As an entrepreneur how do you increase your chances of hitting your business goals quicker and more efficiently? You consider hiring a business consultant…someone to work with you on a weekly basis to help keep you on track and focused while growing your business.  In short, he or she will work with you to put four main areas under a microscope to measure and track results to ensure you’re moving closer to your goals. They are:  People, Strategy, Execution and Cash.

People

A consultant will work with you to ensure you have the correct people in their positions within your company.  A consultant is well aware that People challenges impact your happiness and can either be a source of energy or an emotional drain.  Keep in mind that People issues can include conflicts with a partner or a key employee who is disrupting the rest of the organization’s effectiveness as a whole.

Strategy

A consultant will evaluate with you your business strategy…if production is not growing as quickly as you’d like, then it might be time to re-examine that strategy including both internal and external marketing.  A consultant will provide steps for you and he to take to evaluate where you are.

Execution

Execution challenges surface when your increasing production is not generating increasing collections and profit.  A consultant can work with you to both establish and measure your Key Performance Indicators (KPIs). In essence, you cannot manage what you do not measure.

Cash

Cash is the “oxygen” that runs the business.  The first law of entrepreneurial gravity is “Growth Sucks Cash”.  A consultant will work with you to calculate your Cash Conversion Cycle (CCC) which measures company-wide how long it takes between when you spend a dollar (marketing, equipment, rent, wages, etc.) until you get that dollar back.    The Kurzen Group has a tool which outlines the cash cycle and helps you create concrete ways to double operating cash-flow in the next 12 months.

Your Decision

Now it’s time to choose, which of the four decision areas will be your primary focus?  Through a business evaluation (provided free of charge) we can help you get these four steps right, take advantage of the current economy and grab market share and shore up your market dominance.

Click here for your free business evaluation.

A couple was dividing their assets during their divorce. The wife assumed her husband’s pension was not up for grabs, because it was in his name, and he would not be entitled to receive any benefit for another fifteen years—to her it was worthless. She also was willing to let her husband keep his business. After all, she didn’t know how to run it. She was happy just to keep the house and some savings. In Georgia, the law provides that assets and debts are to be “equitably divided.”In other words, the division must be fair. “Would this be a fair split of the assets?”she asked. It depends on several factors.

Only those assets and debts that were acquired during the marriage are divided pursuant to the divorce. These assets are called marital property. There are exceptions, however, including property received as an inheritance, premarital property, and gifts from third parties. These exceptions are the separate property of the spouse who received the property. If the husband in the example above earned the pension and acquired the business during the marriage, both are subject to equitable division. Otherwise, they are not.

All kinds of property are divisible, including tangible assets such as real estate, furniture, automobiles, bank accounts and investments, and intangible assets such as residuals, patents, and copyrights. Retirement accounts, pensions and annuities may also be divided to the extent they were earned during the marriage, even though neither spouse is actually receiving or entitled to receive any benefits at the time the divorce is granted. Appreciation of separate property assets caused by the efforts of either spouse may also be divided at the divorce. The value of a family-owned business, including goodwill, may also be considered. In the above example, business appraisers and financial experts would be hired to determine the value of the business and pension.

Once the values of the various marital assets and debts are determined, one fair way of determining who gets what is to divide the parties’ net worth equally and distribute assets and debts such that each ends up with half their net worth. However, equitable division does not necessarily mean equal division. A judge or a jury may consider other factors, such as each spouse’s contribution to the acquisition and maintenance of the property (such as money paid or time spent in upkeep as a homemaker), the purpose and intent of the parties regarding the ownership of the property, the estate of each of the parties, the duration of the marriage, prior marriages of either spouse, and the contributions or service of each spouse to the family unit.

In this case, without the input of experts and an attorney discerning the nature of all of the assets, it would not be wise to say whether the wife’s proposed division was fair or not.

by Tamar Oberman Faulhaber

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For more information, go to www.national-law.com or contact Tamar Faulhaber at 404.846.2001 or TFaulhaber@Georgia-Law.com.

