Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

The Worst Cashflow Mistakes Small Business Owners Make

The worst cash flow mistakes a small business owner can make can be counted on one hand. They have one thing in common, and that’s about failing to follow the money. They’re about keeping your eye on the prize, and we go through them here, ending with advice about how to track your own company money using expense management software for small businesses…

Failing to think before you splurge. Great! You’ve started a business. You’re on the road to fame and fortune, and now’s the time to invest in an expensive suit and a new car, isn’t it? No, in short, it isn’t. This is exactly the time NOT to commit money – yours of the company’s – to anything you don’t need. So there’s the first lesson. Understand the difference between ‘want’ and ‘need’. To succeed in business you need a phone, but the Armani suit can wait…

Expecting the best. This is about your financial planning. Understand that you’re not going to be a millionaire in the first year. On the contrary, you’ll be doing well if you can afford to pay yourself anything like a salary in Year One. If you overestimate the number of units you can sell, or the clients you can get to come on board, then revenue will be lower than you predict, and you may find yourself overstretched with any finance package you’ve put in place.

Offering credit. Poor paying suppliers can cripple small businesses. If you’re made to wait for payment, that’s like offering them an interest-free loan, and you shouldn’t do it. It’s perfectly reasonable to ask for payment up front, so long as you’re ready to honour your commitment. After all, you wouldn’t expect the local supermarket to give you a month or more’s credit on your grocery shop (though if you’re a supplier to them, the boot would be on the other foot). In general, large organisations are slower payers, and also have complex internal procedures in place about how and when payments can be made. Better to work with smaller companies, where you have direct access to the person with the power to pay.

Being cash poor. If you’ve made careful and conservative cash flow forecasts in the early days of your business, everything’s fine, so long as cash moves as you’d predicted. But what happens if it doesn’t? If you have no cash cushion you could be in trouble. Try to have a couple of months-worth of cash in the bank so you could carry on if you had no income at all. It’ll help you sleep easier, too.

Not making an unpaid finance assistant work for them. Bet that caught your attention didn’t it? This is not about the kind of modern slavery that has people working for nothing, but it’s about technology. It’s about arming yourself with good quality business expense management software for small businesses and being disciplined in its use. In the early days of your business you need to be especially careful with money, because having little of it generally sharpens the focus in the need to be a good money manager. In later years, when you’ve earned a wedge, there’s no reason to take your foot off the control pedal. Keep a tight rein on finance, and you’ll be rewarded with better dividends in the future. Selection of the right small business expense management software will enable you to keep track of expenses very easily, but more importantly, it will allow you to interrogate the data, and show you how effectively you’re managing spending and cashflow – and show where improvements can be made. And picking the right package means it’ll offer excellent value for money, because the savings you make by using it are probably going to be more than the cost of investing in it in the first place.

Artificial Intelligence Is a Must, Not a Need

WHAT DOES ARTIFICIAL INTELLIGENCE MEAN?

Artificial Intelligence refers to the vicinity of science and engineering focusing on developing the machines as intelligent as the humans. They are created to be fitted into place on behaviors that human regard as intelligent i.e. simulation of human behaviors which they consider as intelligent via the use of machines.

It is all concerned with developing the intelligent computer programs. The main objective behind the adoption of AI is to enable a machine to discover, analyze and crack the problems in parallel.

It is not essential that the computer programs developed are as intelligent as humans in all aspects. But in some aspects, the machine fitted with artificial intelligence can be even more intelligent than humans.

The future of artificial intelligence will change everything in our lives.

WHY DO WE NEED ARTIFICIAL INTELLIGENCE?

The integration of artificial intelligence into the computer programs, assists to create more efficient and effective systems. The opportunity in the form of AI is challenging and efficient at the same time.

The glaring pitfall to be kept in mind while talking about the efficiencies and the opportunities offered by this hi-tech world is that the amount of data being generated on a daily basis is rapidly increasing and it is becoming impossible to mine and analyze the data fully. The amount of data generation has made it impossible for the humans to deal with i.e. it has exceeded the capabilities of humans that they can extract the valuable information out of it.

The skilled professionals in the field of data science with the expertise and their skill sets try to create correlations between various inputs in order to draw out a specific output. But with the sheer volume of data, it has become relatively impossible to correlate every possible input.

This is where Artificial Intelligence can help. Incorporating AI into the systems lets you purify the raw facts into useful and palatable information.

The driver seat in the field of artificial intelligence is handled by the fresh and innovative codes generally referred to as algorithms.

Let us consider an example to understand how the AI works:

Facebook is a very popular social media platform. Facebook deciphers the user’s likes, the activities etc. and then determine what all content is to be placed on his/her news feed. The longer the time you remain active on Facebook, the more and more data is being generated and stored in the warehouse.

The systems incorporated with AI uses the deep learning to get the incessant feedbacks on its algorithms as the users interact. This way the algorithms generally referred to as coding assist the Facebook to analyze the interactions of the users to determine the content to be mentioned on the news feed.

Not only Facebook, even Twitter uses the concept of AI to position the tweets based on the users’ relevance and interests and also suggest them the tweets as per their interests.

Helpful Tips For Calendar Printing

As the end of the year approaches, we get more inquiries about how to print a calendar. Calendars are a popular marketing tool, so many businesses will print a calendar for the holiday season, for a few good reasons.

