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.

Fixing Personal Branding Errors

When it comes to personal branding, there really is no right or wrong answer. So much of it is subjective. However, that doesn’t mean that you are incapable of making mistakes or of wishing that you could have done something better/differently. If you had the chance to do it over again, of course, you would probably do those things differently. Well, even if you did make mistakes, all hope is not lost. You can still fix what needs to be fixed and move on from there.

Make fixes in a sensible manner
When it comes to fixing the errors that you made in your personal branding, you will want to approach it sensibly and methodically. There are several aspects of your personal brand that you will want to examine and, hopefully, you will be able to identify whatever needs to be corrected.

You want to make sure that your reputation is intact: If you aren’t sure what other people are going to find when they search for you (personally), you should search for yourself. The top items on the search engine should be positive about you. Additionally, those items should have value and they should help to enhance your reputation and boost your credibility. If you see that it is not the case, go back to those items and enhance them until they show you in a more positive light.
Entertainment versus marketing value: It is very important that you understand the balance between good value and the ability to entertain with your personal brand. You don’t want to have more of one than the other. Of course, if you don’t have enough on the entertainment side, other people may not remain interested. On the other hand, if you don’t have enough on the value/marketing side, from a business perspective, people may be entertained/amused but they may walk away feeling that they don’t have much to show for it.
Don’t go overboard: There is definitely value in revisiting the content that is connected to your personal brand so that it reads better. However, overediting is definitely not a good idea in general. The last thing that you want to do is to edit so much that you lose yourself and what you stand for in the process. It is important to show your vulnerable/human side but, at the same time, to demonstrate how valuable you are professionally and how your expertise can help other people.
Marry your personal and professional brands: The truth is that there is a strong connection between your personal and professional brands. They are two parts of you and those parts should have at least a discreet connection for other people to embrace. If you are communicating messages from both brands, they should be synchronized. You really can’t separate the two anyway. The best that you can do is to make sure that they exist in harmony.
Make sure that your social media profiles are current: The profiles are extremely important to your personal brand. They must be kept current. That means that you update your status periodically (at reasonable intervals), change your photo if it isn’t appropriate or is not relatively new, etc. You will want to work on all of your social media profiles. People will definitely notice if you don’t keep them current.
Make sure that your photo is appropriate: First of all, make sure that you have a photo which people can identify with your personal brand. Second, it should be an appropriate photo. That means that it should be a professional headshot. It shouldn’t be you with your cat, your logo instead of your face, you drinking in a bar or at a party, etc. After all, even though you are working on your personal brand, you want people to remember you in the right way because there will definitely be crossover to your professional brand and persona.
Make sure that your bio is what it should be: Your bio should be substantial enough so that other people are able to get a sense of who you are and what you believe in. On the other hand, you don’t want to go on and on to the point where the other person has no patience to keep reading. However, you should definitely highlight your accomplishments because not only are you proud of them but they add value to you and other people will have the understanding that you are someone with whom they should form a relationship and interact.
Always be yourself: Authenticity is an essential part of your personal brand. If you are not authentic, people will know it and they will not want to connect with you. You certainly don’t want that to happen. The reality is that you will not be able to have a successful relationship with everyone but you want your relationships with those people who want to be connected to you to be solid and enduring.

Conclusion
All of the elements listed above are important for your personal brand. Getting your personal brand in the shape that you want it to be will take time and work but it will be well worth it for you. You should keep in mind that your personal brand will take you very far in business. It is really important for you to understand your target audience and to do your best to give them what they want and need. If you give them your best, you will get it back in full.

Michael Cohn is the founder and Chief Technology Officer (CTO) of CompuKol Communications. He has over 25 years of experience in IT and web technologies. Mr. Cohn spent a significant amount of time at a major telecommunications company, where his main focus was on initiating and leading synergy efforts across all business units by dramatically improving efficiency, online collaboration, and the company’s Intranet capabilities, which accelerated gains in business productivity. He also reduced company travel and travel costs by introducing and implementing various collaboration technologies.

His expertise includes business analysis; project management; management of global cross-matrix teams; systems engineering and analysis, architecture, prototyping and integration; technology evaluation and assessment; systems development; performance evaluation; and management of off-shore development.

