Route 422 Business Advisor

From the Editor's desk at Route 422 Business Advisor — Relevant news and information of interest to business owners and operators along the Route 422, Route 100 and Route 30 corridors in Southeastern Pennsylvania. Please visit www.422bizmag.com

 

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ESTATE PLANNING Part Two - Last Will versus Living Trust

The correct strategy for you last will or living trust depends on your individual

circumstances and objectives. A last will determines how your assets pass to your heirs or others

at your death; whereas, a living trust is created in your lifetime and affects your property during

your lifetime and upon your death. If you establish a living trust, then it is advised that you have

a “pour-over will” for any assets that may not be in trust at the time of death.

A last will generally costs less and is very easily established, but cost should not be a

Wading onto the Board of a Nonprofit Corporation

If you are a business owner, or one of the otherwise active members of the community, I believe there is a ninety-percent probability you will end up on the board of a nonprofit corporation. This is good. It is good for you and great for your community.  Some will serve small entities of little geographic reach, while others will help govern and direct organizations serving the reach of the Commonwealth and beyond.

Bigger Isn’t Better

We’ve all heard the biblical story of David, whose well-aimed stone brought down the giant Goliath. When negotiating telecom services, small companies armed with powerful negotiating techniques can do as well or better than their larger counterparts. Here are four tips to help:

1. Know what you have and what you need.

Why is Estate Planning an Essential Component of Financial Management?

Estate planning is an important part of your overall financial management strategy

because with a plan in place you will avoid unintended consequences. Certain plan documents

will assist you in your lifetime, whereas other documents will assist upon death. If you become

incapacitated, then you will have a trusted, competent person or persons that you have named to

handle your financial and health affairs. If you pass away, then your assets will be distributed per

What Is A Funeral Trust?

Greg Koch's picture

Like other major life events, pre-funding your funeral will give you peace of mind, comfort and assurance knowing that money will be there to pay your final expenses. Now, wouldn’t it be nice to have an insurance policy that is designed to do exactly that? Pay for your funeral costs, while also having the money protected from Medicaid or creditors so it will be available for its intended purpose?

How will my SURVIVORS pay for my funeral?

An Ounce of Prevention is Worth a Pound of Cure

A recent report published by Identity Theft Resource Center stated that since May 1, 2018, there have 383 data breaches across various industries including the military, financial, healthcare and others so far this year. Imagine if that is your customers’ data that was compromised

7 Things Your IRA Custodian Won’t Tell You

Greg Koch's picture

What hasn’t your IRA Custodian told you?

It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them.

Marketing Lessons from Driveway Spammers

Every spring they appear like leaves in the fall. Unwanted, they sit at the end of the driveway in the muddy-muck left from winter. Landscapers, contractors, handymen, and asphalt companies have all latched on to a marketing technique that bears some discussion.

Here’s how it works: Print up a cheap flyer on yellow or green paper, grab some gravel or a single rock, stuff both into a plastic bag, and tie it closed. Then head for my neighborhood and litter every driveway in sight.

Tax Planning 2018: How will your tax situation be different in 2018? What is the effect of the new tax law changes on your situation?

This is the perfect time of year to do tax planning, and planning ahead provides the

greatest opportunities and benefits to you. Even before considering the new tax law changes;

determine if there will be any change to your income and deductions this year versus last year.

For example, in Tax Year 2017, did you have a large capital gain or loss, sell a rental

property for a one-time gain, get a one-time taxable distribution, or did you make a deductible

retirement plan contribution? Are you scheduled to make estimated tax payments based on last

PayPerClick–Instant Results = Big money SEO-Delayed Results = Lasts Forever

In an article written earlier for these pages, we covered how the criminal behavior at a respected news magazine read by at least three generations and, likely some millennials, when International Business Times (IBT), publishers of Newsweek, were exposed by SocialPuncher  and BuzzFeed showing how IBT, in order to secure a government advertising contract for nearly $3 million, purchased fraudulent traffic directed to their websites in order to embellish their presentation to the Consumer Financial Protection Bureau and secure the contract.

