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The Benefits of Lifetime Giving.
A number of techniques are available, but it is significant to point out most of them are based on lifetime gift programs, often including using trusts created during your lifetime! After a person is deceased, the planning opportunities are much more limited. Significantly, gift taxes paid during your lifetime are generally not included in your gross estate, but the gift tax is not a deduction in determining the estate tax after your death. In other words, you receive an estate tax reduction of up to 60% of the gift taxes you pay for transfers during your lifetime.
Caution!
If you need to keep your assets in order to maintain your standard of living and to provide for contingencies such as long-term car, you probably shouldn’t pursue an aggressive lifetime giving “wealth preservation” program.
In some cases, receiving significant gifts can corrupt the beneficiaries, eliminating their motivation to work. Don’t let the “tax tail” wag the dog! Maybe a charitable giving program makes sense in this situation. (Outright bequests to charities are not subject to estate or gift taxes.)
Family Wealth Planning Using The Family Business.
In the situation where the beneficiaries are compatible and have an interest in maintaining the assets of the family, particularly real estate or a family business, significant estate (and, in some cases, income) tax benefits may be secured using a family business structure. The most popular structures right now are the family limited partnership and the family limited liability company, principally because the permit the donor(s) to retain management control of the assets that are given during his, her, or their life and have significant operational flexibility compared to a corporate structure.
The principle on which the estate tax reduction is based is that a minority interest has a disproportionately lower value than a majority interest in the whole. For example, suppose a partnership’s business could be sold as a whole for $1,000,000. An investor might only be willing to pay about $150,000 for a 25% interest in the partnership, because he or she would be unable to control the partnership or easily sell the partnership interest. We call the difference between the amount a buyer would pay for a fractional interest (in the example, $150,000) and the proportionate value of the interest based on the whole (in the example, $250,000) a valuation adjustment. Valuation adjustments (reductions) of 35% and up have been defended for partnership interests where there was a lack of control and a lack of marketability.
A donor may make annual fractional gifts to use his or her annual gift exclusion ($10,000 per donor, per donee, per year) and lifetime credit exclusion ($600,000 for 1997, increasing to $1 million in 2006), thus securing the valuation adjustments for the gifts. If the donor retains less than a 50% interest at his or her death, that interest should also qualify for a valuation adjustment.
Using Entity Fractionalization For Investment Assets.
Should a family limited partnership or limited liability company be used to hold liquid investments, such as securities, cash and life insurance policies? Such entities may be defended if a legitimate purpose can be established for them, but expect an especially vigorous attack by the IRS. This strategy has been targeted as vulnerable.
What The IRS Doesn’t Want You To Know.
The IRS hates these programs, and has attacked them vigorously. They have mostly failed in their efforts, except in the case where the transfers were made shortly before death. When the plan is done properly, the IRS will almost always capitulate or make a significant concession in settling the issue.
Properly Implementing A Family Wealth Plan Is A Worthwhile Investment.
When you are seeking significant tax benefits from this type of plan, it doesn’t make sense to “cut corners.” A competent attorney should prepare the documents. Valuations should be prepared by a qualified appraiser who is educated in this area. You should use a qualified tax advisor, such as a CPA, to assist in assuring the entity is operated properly, including setting up a separate bank account, setting up sparate books and records, properly paying proportionate benefits to partners/members, and preparing income tax returns. The up-front investment will pay dividends to your beneficiaries in tax benefits and avoided litigation costs.
When Does Entity Fractionalization Make Sense?
As you can see from the above discussion, the entity fractionalization strategy can require a significant investment in professional fees and potential litigation costs. There are three situations where the strategy makes sense. 1) There are assets of significant value to be transferred. ($1 million is worth thinking about. $2 million requires more serious consideration.) 2) The business has a potential for significant growth in value. (Such as a high technology start up.) 3) The business is generating significant income.