Happy Holidays! This is my fifth anniversary of sending wishes to my readers through North Fulton Living. It has been such a joy and privilege working with them and for you. My heartfelt thanks.

If you would like to view past holiday articles and check out some unique ideas for staying within your budget during a potential budget-busting time of year, visit my Web site at www.carperwealthmanagement.com.

Though December is a time for festivities and often overindulging, we also tend to eagerly plan towards the future. We spend December reflecting, finishing projects we have started, and most importantly, envisioning our future— exercises that make us feel good. In reflection, this has been one of my busiest years, and the reason gave me this issue’s topic: Seeking a trusted advisor.

Though the markets have begun to come around this year, most of you have not forgotten the past 12 to 15 months, nor have most of you fully recovered from the market’s tumultuous decline. You may also remember how your broker or financial advisor was just not there for you—either not answering calls, not listening to you or just plain not responding to requests. Consequently, and fortunately for me, many of you ended up at my door step.

What should you seek in a financial planner? Certainly it is personal, but let me make some suggestions. First and foremost ask yourself if that advisor is credible and trustworthy?  Check into their credentials, and ask for references. Credentials are licensed through the SEC at www.sec.gov. As well, CERTIFIED FINANCIAL PLANNER practitioners can be found, in good standing or not, at www.cfp.net. You expect that professional to make recommendations (just like when you go to a doctor, lawyer or other professional). Do you have high regard for this professional’s advice?

Is the advisor proactive and respectful? It is your money and your financial future. Your opinions, goals and objectives should be the basis for recommendations you receive.

Is your advisor working on your behalf or for a company? Meaning, do you feel you are being ‘fitted’ into a mold versus partnering with your best interests at heart? Your advisor should be reliable, approachable and extend a personal interest in your wellbeing. Your financial advisor should be a dependable, caring personal shoulder to lean on, sounding board and idea person. However, they should allow you to maintain control and have the last word.

If you lost 20 to 30 percent or more during this last bear market, and enough is enough, it just might be time for a change. If your investing does not seem to coincide with your values, comfort zone or align with your goals, it just might be time for a change. Your financial advisor should be an accountability partner you trust. I can’t tell you how much having an accountability partner, for me professionally, has kept me on task and moving forward.

Your financial advisor should be as important as your doctor, accountant, lawyer or other professional you rely on for guidance and well-being. You should be confident they are putting your best interests first. Your financial future could depend on this invaluable choice.

by Erin Carper , CERTIFIED FINANCIAL PLANNER

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Erin Carper, CFP® is an Alpharetta Financial Planner and the owner of Carper Wealth Management. Call 678.566.3682 or e-mail erin@carperwealthmanagement.com, www.carperwealthmanagement.com

Erin is an Ameritas Investment Corp. (AIC) Investment Advisor Representative. Securities and financial planning offered through AIC, Member FINRA/SIPC. AIC and Carper Wealth Management are not affiliated. The above information is intended to provide general information. It is not intended as, nor may be considered, as tax or other legal advice for you. Please consult the appropriate professional advisor for your specific circumstances

One of the most confusing parts of creating a solid estate plan is how to name beneficiaries of qualified retirement assets, such as an individual retirement account (IRA) or an employer’s 401(k) plan. Each person’s needs are different and special circumstances may apply, but there are a few general rules to follow:

Rule #1: Designate a beneficiary.

First, beneficiary designations dictate where IRAs and 401(k)s go—a Last Will and Testament does not control them. The U.S. Supreme Court reinforced this point earlier this year when it awarded the first wife of a deceased member of the Kennedy family all of the benefits from his 401(k) plan. What was the Court’s logic? She was the designated beneficiary, and even though he had divorced her and changed his will, he had not bothered to change his beneficiary designation. For that reason, the plan was obligated to pay her the benefits he had accumulated in decades of service to his employer.

The second reason to make sure you designate a beneficiary is tax-related. Individual beneficiaries are entitled to stretch out the taxable distributions from a traditional IRA over a number of years roughly equal to their remaining life expectancies. If you fail to designate a beneficiary, then your estate may be required to withdraw the IRA funds (and pay the associated income tax) over only a five-year period.

