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Street
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WEALTH
Estate
Planning for Successful Business Owners
In
Message
#1395, I told you that it's a bad idea to give
all your money to your children. "Chances are it will rob
them of the motivation to make their own money," I said.
But if you have amassed a considerable estate, you have something
much more valuable than money to pass on to them: your knowledge
of how to do it themselves.
Let's
say part of your estate is a successful business, valued in
the millions, and your intention is to leave it to your children
and have them continue to profit from it. Don't just leave it
to them in your will. First make sure you teach them how to
run it. And then make sure Uncle Sam doesn't benefit from their
inheritance more than they do.
One
way to do that is to buy an insurance product (part insurance,
part investment) the value of which one day will hopefully equal
the amount of taxes your kids will have to pay on your business
the day they inherit it. If they don't have cash to pay those
taxes, they may be forced to sell the business at a fire sale
to raise the money quickly. (The IRS is not a patient creditor.)
Generally, what you do is put the insurance policy in the name
of an irrevocable trust (see "Word to the Wise," below)
for your kids. You control it while you're alive, but they get
the money when you go. The face amount of the insurance (the
amount the trust gets when you die) should be enough to pay
the estate taxes on the value of the business, but not much
more. You don't want to pay extra premiums for a policy when
its only purpose is to cover taxes. The investment portion of
the policy grows over time. Eventually, it may be big enough
so that its dividends are high enough to pay the insurance premiums.
(That's what you hope for.)
-
Michael Masterson
TODAY'S
ACTION PLAN
I
don't like insurance. But until you are really rich ... until
you have enough liquid assets to cover IRS bills and the like
... this kind of insurance makes sense. At least, consider it.
HEALTH
Statin
Drugs - The Cancer Connection
Cholesterol-lowering
medications are the most widely prescribed drug class in history.
I've told you about their dangerous side effects. But one I
have not mentioned is cancer.
A
study published in the Journal of the American Medical Association
reports that these drugs cause cancer in rodents. And while
it is a leap to assume the same is true for humans, there are
a number of studies that seem to confirm it. In one drug trial
known as PROSPER, for example, researchers credited the statin
drug Pravachol with preventing 22 deaths from heart disease
in trial participants ... but they also reported 24 deaths due
to cancer. Another study of the same drug showed a 1.1% reduction
in the risk of heart attack ... accompanied by a 1,500% increase
in breast cancer among women in the study. Oops!
Don't
expect to see statistics about the incidence of cancer in most
statin drug trials. Human tests for these medications are (conveniently)
short-lived. And, in most cases, it takes many years for cancer
to develop.
(References: What
You MUST Know About Cholesterol-Lowering Drugs
and Carcinogenicity of Lipid-lowering Drugs; JAMA 1996, 275:
55-60)
-
Jon Herring
WISDOM
Garrison
Keillor on Poetry
"I
care about poetry as a place where people are still able to
express powerful feelings, and this is rare. It seems to me
that the American language has been so riddled with post-modernism
and irony that it is very difficult for people to gracefully
express the fundamental loyalties and affections except in poetry.
In poetry it is still possible for people to express gratitude
for the small blessings of everyday life and to express awe
and wonder at the beauty of the natural world and express a
kind of everyday passion for other people and for company."
(Source:
Quoted by Steve Courtney in The Hartford Courant)
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TODAY'S
MESSAGE
Success
Through Goal Setting
by Brian Tracy
Becoming
an expert at goal setting and goal achieving is something that
you absolutely must do if you wish to fulfill your potential
as a human being. Goals enable you to do the work you want to
do, to live where you want to live, to be with the people you
enjoy, and to become the kind of person you want to be.
Yet,
according to the best research, less than 3% of Americans have
written goals, and less than 1% review and rewrite their goals
on a daily basis.
Why
do so few people set goals? I think there are five basic reasons.
1.
They are simply not serious.
Whenever
I speak with a man or woman who has achieved something remarkable,
I learn that the achievement occurred after that person decided
to "get serious." In other words, until you become
completely serious and determined about your goals, nothing
really happens.
2.
They don't understand the importance of goals.
We
find that young men and women who begin setting goals very early
in life invariably come from families in which the importance
of goals is emphasized.
3.
They don't know how to do it.
One
of the greatest tragedies of our educational system is that
you can receive 15 to 18 years of education and never once receive
a single hour of instruction on how to set goals.
4.
Fear of rejection.