Mr. Cohn earned a Master’s degree in project management from George Washington University in Washington, DC; and a Master’s degree in computer science and a Bachelor of Science degree in electrical engineering from Fairleigh Dickinson University in Teaneck, NJ.

Broadway In Chicago’s The Pirate Queen

There is a new production by Broadway in Chicago called “The Pirate Queen”. This musical is a must see for everyone. The book is by Alain Doublil and Claude-Michel Schonberg. The music is by Claude-Michel Schonberg and the lyrics are by Alain Boublil & John Dempsey.

Nothing was spared in producing the lavish new production. Everything about the play was excellent: Music, lighting, choreography, staging, sound, costumes, sets, and story line.

The entire production was a success and the audience expressed their satisfaction with standing ovations. Not only was the production excellent but the acting was superior at all levels. The actors really make you feel as though you were part of the action.

Briefly the story is set in Elizabethan England where friction is set between the Irish and the English. Captain Dubhdara is the head of a clan that is set upon keeping the English off of their land. A pirate that has a daughter, Grania, who he dearly loves and who eventually becomes in charge of the fleet of pirates to defend Ireland from England. The story goes on with Grania’s personal affairs leading to a final meeting with Queen Elizabeth I.

The action is ever present and the dancing outstanding. In particular the bar scene in the First Act was very lively and the dancing was outstanding. At times the audience felt like they wanted to go on stage and join in the dance. It was all very moving and exciting. It was a pleasure to be there.

Five Things You Are Messing Up in Team Building

There are a number of reasons why nearly every organization encourages teamwork. Research has proven that team building activities offer a good platform for companies to enhance high-impact learning, improve communication, boost employee morale and enhance overall productivity. Workers who embrace teamwork usually benefit by enjoying a sense of satisfaction in functioning a single unit to complete potentially challenging organizational tasks. What’s more, team building gives employees an opportunity to go back to the office with the new skill set and feeling reinvigorated as well.

It is also critical to mention that researchers have proven that having a strong team can potentially result in major gains for both small and established businesses. These long-term gains may include an organization’s ability to maximize profitability by enabling individual employees to better combine their skills to achieve improved results, being able to respond reasonably quickly to rapid structural changes, meeting cross-functional challenges. Team building provides an ideal chance for teams to participate together in a world where each one begins with an equal amount of knowledge about a given task. Equally, team building allows workers to become mission-oriented, a phenomenon that makes them achieve ideal results with minimum resources.

Most organizations will confirm to you that team building is always a daunting task to accomplish. It not only requires an experienced managerial team but dedication, sacrifices, time and energy. Even some of the best companies out there periodically make mistakes when dealing with people. In fact, it is quite common to find companies treating employees like kids and then ask why such workers so frequently fail to fulfil their potentials. What’s more, a significant number of organizations usually invest untold energy and massive resources in actions which ensure workers are unhappy! It is important for organizations to find effective ways of exhausting all the available strengths and abilities of people they employ.

Today in this post, we want to discuss in excruciating details, the five things organizations usually mess up in team building. Read on and enhance your knowledge.

5. Is your organization lacking leadership?

Quite often, discussions about team building revolve around effective communication, sharing a common goal and solving complex business problems. Even though these three factors are absolutely essential, one key factor which is often ignored is leadership! To come up with a strong and successful team, your employees must trust your judgment because this is when they will work efficiently even when you are not available. Of course, this doesn’t imply that you’ll have to be authoritative, instead, focus on fostering trust through humility, transparency, accountability, and honesty. If you didn’t know, it is too easy to dodge responsibility in team settings because you can easily hide in your sea of colleagues. This is where a leader comes in. In organizational settings, true leaders usually take full responsibility for a group’s final results. This means that the leader will be highly motivated to keep members accountable for their every action.

4. Neglecting your workers’ input.

This is a huge mistake a number of organizations do. Apparently, firms must connect team building with critical business drivers. Equally, you must set clear and achievable goals. However, organizations must understand that teams consist of human beings who have personal and different development needs which when fulfilled can potentially enhance the overall efficiency. Research has shown that focusing on the individual needs of a team strengthens your organization as a unit. On the other hand, putting much emphasis on the objectives of your business will only lead to short-lived benefits but does not foster sustainable development due to ineffective teamwork.