Rule #2: Choose adults as beneficiaries.

One common mistake people make when designating IRA beneficiaries is naming minor children as beneficiaries. Minors are unable to claim benefits in their own name, and so if they are the named beneficiaries in an IRA, a conservatorship account will have to be established to hold those assets. A conservatorship account is not only time-consuming and expensive to create, it must be invested in CDs or equally secure investments. Additionally, conservatorship funds must be distributed to a child when that child turns 18, which makes it difficult to ensure that the funds will be spent for college.

Rule #3: Be careful when naming a Trust as beneficiary.

Instead of a minor child, a Trust should be named to hold the assets of an IRA for a minor’s benefit. However, the designation of a Trust as beneficiary raises another set of issues. For a Trust to allow its beneficiaries to stretch the distributions out over time, it must contain provisions that qualify the Trust as a ‘conduit’ Trust. Additionally, if there are multiple beneficiaries of a Trust, then the Trust must make distributions from the IRA on a schedule set by the oldest beneficiary.

The Final Word:

IRAs and retirement plans often make up a substantial portion of a person’s net worth, so paying attention to the beneficiary designations directing their flow at death is crucial to successful estate planning. Given recent changes in the laws in this field, it is a good idea to seek advice from your attorney or financial advisor to make sure your goals are met.

by Christopher Miller

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Chris Miller is an Alpharetta attorney. Contact him at 770.817.4999 or cmiller@robinsonmiller.com.

Elder law actually covers many different legal fields. It includes:

● wills and trusts
● powers of attorney for financial management
● health care directives
● guardianships
● probate;
● estate and trust administration
● Medicare claims and appeals
● Medicaid and long-term care planning
● social security and disability claims and appeals
● nursing home issues, including patients rights
● housing issues
● veterans benefits
● elder abuse
● age discrimination in employment
● mental health law

Although most elder law attorneys do not address all of these areas in their practice, they will be able to identify issues and refer clients to colleagues with the appropriate expertise. Elder law attorneys can also provide referrals to geriatric case managers and social workers, home-health-care providers, assisted-living facilities and nursing homes.

Lawyers who practice in elder law do so because they respect and appreciate their elderly clients. Elder law attorneys have offices that are wheelchair and walker friendly, and staffs trained to work with clients who are often struggling with losing their independence, mistrustful of lawyers and the legal system, and reluctant to share their financial and personal information. If an elder client is too frail to travel to the lawyer’s office, many elder law attorneys will make a home visit.

An elder law attorney can provide the most help while the elder client still has the mental capacity to understand and sign basic legal documents such as a will, power of attorney and health care directive, and provide information about assets, liabilities, income, health insurance and long-term care insurance. If dementia has progressed to the extent that the elder is not able to effectively communicate, and the necessary legal documents are not in place, the attorney’s role will be to assist with a legal guardianship.

Because each state’s laws are different, it is important to find an elder law attorney in the state where the elder lives. A good resource to locate an out of state elder law attorney is the National Academy of Elder Law Attorneys (NAELA), an organization of approximately 3,500 members across the country. You can contact NAELA at its new headquarters outside of Washington, D.C. at 1577 Spring Hill Road, Suite 220, Vienna VA 22182, or online at www.naela.org. Other ways to find an elder law attorney are through a state or local bar association, or a local agency that provides services to the elderly.

Debra Robinson is an Alpharetta attorney and a member of NAELA. Contact her at 770.817.4999 or drobinson@robinsonmiller.com.

We are reminded that fearful times and struggles, followed by faith, perseverance and brotherhood is the dynamic which has historically lifted us to new heights. Last issue I quoted, “… this has been like a massive forest fire—nearly everyone got burned. And like a forest fire, it could ultimately be a cleansing experience that rejuvenates and strengthens…” (Financial Advisor Magazine, February 2009) You may reflect and say “…just a few years (months) ago we had it all.” But if you had experienced no lean times in comparison, you could not know this.

