Archive for July, 2009
7/29/09 QUOTE – “Goodness is not defined by the outward things we do, but by who we are inside. There was never a great individual who was not also patient and compassionate.”
by P. Lewis RobinsonJul
29
7/27/09 QUOTE – “The greatest of all mistakes is to do nothing because you can only do a little. Do what you can.” -Sydney Smith
by P. Lewis RobinsonJul
27
7/27/09 – The Power of “One More Minute”
by P. Lewis RobinsonJul
27
BEFORE you press the "Send" button on your email, BEFORE you deliver that "final" report to your manager, BEFORE you make that important call, and BEFORE you make that presentation, do the following:
STOP – Pause and take ONE MORE MINUTE and run through this checklist:
- Consider having someone else proof the document for you.
- Make sure you've run a grammar and spell-check on the document.
- Give a final "cold read" of the document to ensure you've clearly communicated your intentions. Consider reading the document to yourself OUT LOUD — you may be surprised at what errors you'll discover.
- Do I have crystal clear clarity on my key points and have I communicated those key points as clearly as possible?
- Do I really need to send this email? Would a phone call be better? Do I need a "cooling off" period before I communicate this matter?
- Am I directing this communication to the right person(s)?
- Did I give this project / task / assignment the attention it truly deserved?
Begin this habit with the VERY NEXT deliverable on your plate and encourage your team mates and colleagues to do the same.
Apply these "one minute" techniques and improve the quality of your output and communications.
Article provided by my son, Andy Robinson
Executive Coach, Career Success Coach and Strategic Thinking Partner
http://careersuccess.typepad.com/my_weblog/
http://careersuccess.typepad.com/my_weblog/
7/24/09 QUOTE – “In summer, the song sings itself.” -William Carlos Williams
by P. Lewis RobinsonJul
27
7/22/09 QUOTE – “To love another person is to see the face of God.” -Victor Hugo in Les Miserables
by P. Lewis RobinsonJul
27
7/20/09 QUOTE – “If you do not hope, you will not find what is beyond your hopes.” -St. Clement of Alexandria
by P. Lewis RobinsonJul
27
7/20/09 – Beneficiaries of Retirement Accounts
by P. Lewis RobinsonJul
27
ARE YOU SURE YOU KNOW WHO YOU DESIGNATED AS BENEFICIARY OF YOUR IRA ACCOUNTS?
These assets are passed outside of legal procedures, i.e. probate; the designation, unless changed, is absolutely binding. Therefore, this assignment of assets cannot be superseded, even by a will.In a case in which there is no designation of beneficiary or an estate is named (another common mistake), the assets will be distributed through the probate process. Whoever is determined as inheritors of the assets will need to follow one of two courses of action.
-
Draw down the assets over a five-year period.
-
Continue to take out the Required Minimum Distribution based upon the owner’s presumed life expectancy, rather than their own.
Therefore, I would recommend naming specific individuals or entities as beneficiaries. Once the owner of the IRA passes away, to whom the assets are passed and how they are distributed cannot be changed. The responsibility of these very crucial items is on the owner of the IRA while he or she is still alive.
In most cases, married couples generally have their spouse as the primary beneficiary. If the spouse is younger than 70 ½ and inherits the IRA, he or she can wait until they reach that age to meet the Required Minimum Distribution based on their life expectancy. All inherited IRAs will be subject to Required Minimum Distributions, unless the beneficiary opts for accelerated distribution, regardless of the age of the beneficiary. Having a younger person as beneficiary provides a huge benefit, allowing them to stretch out these distributions on a longer schedule over their life expectancy.
With a married couple, the spouse will generally be the primary beneficiary and the children and grandchildren as contingent beneficiaries. If the spouse or primary beneficiary does not need the assets, he or she can disclaim the assets subsequently passing them to the contingent beneficiaries. In order to do this, contingent beneficiaries need to be named by the original owner.
IRA beneficiary designations get a bit more challenging with extended families. Make sure designations are coordinated with the whole estate plan. It may make sense to set up several IRA accounts with different primary and contingent beneficiaries to correctly direct assets in different directions. Keep in mind that the beneficiary designation can also be a trust, in the case of the beneficiary being a minor or spendthrift. Another beneficiary option is a charitable organization if a person wants to accomplish other estate planning objectives.
Ultimately, the IRA holder wants to communicate with all the beneficiaries his or her intentions. This includes making it clear that the Required Minimum Distributions must be taken on a schedule and must be of a certain amount. If this schedule is not followed, the beneficiary will be facing a 50% penalty tax on any amount that did not meet the RMD requirement. Additionally, it is crucial that beneficiaries understand what type of investments should go into an IRA, which will be explained in our next article.
7/17/09 QUOTE – “Opie, you haven’t finished your milk. We can’t put it back in the cow, you know.” – Aunt Bee, “The Andy Griffith Show”
by P. Lewis RobinsonJul
17
7/15/09 QUOTE – “Whatever captures your focus, controls your life.” -Sign at a Georgia Church
by P. Lewis RobinsonJul
15
7/13/09 – Temporary Relief for Viable Small Business
by P. Lewis RobinsonJul
13
As of June 15, 2009 the Small Business Administration (SBA) has a new loan program to help small businesses during these tough economic times. The American Recovery Capital (ARC) Loan Program can provide up to $35,000 in short-term relief to struggling small businesses. However, businesses are limited to just one ARC loan and must meet a list of criteria to be eligible. Some of the eligibility requirements include:
-
Must be a viable, for-profit small business in the U.S.
-
Must have qualifying small business loans (credit card obligations, capital leases, notes payable, etc.)
-
Proof that the business is experiencing immediate financial hardship (loss of customer base, increased business expenses, reduction in working capital, inability to restructure, etc.)
-
Provide financial statements to show business was profitable in one of the past two years
This program is not designed to start-up businesses or for borrowers who already have severely delinquent loans. However, if you think your business is a good candidate for this program and would like to apply for an ARC loan, please contact our office for further information and assistance.