3. Unrealistic organizational objectives.

To create a strong and focused team, you must first set clear goals and share with them your objectives. Explain to your team members what you expect of them. Many businesses usually fail to set realistic goals thus leaving employees figuring out the likely outcomes. Set your goals according to your potential. Carry out an analysis of your available resources, assess the ability of your staff and set clear and achievable goals. To create a functional and reliable team, you must set clear goals and inform your employees about those goals. When every worker knows what is expected of her/him, teamwork becomes a success!

2. Failing to seek the opinions of your employees.

The key to team building is to understand and embrace this term: None of us is as smart as all of us’. Teams enable individuals to achieve things far much beyond every member’s individual potential. Bring every team member on board by asking for their ideas, opinions and suggestions. Equally, you should be able to implement those continuous improvement suggestions and empower them as well. Finally, you must provide relevant feedbacks regarding whether those ideas were implemented or rejected. Always make decisions after asking your team members for their input.

1. Failing to celebrate successes while acknowledging failures.

Recognizing and celebrating your business successes and milestones not only brings your team together but allows your employees to realize that people can achieve great things by working as a team. Learn to congratulate a team member who does something extraordinary. This helps members to feel visible and loved and acknowledge that their contribution is appreciated. On the other hand, if your team fails, come together and direct your thoughts and efforts at solving the problem. Remain positive and never turn your team discussion into a blame game. If you want your team building journey to become successful, you must avoid these five things at all cost.

Breakdancing: The Roots of The Street Dance

Breakdancing is the street dancing which began around 1969. Most people will agree that the superstar James Brown began the whole thing with a dance called the “Good Foot”. James Brown was a real innovator and his dancing was something to behold. He did things with his feet that would give most of us a couple of broken legs!

Simultaneously in the ghetto, what is known as the “dance battle” became very popular and in many cases replaced gangster warfare as a method to end disputes. Breakdancing lent itself very well to the dance battle and the Good Foot was a perfect base for breakdancing.

Street dancers adopted the Good Foot which, for a short period, became known as the B-Boy and then breakdancing. Back then the dance moves were a lot different to the kind of breaking we see today. There were no popular, documented moves such as the headspin or the windmill. The dancers simply used their feet and nothing else. Some would argue that this “old style breaking” is more complicated than the kind of dancing we see these days.

Some of the floor work improvised back then was fantastically complex. If you go to a modern breakdancing competition you won’t see many of the old school moves but you will see a lot of gymnastics. Impressive though this is, there are those that think breakdancing has lost its roots a little. On the other side of the coin you have people saying that it’s just an evolution.

As a way to solve street battles and gang violence it was inspired. You were finding that amazingly, the gangs were using breakdancing instead of fighting. The breakdancing “battle” took on a world of its own. Of course there were still fights and inevitably sometimes a sore loser in a breaking battle would resort to violence.

Out of all this, breakdancing crews were formed. The members of a crew would practice and dance together. This is when the first very basic breakdancing choreography came about. One crew would invent a move which would inspire an opposing crew to go one better. For some of these guys breakdancing was literally the difference between life and death. They were very dedicated to what they were doing.

Just as all these new breakdancing crews were bursting onto the scene a guy called Afrika Bambaataa embraced the genre. Afrika Bambaataa is a legendary figure in the hip hop world. He was largely responsible for bringing breakdancing into the general public’s consciousness. He got to know all the crews and encouraged them to develop what they were doing. Bambaataa’s “Zulu Kings” breakdancing crew became a force to be reckoned with, winning many battles.

Since then breakdancing has continually progressed and more and more very talented dancers were bringing their skills into the arena. There were new moves being invented by the week and it wasn’t long before we had headspins, windmills, backspins and all the other high energy, acrobatic moves we see these days.

The “Rock Steady Crew” were one of the groups to pioneer this new school breaking. These guys along with Charles Ahearn who made the seminal hip hop movie “Wild Style” were to bring breakdancing fully up to date and the dancing phenomenon became much more popular. There was no stopping the onward march of the break dance.

Nowadays breakdancing influences a lot of the choreographed dance routines which are an integral part of a modern pop record release. You have young kids coming up who are really into it and the genre is experiencing something of a renaissance. There’s no doubt about it, breakdancing is here to stay and if you want more info a quick search on the Internet will turn up thousands of references to this modern art form.