The economy appears to be rejuvenating and strengthening. How does that apply personally? Look around you and see what remains as the forest fire diminishes to a smolder. Most likely what remains is most important; your family, job, health, rebounding investments and a renewing spirit for life. Begin rebuilding, looking forward and planning for the future.

Creating a solid foundation will include a bold look at your cash flow. Spend less than you earn. Ah, you say, you have heard that a thousand times before? Maybe so, but you now need to practice this mantra. Too much leverage was the kindling for this past forest fire. Be honest with yourself; where are you spending, and is it in line with your spend less than you earn intention?

Many have been asking me about looming inflation. That is certainly a possibility. Evaluate your investment portfolio and include inflation-hedging investments to help smooth that road if it comes. You may not want to leave all your investment dollars hiding in cash. Most personal investment policy statements (IPS) project an approximate 7 percent investment return for long-term goals to be successful. The 1 to 3 percent fixed income rates just won’t do. On the other hand, if your IPS projects 9 percent or higher, then you probably want to reevaluate the reality of internal return averages.

Dollar cost averaging, systematic investing, is a widely recognized investment strategy that can help compensate for a constantly fluctuating market. Implementing dollar cost averaging may ease you into “auto pilot” that has you “pay yourself first” easily within your cash flow plan. However, dollar cost averaging does not guarantee profitability or protection against a loss.

The blanket of fear is lifting, freeing us to strengthen and rejuvenate. Spend less than you earn, build back your emergency reserves for the next time (oh sure, there seems to always be a next time, will you be better prepared?) and let’s move to resume planning for your future dreams and goals. C’mon you can be creative and resourceful.

This is Part 2 of a 3 part series. Next time I will look into opportunities for building wealth and funding goals. If you have a particular topic you would like for me to address in Part 3 or a separate article, please write or call, I would love to know and accommodate wherever I can!

Erin Carper, CFPâ is the owner of Carper Wealth Management. Call 678-566-3682 or e-mail erin@carperwealthmanagement.com, www.carperwealthmanagement.com Erin is an Ameritas Investment Corp. (AIC) Investment Advisor Representative. Securities and financial planning offered through AIC, Member FINRA/SIPC. AIC and Carper Wealth Management are not affiliated. The above information is intended to provide general information. It is not intended as, nor may be considered, as tax or other legal advice for you. Please consult the appropriate professional advisor for your specific circumstances.

Reason #1: Speed up the Process

In Georgia, probate can take just a couple of weeks if all of the decedent’s closest living relatives, called the “heirs,” are adults and consent to the Will’s validity, and if a Will is accompanied by a self-proving Affidavit. Without a valid Will, a surviving family member must either post a bond or wait for legal notices to be published for a month before earning the authority to act for the estate. By the time the notice gets delivered to the newspaper and the publication finishes, almost two months will have gone by. Even if you have a Will, not having a self-proving Affidavit means that one of its witnesses will have to be found before the Will can be probated. The witness will need to sign a set of questions called Interrogatories confirming that he or she saw the Will being signed. These steps can slow the probate down and keep your assets from being distributed to your family members in time to meet their needs.

Reason #2: Keep Transfer Costs Down

The costs of probate in Georgia depend heavily on whether a person had signed a valid Will, and whether the Will was drafted with Georgia law in mind. A Will should appoint an Executor and waive bond. The Will should also grant the Executor the fiduciary powers needed to sell real estate and to serve without filing an inventory or annual returns. A Will that lacks these ingredients may be valid, but create substantial extra expenses for the Executor. In some families, expensive conflict can be avoided by setting up assets to flow to beneficiaries outside of probate. Trusts set up to hold assets are immediately available to your beneficiaries. Another easy, no-cost method of adding flexibility is to update beneficiary designations so that there is both a primary and a contingent beneficiary on all life insurance and retirement accounts. Be careful, though, never to name a minor as a beneficiary. Choose a Trustee to hold funds for them instead.

