27June
2019
A Bucket Plan to Go with Your Bucket List

The Baby Boomers have re-defined everything they’ve touched, from music to marriage to parenting and more lately what “old” means — 60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of retirement assets. There’s no easy answer to this challenge, but let’s begin by discussing one idea — a bucket approach to building your retirement income plan. The Bucket Strategy Can Take Two Forms       1. The Expenses Bucket Strategy. With this approach, you segment your retirement expenses into three buckets: Basic Living Expenses — Food, Rent, Utilities, etc. Discretionary Expenses — Vacations,…

27June
2019
Contract Jurisdiction: Where Will a Dispute Be Heard?

Years ago, many companies dealt with vendors, suppliers, customers and others that were located in the same geographic area. Today, it’s not unusual to engage in transactions with entities in multiple states and even numerous countries. The Internet has made the business world a small place. While doing business outside your area may open up new lucrative markets, it can also make your company vulnerable to a potential trap. When signing contracts, pay attention to clauses that lay out the “choice of law” and “venue.” These clauses state what law applies and the location where disputes related to the contract…

27June
2019
Four Reasons Millennials Need an Estate Strategy

You’re young, have little in savings and likely have no one yet relying on you financially. So why do you need to think about estate management?¹ Here are four great reasons: Estate Strategies: They Not Just for Old People You need a will. You may ask why a will is important if there’s not much to pass on. A will is not just about transferring assets. It can be used to accomplish other tasks, such as who should manage your social media accounts once you’re gone, or inherit items you’ve accumulated, like collectibles or your car. Don’t burden others with…

13June
2019
Help Prevent Invoice Fraud at Your Business

When a supervisor with Burlington Northern Santa Fe Railway stumbled upon a way to submit fraudulent invoices to his employer, he enlisted several others in the scheme. In the end, more than $2 million in bogus or inflated invoices (details of the case are in the right-hand box) were submitted. How the Fraud Worked Two Kansas men pleaded guilty in 2010 to conspiracy to commit wire fraud against Burlington Northern Santa Fe Railway (BNSF). Matthew Wyrick, 35, and his father-in-law, Robert Steele, 64, were charged with various offenses related to BNSF, where Wyrick was employed as a supervisor in the…

13June
2019
Advantages and Disadvantages of Roth IRAs

Saving for retirement is critical to financial security. Fortunately, the government provides some tax incentives, if you qualify.  Even though Roth IRAs have been around for more than a decade, many people are not aware of exactly how they work. They also may not know that there are no longer income restrictions in place to convert a traditional IRA into a Roth. If you qualify, you can make a contribution to a Roth IRA of $6,000 in 2019 or $7,000 if you are age 50 or older (up from $5,500 in 2018). Here are the basic advantages and disadvantages of…

13June
2019
Consider Hosting a Family Meeting about Your Estate Plan

If you’re a business owner and a high-net-worth individual, you may want to gather your family members together to discuss the details of your estate plan. This can be especially important if you own a business that employs family members. These meetings are a little like the Scottish clan gatherings held hundreds of years ago by clan chiefs to discuss their succession and inheritance plans. The Purpose of Gatherings For centuries, some Scottish clans had a tradition of getting together periodically. When communication and travel were difficult, these gatherings provided a way to prepare for the future. Estate planning was…