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Consider this a homework assignment for a would-be entrepreneur. How well you do determines whether your business succeeds or fails.
The assignment is a research project. You’re going to research the validity of your business plan. I’m going to show you how to do adequate research before starting a business.
It can be difficult to gauge what “adequate” really means. Here’s a checklist of some elements that any sufficient business research will contain:
? Market Research
It may be surprising, but many entrepreneurs start a business without really understanding the market they plan to serve. You must know the potential size of your market and, in turn, what sort of response your service or product will attract:
? Demographic Data
Don’t try and sell something unless you know the buyers have money to spend. Know the numbers behind your market, including income levels, age breakdowns and if your target market is growing or shrinking. Sources of demographic information may include various governmental or taxing authorities and, on a more local level, voter rolls (invaluable if you want information on the ages of your market target).
? Customer feedback
An equally important element of market research is getting a personal sense of your customers. Ask what they genuinely value, no matter if it’s a low price, customer support or a particular element of your product or service. If you’re gearing up a new business or modifying an existing product, ask if your business can solve some sort of ongoing problem.”It’s really effective research to identify problems that aren’t being solved,” says Peter Meyer, author of “Creating and Dominating New Markets.” “Do interviews on a regular basis and, if someone isn’t a customer, ask them why not. What product could you offer to make them a customer or what problem could you solve to achieve the same goal?”
? Competition
A third element of market research is knowing who you’re up against. Rest assured you will be competing with someone, so never assume that you’re the only company to have spotted an opportunity.. On-site research is particularly helpful. Observe customer traffic patterns, noting ebbs and flows in both the number of customers and what they are buying. If it’s a retail outlet, try shopping there yourself.
Other research options include visiting a competitor’s website. If a competitor happens to be a public company, you can obtain every piece of literature that a publicly held firm must provide. Finally, while it’s tempting to focus on a competitor’s weak spots, pay close attention to what they do well. “Understand how they make their money,” says David Gumpert, author of “How to Really Start Your Own Business.” “Don’t just look at what they screw up; find out how they’re able to stay in business.”
? Pricing
An ancillary element to market research is doing work to decide what you’re going to charge customers.It’s important to gain a feel for going rates to remain competitive. Pricing competitors’ services and data from trade and professional associations is exceedingly helpful. But, says Meyer, pay attention to every element that contributes to your eventual prices or fees. “Price really is more of a marketing tool than it is a vehicle for cost recovery,” he says. “People will pay more for a high value product or solution, so be sure to research your total value.”
? Location
This is particularly critical for retail operations. Ask any prospective landlord if they have a foot traffic analysis on hand. First-hand observation is always a good option; examine walk-in traffic, parking spaces and other nearby businesses that may help or hinder your customer flow. Don’t thoroughly dismiss the issue of location if you’re not selling jewellery or clothes. A conveniently located office at a prestigious address can be a boon to a start-up consulting firm. Review any available buying data and trends for people who live in that area.
? Research Your Costs
Knowing your expenses is essential in estimating how much you’ll need to bring in to stay in business. Research prospective costs thoroughly. Include everything from salaries to rent. For at least the first year or two, break down those costs in three-month increments. And, adds Gumpert, it actually helps to be a bit macabre when forecasting expenses: “Things are probably going to cost more than you expect, just like it’s probably going to take longer to land your first client than you anticipate.”
? What’s Enough?
Although sufficient research is vital to the growth and success of any business, there is a point where enough becomes too much. Don’t become so mired in research that you end up with too much information to make a decision. Watch to see how your research is borne out in reality. If, for instance, you’re hitting your income goals or matching what you expected in walk-in traffic, your research is on the mark. And, adds Meyer, take note of repetition: “If you’re asking questions and you keep getting the same answers over and over, you know you’re in the right place.”

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Training employees and educating consumers to be able to use particular computer software is a tough job. It takes time and skill to write training manuals and design illustrations to go along with them. That’s why many business owners are choosing computer courseware instead of creating training manuals of their own. Computer courseware is pre-designed and customizable so you can arrange the lessons and customize them to fit your training needs. It saves time and money, and can be done easily in-house once you have a copy of the training materials.

What is Computer Courseware?

Computer courseware is software and/or training materials used for educational purposes. Educational institutions may use courseware to teach students how to operate a particular computer software program. Companies may use it to educate employees on using a new software program that has been installed for business operations. Also, companies that sell computers, software, or other related products and services might offer computer courseware to their customers as a free “how-to” guide.

The training courseware can be used for almost any type of computer software. There are Macintosh manuals, Microsoft courseware, Adobe Photoshop courseware, Excel courseware, and many others.

Tips for Maximizing your Computer Courseware Benefits

To get the most benefit out of your computer courseware, use it in creative ways. For example, package it nicely and offer it as a free bonus with a purchase to your clients. If you sell Microsoft Word software, then advertise up-front that each customer will receive a free beginner’s course on how to use Microsoft Word. Then, include your Microsoft courseware with each purchase. If shipping products, package it neatly with the product. If selling in-store, make sure your employees know to give the bonus courseware with each purchase.

If you sell Macintosh computers, provide free Macintosh manuals with the computer. Those customers who are brand new to Macintosh computers will appreciate this tremendously!

Package your Computer Courseware for Long-Term Use

When you print the courseware manual, put the pages in a nice binder with your company logo, store location, phone number, and website address. Also include a “welcome” letter explaining briefly what the customer will learn in the course. Customers are more likely to keep the manual if it is packaged this way. If you hand them a lot of papers that have been stapled or bound together, these are likely to end up in the trash!

Another idea is to include a sales presentation at the beginning or conclusion of the courseware manual to try and up-sale customers on a new product or service. You’re already providing something free that’s of value, so why not make an offer while the customer is reading your materials?

If you operate an online business with an e-zine or newsletter, offer free computer courseware with every subscription. It may seem like a lot to give someone who’s signing up for a free newsletter, but the rewards can be great. The long-term value of a newsletter subscriber base can be monumental!

