Hi, Website Visitor. Here are your Articles for August 20, 2008.
Rea & Associates, Inc. Announcements
How to Fund a Buy-Sell Agreement
How important is proper estate planning for business owners? Consider this real-life scenario. The majority owner of a successful business, which had a buy-sell agreement in place, died unexpectedly. The buy-sell agreement was funded by a life insurance policy that was owned by the company. A valuation showed that the value of the company was significantly less than the value of the life insurance proceeds.
As the kids head back to school it's a good time to evaluate the financial literacy of your children. According to the Young Americans Center for Financial Education, less than 30 percent of young Americans are given the opportunity to take as much as one week's worth of course work in money management or personal finance in high school. It's truly up to parents to make sure their children have the tools needed to succeed financially. Here are a few suggestions to help teach your children the various disciplines of personal finance.
Freshman Finance 101: Money management skills for college students
Don't wait until your college freshman heads off to school to teach them how to manage money. The Virginia Society of Certified Public Accountants (VSCPA) says that you can prepare your children for the rigors of managing a college budget by discussing monetary issues openly and teaching them the basics of personal finance. Here are some guidelines to help you get started.
An emergency fund is a kind of insurance policy against financial calamity. When you're suddenly faced with a bill you couldn't possibly have budgeted for, the money is there. In a worst-case scenario, like a computer replacing your job, the fund can cover your family's living expenses while you look for work. You can't afford not to have an emergency fund. Protect yourself by taking these steps.
We take great care in the preparation of our articles and announcements. We also have a process of reviewing articles when major changes take place. The business, legal and tax climate is constantly changing especially when reviewed on an industry basis.
It may be very important to consult with us or your Investment Advisor before implementing ideas contained in articles and announcements. Many ideas have complexities and nuances that cannot be adequately detailed in the articles or announcements. We are not responsible for errors, misinterpretations or omissions related to these articles or announcements. Nor are we responsible for the applicability to your personal, business or tax situation.
Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this email, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.
419 West High Avenue New Philadelphia, OH 44663-5120