The
fear of rejection is caused by destructive criticism in early
childhood and is manifested, in adulthood, in the fear of being
criticized by others. Many people hold back from setting worthwhile
goals because they have found that every time they do set a
goal, somebody steps up and tells them that they can't achieve
it, or that they will lose their money or waste their time.
5.
Fear of failure - and this may be the most important reason
of all.
People
don't set goals because they are afraid they might fail. In
fact, the fear of failure is probably the greatest single obstacle
to success in adult life. It can hold you back more than any
other psychological problem.
If
you can overcome all of these obstacles and set well-defined
goals, it will enable you to channel your efforts and focus
your energy toward something that's important to you. Goal setting
gives you a target to aim at and enables you to develop the
self-discipline to continue working toward your target rather
than becoming distracted and going off in other directions.
Let
me share with you five keys that will help you do that. Each
of these keys starts with one of the letters in the word "goals."
Whenever you find yourself getting off the track, simply repeat
the word "goals," and think about how each letter
stands for a key that just might apply to your current situation.
The
first letter is G, and it stands for "Get to it."
Sometimes,
the only difference between a successful person and a failure
is that the successful person has the courage to get started,
to do something, to begin moving toward the accomplishment of
a specific goal.
The
second letter, O, stands for "Opportunity."
Successful
people do not wait for opportunities to turn their goals into
reality. They make their opportunities, because they are perfectly
clear about the kind of life they wish to create. Once you have
taken the time to decide exactly what you want, you will experience
an endless flow of opportunities that will help move you in
that direction.
The
letter A stands for "Ability."
Many
people hesitate to set high, challenging goals because they
lack the ability necessary to turn those goals into reality.
But remember that we all lacked knowledge and experience when
we started out in our careers or fields of expertise. Since
you gain the ability necessary for high achievement through
knowledge and experience, if you increase the speed at which
you acquire both of those, you increase the speed at which you
move ahead.
The
letter L stands for "Leadership."
Leadership
is simply the ability to get results. And you begin to get results
when you accept full responsibility for yourself, for your job,
and for the outputs required in your position. You demonstrate
leadership when you refuse to make excuses or blame anyone or
anything for the problems you are having. The acceptance of
the responsibility of leadership enables you to move ahead and
take action.
The
final letter, S, stands for "Stay with it."
This
is the resolution to persist in the face of adversity until
you succeed. Between you and every goal that you wish to achieve,
there is a series of obstacles. The bigger the goal, the bigger
the obstacles. Your decision to be, have, and do something out
of the ordinary entails facing difficulties and challenges that
are out of the ordinary as well. Sometimes, your greatest asset
is simply your ability to stay with it longer than anyone else.
When
you look around you, you will see that all achievement is the
triumph of persistence. You will see men and women everywhere
who are struggling with and overcoming adversities in order
to accomplish something that is important to them. And so can
you.
G-O-A-L-S.
That's what you have to remember. And "G" is the first
thing: "Get to it!"
[Ed.
Note: Brian Tracy will be a featured speaker at ETR's
2nd Annual Wealth Building Bootcamp this October.
Brian is the best-selling author of more than 36 books. He has
written and produced more than 300 audio and video learning
programs, including the worldwide bestseller "Psychology
of Achievement." He addresses more than 250,000 people
each year - audiences as large as 20,000 people - on the subjects
of Personal and Professional Development, Leadership, Selling,
Self-Esteem, Goals, Strategy, Creativity, and Success Psychology.
To learn more about Brian's upcoming appearance at ETR's Bootcamp,
please visit http://www.earlytorise.com/2005prereg.htm
.]
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COPYWRITING
The
Big Tease
A
headline should never reveal its secrets. It should tease and
tantalize the prospect into reading what follows. If you give
everything away in the headline, they no longer need to continue.
For example, you wouldn't say "Cut Construction Costs by
Renting Equipment, Hiring Day Labor, and Buying Used Materials."
But you could say something like "Discover 3 Easy Moves
That Cut One Company's Construction Costs by Nearly 25%!"
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Copywriting Course.
-
Charlie Byrne
WORD
TO THE WISE
Something
that is "irrevocable" (ih-REV-uh-kuh-bul)
is impossible to retract. An "irrevocable trust,"
therefore, is one that can't be changed, canceled, or amended
by the person who establishes it. This type of trust is often
set up when life insurance is purchased to protect an estate.
Example
(as I used it in today's Wealth article): "Generally, what
you do is put the insurance policy in the name of an irrevocable
trust for your kids. You control it while you're alive, but
they get the money when you go."