Branded calendars make an excellent marketing tool and often a business will print these and hand out to clients as end-of-the-year thank you gifts, and it works because;

Everybody uses calendars
The sooner someone gets something for free, the sooner they will use it.
Make a great tool for brand awareness as it keeps your brand in front of your client all the time.

While you might think to go the DIY route, having your product manufactured by the professionals will result in a high-quality end result that will do your business proud and actually work out cheaper per piece. Keep these pointers in mind:

1.) The design should uniform and in-line with your brand

You want the calendar to serve as more than just a tool to track dates but also to be something that will show off your business and brand in the best light possible.

Choose typography, images, colour and layout that communicates and connects in a visual way with your business. For instance, if your business is a top echelon interior designer, you are not going to choose gaudy colours and cartoon images and fat childlike typography. You would choose muted, elegant colours, clean and elegant fonts and high-resolution images that showcase some of your work.

2.) A template design might do the trick

Finding a template online that is exactly what you are looking for, or at least, goes a good long way towards your envisioned design, is super easy. Using a template also eliminates printing challenges such as incorrect alignment and bleed and trim lines. Even if you give the final design work to a professional, playing around with a few templates will get your creative uses going.

3.) Images – size matters

Because of their size, this is especially important for poster calendars but also follows for other calendar formats as well. Low-quality images will often appear blurry or pixelated when printed. Professional printing services are capable of creating photo-quality prints, but you might not be able to make the most of it when you use low-quality images. When possible try to use only high-quality, uncompressed image file formats or vector images as recommended by your printing service.

Often calendars, such as wall mounted calendars, will require large images and it is crucial to use high-resolution images to avoid ending up with images that are pixelated, blurry and simply looks ‘yuck’. Using good quality uncompressed images file formats or vector images will do the trick. Whether your calendars are large or small tented calendars, the image quality will convey the subliminal message that your business is a quality business as well.

Also, keep in mind that most monitors use an RGB colour model while most printers use CMYK. This is automatically accounted for when you print. However, if your monitor isn’t calibrated properly, the colours you see on your screen might not match what finally comes out on print. Another reason to let the professionals do what they do best.

4.) What will the use be?

Consider where in the sales funnel the potential recipients are. Are they in the middle of the funnel and you are only trying to catch attention? Don’t waste money on expensive high gloss wall calendars but rather consider card calendars of even magnetic options.

In contrast, poster calendars and wall calendars would be practical for more targeted distribution at the bottom of the funnel. At this point, you’re fairly certain your customer is closer to a sale, or has already gone through with a purchase and may be close to buying again.

On the other hand, if you know your customers are at the exit-end of the buying funnel, they have purchased before and you want to keep their loyalty, then top-of-mind-awareness is key. Consider high gloss, superior quality calendars of large proportions that client would not mind hanging in their office because of the visual appeal.

5 Effective Ways to Reduce Field Service Costs

There are five ways an organization can reduce their cost of field operations and delight the customers at the same time.

1. Go Mobile:
According to a recent Mobile Analytics Report released by Citrix, the total number of enterprise mobile devices worldwide had increased by 72% last year. Without mobility, service organizations can’t overcome some of the critical challenges like lack of real-time information, reduction in productivity, profitability and overall customer satisfaction. Customers, service managers, and field technicians can effectively use a single mobile platform for raising a case, managing work orders and invoices and get a real-time visibility of field support processes. Developing a customized app can streamline the workforce and push the productivity even further. Internet connection is mandatory to get the real-time visibility through mobile.

2. Minimizing fuel cost:
Fuel price is increasing every year globally. Every time a field technician covers longer distance, organizations have to bear the cost of fuel which reduces the profitability. With map integration, technicians can prioritize tasks based on distance, which helps to cut down on fuel costs. In a day, field technicians have to visit multiple places depending on the task assigned by service managers. Map integration not only helps field technicians to track the locations but also it helps customer and service managers to track the particular technician on the field as well. Map intelligence makes a big difference in travel optimization and cost reduction.

3. Knowledgebase integration:
It’s quite possible that field technicians may not be aware of a particular issue every time raised by any customer. Any unresolved issue generally leads to lower customer satisfaction. Organizations should integrate a knowledge base with the present application to look at similar issues and see how they were resolved. This knowledge base can be enriched every time when technicians face a critical and unique case and share their experience in the portal. Parallelly, customers can also have access to the knowledge base which helps the customer to resolve the less critical cases by themselves. It eventually leads to the reduction of service requests and overall cost.

4. Parts Management:
Effective parts management also plays a crucial role while it comes to the reduction of costs and productivity improvement. Most of the spare parts used in the day to day field service are quite expensive. A parts management application integrated with the current application can help organizations to enlist the relevant parts related to the particular products. It can also help to get the list of available parts of the warehouse, enable the field technician with the right tools and skill required. A knowledgeable and skilful service technician makes all the difference when it comes to customer delight and ensures service department with high first-time fix rate.

5. Timely alerts and notifications:
Alerts and notifications feature should be there in service manager console of the particular application which organization is using currently. It can play a major role when it comes to cost reduction and overall customer satisfaction. A manager should be informed of the cases which are not been resolved or an SLA is not met. It should also notify technicians when a new task is assigned or the task priority is changed. It helps to save ample amount of time and increase the overall service efficiency.

The key to managing service operations effectively is to assign the right technician with the job. Mobility can help with faster issue resolution, reducing time and cost for the organization. Customized solutions with the consideration of the above factors can improve the response time. It creates a positive impact for service managers, technicians, customers and overall organization.