As you can see, computer courseware can add great value to your products and services, and it’s usually very easy and affordable to get started. All you have to do is order rights to the courseware, print your training manuals, and package them for distribution. Then, let the computer courseware materials do the rest!

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Thanks to the Internet, more people than ever before are discovering that they can launch their own home-based business. Essentially, all you need is a computer, an Internet connection, and the right home-based business opportunity. The question then becomes, how to you select the best home based business opportunity? Here are four steps you can take to help you decide which opportunity is right for you.

Determine Your Goals

Before committing to an income opportunity at home, you first need to determine your goals. Are you interested in supplementing your income from your current job? Do you wish to stay at home with your children, but bring in a second income? Are you retired and want to supplement your pension or social security? Or are you tired of the nine-to-five grind and want to make a full time income by working only part time? Perhaps you have a specific financial goal in mind, such as a vacation or college fund, or maybe you want to harness the power of the Internet and become genuinely wealthy. Determining your financial goals will help you find the best home based business opportunity.

Can You Sell?

Many times, a home-based business opportunity requires you to sell products. Are you a salesperson at heart, or does the thought of calling people and selling products make you cringe? If you’re a born salesperson, there are any number of opportunities that allow you to excel. However, if you’re not a natural salesperson, there’s no reason to go outside your comfort zone. Even if you try, you probably won’t succeed.

Instead, find a home-based business opportunity that harnesses the power of the Internet to provide you with an automated, hands-off lead generation and sales system. Typically, these kinds of opportunities offer products – such as software or information products – that essentially sell themselves. The companies that offer these kinds of business opportunities will provide you with the tools you need to help you succeed, such as your own website, training, and marketing support.

Seek Out Flexibility

You may be in the position to work predetermined hours from home, but the majority of people who seek an income opportunity at home need flexibility. Perhaps you have school-age children, or maybe you are a night owl and want to work from 10:00 p.m. to 2:00 a.m. The best home based business opportunity enables you to work the hours that are convenient to you and that allows you to access the vital information you need 24-7-365.

The Right Compensation Plan

There are almost as many compensation plans as there are home-based business opportunities. When you’re reviewing opportunities, make sure to compare apples to apples. Generally speaking, the best compensation plans give you 100% of every sale after your first two sales (which go to your immediate upline). You then receive the sales from the first two sales of each person in your downline, and their downline, and so forth to infinity. This type of compensation plan generally outperforms those that are commission-based because commission-based compensation plans typically are of greatest benefit to those at the top and leave relatively little profit for you.

When you find the best home based business opportunity, you can maximize your earning potential and truly become wealthy.

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Up until a few years ago there were only 3 types of formal business formations. These were the corporation, a partnership and a sole proprietorship. Each had both positives and negatives and depending on your situation, you would choose the right one for you.

The latest business type however has attempted to create like a hybrid with the benefits of sole proprietorship and protections of a corporation without the formalities.

An LLC (limited liability company) provides the benefits of liability protection, like a formal corporation but also features the tax design of a sole proprietorship or partnership. The biggest benefits of an LLC are in the taxation and liability areas, although unlike a corporation, an LLC can be set up for a limited amount of time only.

Unlike a corporation where income is taxed twice, an LLC business passes through income to the owners. That is, the income goes directly to the owners of the company who then are responsible for the taxes. Of course good business practices are a must and this doesn’t mean that the company can be treated as a personal piggy bank for the owners.

As the rules that bind an LLC are more in line with a sole proprietorship, many of the corporate governance like a board of directors is not required. The LLC formation also makes it easy to dissolve without the filing and notice requirements of a formal corporation.

LLC’s can usually be formed with a simple form filed with the state. Check your local authorities for more information on the type of filing, forms, and other information that may be needed. One identifying characteristic to note is that the name of any limited liability company needs to end with the letters “LLC.” Here’s an example: Joe’s Shoe Repair,LLC.
Filing LLC business documentation though is not difficult and can be accomplished in several ways.

An attorney can generate the basic documentation and should cost a couple of hundred dollars. This is recommended if you’re planning to change the business type of an ongoing business. If you already have a business in operation, it’s necessary to cover all the details. Using an attorney also can give peace of mind should you be concerned.

If however, you’re just starting out or have a brand new business, filing the necessary paperwork is really very easy. To set up an LLC, you file articles of formation or articles of organization with the state. This document is usually an easy to complete one-page form. It has areas where you can fill in the blanks with basic information about your new company including the name and other important information. The state agency that is usually charged with accepting LLC filings is the state department of corporations. If your state doesn’t use this name, a quick call to the secretary of state office can point you in the right direction. Some state also have additional minor requirements to open an LLC company. The state department where you file the documents will let you know of any additional requirements.
After the state accepts your articles of LLC formation and you complete any other state requirements, you’re done with your LLC formation.

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