguably, a lack of consumer interest in the product or service may be the primary reason why many businesses never reach their full potential.
Every new parent’s baby is the most adorable child they’ve ever seen, and entrepreneurs feel a similar way to their product or services. They think their company is the best idea to ever exist and that the market will respond accordingly.
Often, however, entrepreneurs overestimate the potential success of their product, and they are left feeling discouraged when the revenue is not what they anticipated. I would attribute this to wishful thinking: you, as a consumer, think you know what other consumers want and exactly how they want to get it.
Even worse, an entrepreneur might have their ego so invested in their “baby” that they become inflexible to growth and change, which makes success nearly impossible.
Unfortunately, there is no guarantee your product or service will cause consumers to push the “buy” button. Although there are no simple answers, we would like to pass along a few suggestions to help you tackle this challenge.
Do Your Homework!
Do not assume that you know what consumers want or need. Talk to as many people as you can, before and after your product launch, and listen carefully. Success requires that you develop a product the consumer not only needs, but wants and desires.
Social media can be a key tool for you to solicit criticism and advice on how you can improve your product. Utilizing social media will allow you to get direct feedback from your consumers.
Master the Art of Pivoting
A second key strategy is being willing to pivot. In start-up lingo, pivoting means taking in the initial response to a product, and making changes in order to maximize its consumer appeal.
When launching a start-up, you will learn that everything takes longer than you expect, and a great deal of “stick-to-it-ivity” is required. With that said, there is no virtue in delaying product changes in the face of negative reactions from users.
A good approach to designing a product is to develop a soft launch with the intent of redesigning it and adding features after receiving initial user feedback.
If you read about the history of successful start-ups, such as Dell Computers and Twitter, you will see that they solicited criticism from their customers and used that information to modify their approach and attain success.
Continue the conversation with Warren Law Group’s office at (866) 954-7687 or emailing Paul Share at paul@warren.law.
EXPERT ADVICE ‘TIS THE SEASON FOR INSURANCE CLAIMS
BY PHILIP MALTAGHATI
Who doesn’t look forward to the holiday season? Families gatherings, traditions, fun, food, festivities, lighting, decorations, and of course, holiday presents. It truly is the most wonderful time of the year for most of us.
However, that joy can soon be dampened (literally) by an insurance claim for water damage. According to the Insurance Information Institute, water damage in nonoccupied homes while the family is away for the holidays is one of the most likely issues to occur during this season.
Property insurance claims due to water and ice are the leading types of claims that increase during the winter holiday season, along with theft, fire, or even a personal injury lawsuit.
WATER
Here are steps you can take now to avoid or prevent water damage from impacting your holidays: • While you are away, keep your thermostat set to 60 degrees. • Install a water leak detection system such as Nest. • Going away for more than a few days? No one at home? Have a licensed plumber winterize your property. • Replace your hot water heater every ten years. Most condo and cooperative communities require it in their bylaws. For peace of mind and long-term cost savings, this is an imperative. • Ice dams can damage roofing and cause interior damage as well. Clean gutters and install ridge vents. • Ensure that your attic insulation meets recommended R-rating standards.
FIRE
owner’s insurance claims is holiday house fires. These are not just caused by poorly maintained fireplaces, but a more common source of flame: candles.
The National Fire Protection Association reports that candle fires peak on Christmas, New Year’s Eve, and New Year’s Day. Protect your biggest investment by simply replacing open flames with battery operated LED candles that look incredibly lifelike and will not destroy your home. Here’s how you can avoid holiday house fires: • First and foremost, make sure your smoke alarms are working properly. Change the batteries, and if hardwired perform a simple test by pressing the test button on the housing. • For any source of open flame, candles to fireplaces, never leave them unattended, not even for a minute. • If you must have lit candles, ensure that they are kept well away two feet minimum, from anything flammable. This includes presents, the holiday tree, decorations, etc. • Cooking for the holidays? Even if your stove is electric, do not leave anything to cook or simmer unattended. This especially applies to countertop appliances such as rice cookers, steamers, and skillets.
THIEVES
Break-ins and even thievery at your entryway have increased in recent years.
Here are the top ways to avoid becoming a victim: • The sight of packages that proclaim their expensive contents on their labels left sitting outside on your porch provide temptation and easy picking for thieves. Installing a visible security camera from a hard-to-access eave or roof line will deter pilfering and vandalism. • Do not leave expensive, unwrapped presents near windows where they can readily be seen from outside. • If you own expensive or heirloom jewelry or collectibles, invest in a safe or lock these valuables and other expensive items in one room or closet. • Inherit or acquire anything of value recently? Be sure to update your insurance policy.
The holidays are not the time of year when anyone wants to think about the possibility of damage or loss. When this occurs, it can be upsetting to deal with.
The team at United Public Adjusters & Appraisers knows that submitting homeowners’ insurance claims, especially around the holidays, can be daunting. However, it is not necessary to go it alone.
Learn more about how our team can take care of every detail from claims preparation and submis-
Philip Maltaghati is president of United Public Adjusters & Appraisers, Inc. He can be reached at (800) 718-LOSS.
sion to the final settlement check, including quote facilitation, loss and replacement estimates, negotiation with insurance companies, and even temporary living expenses if necessary.