Reason #3: Giving is Golden

When asset values and interest rates are both low, there is a rare opportunity to transfer wealth down to future generations with a minimum use of gift and estate tax exemptions. Since a greater estate tax planning benefit comes from a steady stream of asset transfers when compared to a sizable one-time inheritance, starting a gifting program now makes the most sense from a long-range estate tax planning standpoint.

by Chris Miller

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Christopher Miller is an attorney with Robinson & Miller, PC in Alpharetta.

For more information, contact him at 770.817.4999 or   cmiller@robinsonmiller.com.

The last several months I have spent a lot more time talking about investment allocations, time lines, risk factors, economic cycles, gold, short sales, interest rates, emergency reserves and slumps than ever before. A client finally caught me and cleared my perspective (thanks Chuck). Is this a financial crisis or a crisis of our faith: faith in our markets, faith in our political leaders, faith in our free capitalistic nation, faith in our fellow man, faith in our ability to overcome challenge?

I recently read in a financial magazine (Financial Advisor Magazine February 2009), “2008 was like a massive forest fire—nearly everyone got burned. And like a forest fire, it could ultimately be a cleansing experience that rejuvenates and strengthens…” Though our personal choices may not have led to this crisis, can we not participate in a rejuvenation strengthening all? If you or a friend has lost a job, or your kids need to cut back on extra activities, can we not see this as an opportunity to rekindle relationships or re-bond family ties? This is what I am beginning to hear from you. This in itself has begun to rejuvenate my faith in this great country and its people.

Note the strength of your character in weathering this storm. Pat yourself on the back when you realize that what seemed to be lazy money sitting in the money market is now your safety net. And look forward to rebuilding that emergency reserve for a next time once this crisis has passed. Your faith in our country held you to your investments, and you are perhaps now seeing your unrealized losses pulling back. Create a budget resolute in focusing you on need versus want spending habits.

How do you measure success and quality of life? Is it the size of your 401k? I don’t think so, and I am not alone. Now that you are all around your dinner table; how many eager, smiling faces do you see sitting with you ready to share their day?

This is Part 1 of a 3 part series. Join me for a closer look at rejuvenating, strengthening and building reserves for next time.

by Erin Carper , CFP ®

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Erin Carper, CFP is the owner of Carper Wealth Management. Call 770.781.2502 or e-mail  erin@carperwealthmanagement.com ,  www.carperwealthmanagementcom Erin is an Ameritas Investment Corp. (AIC) Investment Advisor Representative. Securities and financial planning offered through AIC, Member FINRA/SIPC. AIC and Carper Wealth Management are not affiliated. The above information is intended to provide general information. It is not intended as, nor may be considered, as tax or other legal advice for you. Please consult the appropriate professional advisor for your specific circumstances.

COMPETENCY.

You want to find someone who knows what they are doing. Usually, those attorneys who specialize in family law related work (e.g., divorce, support, custody, adoption, contempt, and paternity) better understand legal issues that arise than those who have a general practice (e.g., personal injury, criminal defense, and civil or corporate litigation). Peruse advertisements in the phone book and Web sites to ascertain their areas of practice. Also consider how long they have been in practice and their litigation experience. How many trials and hearings have they done? Have they done jury trials? Were they successful? If your case involves children, does the attorney have children? What resources or professionals do they rely on to supplement their realm of knowledge. Do they have staff to assist them? The more experience and resources they have, the more competent they will be.

COST.

Be realistic about your budget for legal expenses. You get what you pay for. Good attorneys usually require substantial initial retainers, bill an hourly rate against the retainer, and require replenishment. At the same time, they should be efficient and rely upon associates or seasoned assistants and paralegals who charge less to complete rote tasks. They provide billing statements on a regular basis to inform you how they are using your funds. Ask about their billing rates and frequency of billing statements. Do they take credit cards? Do they have a written retainer agreement? By being informed, you can monitor and assist in managing the costs of your litigation—either by choosing less expensive strategies or by involving yourself hands-on in preparing and organizing your fi le. Hire the attorney you can afford, find other sources of financing, and ask about getting the other side to reimburse your fees.