Change: Ability to Say What You Think II

In a stunning development Big Tech, which monitors every word posted on their site, now gives "hate speech” waivers. So, it is now okay to advocate death for the President of the Russian Federation. I believe that giving the so-called "hate speech" a waiver invalidates the entire theme of "hate speech” as we know it. The modified definition would condemn "hate speech” but allows it if Big Tech says it is okay.

Recognizing Spatial Separation Resulting in Racial Segregation

There is a spatial separation of minorities in Chester County. Minorities are not evenly distributed throughout the county. The information in this column is from a National Institute of Health (NIH) study which was published and later interpreted in a book by Massey and Denton in 1993. I gleaned the information from that book.

Three Tips for Better Video Conferencing: How to Look Like a Pro

Sitting in front of a webcam for hours a week is now normal (both for business meetings and personal calls, like virtually celebrating someone’s birthday). Making a good impression during a video call is important, which means figuring out how to appear presentable on your colleagues’ laptop screens, and learning the importance of camera angles, a good internet connection, and clear, understandable audio.

Want to master video conferencing? Here are our three tips to help you video call like the professional you are:

Change — The Isolation Blues

Life in America has changed for a while. Now we know how people encountering the black death (Plague) felt.  When in school, we were all freaked out about learning about the Plague; the teacher said to us, "now it is not a problem we have antibiotics." Time is a cure-all, both in memory and in science. 

Change in Habits

Change has hit the world.  The Coronavirus has everyone in hiding. There has been a necessary change in the way we live our lives. All of the challenges and reactions around the virus are certainly dominating the news.  The body counts, and the local effort will no doubt dominate the headlines for the near future, as no sports, no concerts or entertainment events will be happening. 

Recognizing a Cyberattack: Save Your Data by Looking for These Signs

It may not have hit the headlines like the Coronavirus or election season, but the United Nations recently suffered a major security breach. A vulnerability in their system — caused by a failure to patch a known problem! — was exploited by hackers to hit a variety of targets world-wide. What does the fact that the UN is lagging behind on necessary cybersecurity precautions mean for the rest of us?

The Gold Whistle Award

In August of 1963 I entered the Freshman Class at Lock Haven State College to pursue a degree in Health and Physical Education. At Freshman orientation, we were made aware of a prestigious award that was presented each year to the outstanding Male and Female graduating Physical Education Major. This award was based on academic achievement, participation in sports, clubs and extracurricular activities and finally a vote of faculty members and the other PE Majors. It was like the Academy Awards of Physical Education and a lofty goal to culminate four years of a College Education.

Lead Like a GOOSE

There have to be thousands of resources out there on the topic of Leadership. I have accumulated a library of my own and have used them frequently over my 50 years of being in business. However, about 15 years ago my wife and I were browsing through an antique store and I found an old picture frame with a picture of a gaggle of geese flying in formation. Under the picture was an interesting story about why geese fly in formation and I couldn’t help not to see a correlation between their story and a very important, but sometimes overlooked, role of a great leader — Sharing Responsibility.

A Few “Take Homes” After 50 Years in Business

If someone had of asked me 50 years ago, “Why are you going into business for yourself and what do you expect to get out of it?”, I probably would have responded, “ Because I want to be my own boss and I want to control my future.” Fifty years later, I can honestly say, my journey was far more than being my own boss, and the future turned out totally different than I expected. Actually, What I have learned about myself and, what the real meaning of being a “boss” was, totally changed my life.

Change in the Way Americans Interpret the Past

Change is random. One might say that one random event leads to another. Recently something happened that gave me pause, as the Philadelphia Flyers removed the statue of Kate Smith as part of an effort to respond to people outraged that she sang a song in 1931 which had racist lyrics. 

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