COMMUNICATION.

You should feel comfortable that your attorney not only listens to you, but hears where you are coming from, acknowledges or helps you develop your goals, and frequently updates you on the status of your case. You should receive telephone calls, e-mails and/or letters from your attorney. Your attorney should not take long to respond to your inquiries. Ask about their policy and practice about telephone calls and status updates. Do they give out their cell phone?

COMPASSION.

You will be relying upon your attorney to make important decisions. You want someone who cares about you and your case. The only way you can really tell if your attorney cares is by meeting with her face to face and relying on your gut and first impression. Did she listen? Did you walk away better informed with good direction? Do you feel better after having spoken with the attorney?

Hire the person you feel confi dent will help you meet your legal goals while providing compassionate counseling in a timely and cost efficient manner.

by Tamar  Faulhaber

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To set up an initial consultation to see if Tamar Faulhaber is the best family legal counselor for you or someone you know, contact her at Vernis & Bowling of Atlanta, LLC at  TFaulhaber@Georgia-Law.com or 404.846.2001.

No one wants to lose money on their investments. Some want to go as far as to not ask where or how but seek a false sense of security (the recent Bernie Madoff scandal). The reality is our economy is complicated, affected by world factors and will decline periodically. I’m like you—I would like my review meetings to always be a “report” of how much client investments have increased that quarter. But I know better. That is not only unrealistic, it is not economically healthy.

The securities and real estate markets may feel like they are crumbling, but perceiving this as an opportunity to take smaller bricks and begin to rebuild may lead to your personal financial recovery as well as our nation’s.

Financial strength can start at home. Debt can keep you down. If you have a rainy-day fund, rethink—is it enough to cover living expenses for a length of time needed to find a job in today’s employment market? Scale back your lifestyle today. This will increase  your reserves in preparation for a possible job or income loss. Save for desired purchases instead of using credit.

A panic sell-off of your investments after they have suffered a decline is just “locking in” losses that you can’t recover if your money is in cash. If your investment horizon is long-term, (brace yourself) maintain tolerance and maintain perspective so you can participate in market gains when they come back. Even if you are retired, historical data shows cash investments cannot sustain your retirement income stream for long. Compromise with money you may have taken out of the market by investing back in over time, quarterly for example.

Research of the past two decades shows investors too frequently buy and sell at sub-optimal times. The end result was investors averaged a 4.48 percent return when the S&P 500 Index returned 11.81 percent. Some have the mindset in bad markets to think they’ll wait until it gets better. Consequently, they end up getting back in the market after a gain has taken place.

Do review your investment policy statement to see if it is still risk appropriate for you, then check to see if your asset allocation percentage mix needs to be rebalanced. If you do not have one, now is a perfect time. If your life expectancy is 20 years or more, maintain a long-term perspective with at least a portion of your investments. If you are comfortable caring for a piece of investment real estate, then look for some deals but avoid going into debt.

Whether the news comes from the media or Internet it does provide us information, but it can be sensationalized and not always verifi able. Use your best judgment regarding investment news.

Our great country and our personal accomplishments came about from our “AQ” not our “IQ.” Think about it. Truly, was it not our resilience to the “Adversity Quotient” rather than purely intelligence? Events, we can not always control, but our personal responses we can.

It is undeniable—we are in stressful times. But our economy has been tested before and has recovered. In fact we have had seven recessions since 1957. If the last 82 years  (since 1926) of overall market growth is any indicator, is there really a bad time to start investing?

by Erin Carper, CFP ®

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Erin Carper, CFPâ is the owner of Carper Wealth Management. Call  770.781.2502 or e-mail erin@carperwealthmanagement.com,  www.carperwealthmanagement.com

Erin is an Ameritas Investment Corp. (AIC) Investment Advisor  Representative. Securities and financial planning offered through AIC, Member FINRA/SIPC. AIC and Carper Wealth Management are not affiliated. The above information is intended to provide general information. It is not intended as, nor may be considered, as tax or other legal advice for you. Please consult the appropriate professional advisor for your specific circumstances.