Senior Moments

According to the US Census, almost 13% of Americans are age 65 and over. With Baby Boomers retiring on a daily basis, thisstatistic will certainly increase. Boomers are simply enjoying getting older. In everyone’s book of life, you slowly move through each chapter. Early in yourlife book you have childhood and grow into your teenage years. A chapter or twolater later, you build a career and maybe raise a family. You settle into themiddle of this story working, saving, growing and graying. But that is okay!

Many of you are now in the “Senior Moment” of your lives. Your career and years of hard work are heading in a new direction, maybe even coming to a close. You are focusing on the possibility of retirement andyears of this new lifestyle, enjoying your families and friends in a new more enjoyable way. You have earned it.  You are in your senior moment! What a way to continue your life story.

At AABS Inc, we are ready to help and support this new and exciting chapter.  We have enrolled agents who represent you with your critical retirement factors. All of your needs: personal, business, accounting, and bookkeeping are managed so you can focus on what is important
to you. With face-to-face personal and private appointments, we can discuss an array of variables that make things just a little better. Care and home services, for both the elderly and the physically challenged, are all part of the discussion and assessment portfolio.

We also offer personal finance taxes, estate and trust planning, as well as provide to you personal executor services.

We want to provide as much information as we can to you as you assess your new direction.

At AABS, we are there for you. Call us for an appointment at 919 303 3345, or e-mail us at info@aabsinc.com

Like and recommend us at https://www.facebook.com/AABSaccounting

Visit www.aabsinc.com

We are there for you when you need us!

 

 

Probate and trusts

What Is Probate?

 

After a person dies, ownership -the legal title- of his or her property, assets and personal effects must be passed on  to the beneficiaries listed in the Will. If there is no Will, the persons receiving assets are designated by State law.

Probate is the legal process of paying the deceased’s debts and distributing the estate to the rightful heirs. This process usually entails:

The spouse or personal representative named in the will must file a petition with the court after the death. There is a fee for the probate process.

Depending on the size and complexity of the probable assets, probating a will may require legal assistance.
First, the Will must be verified as the valid, final dispositive statement of the decedent (the official record of the deceased person’s final wishes). The Will generally names the person or institution appointed to administer (manage) the probate estate process.When there is no valid Will, State law governs who receives the assets of the deceased. The term “probate” is also used in the larger sense of “probating the estate”. Probate is the legal process by which:

1. An Executor or Administrator, who takes over the deceased affairs and property, is appointed by a Court;
2. The heirs are identified and located;  The appointment of an individual by the court to act as “personal representative” or “executor” of the estate. This person is often named in the will. If there is no will, the court appoints a personal representative, usually the spouse.
3. The deceased’s property and assets are gathered and accounted for;
4. Informing creditors, heirs, and beneficiaries that the will is probated. The deceased’s debts and creditors are paid;
5. Any income tax and estate tax returns are filed and the taxes paid;
6. The estate assets and property are sold to create cash to pay bills, taxes, expenses of the estate and
7. Payment and distribution is made of all remaining property, assets and cash to the approved heirs and beneficiaries.

Assets that are jointly owned by the deceased and someone else are not subject to probate. Proceeds from a life insurance policy or Individual Retirement Account (IRA) that are paid directly to a beneficiary are also not subject to probate.

How does a living trust avoid probate?

Property you transfer into a living trust before your death doesn’t go through probate. The successor trustee–the person you appointed to handle the trust after your death–simply transfers ownership to the beneficiaries you named in the trust.

In many cases, the whole process takes only a few weeks, and there are no lawyer or court fees to pay. When the property has all been transferred to the beneficiaries, the living trust ceases to exist.

How does a living trust avoid probate?

Property you transfer into a living trust before your death doesn’t go through probate. The successor trustee–the person you appointed to handle the trust after your death–simply transfers ownership to the beneficiaries you named in the trust.

In many cases, the whole process takes only a few weeks, and there are no lawyer or court fees to pay. When the property has all been transferred to the beneficiaries, the living trust ceases to exist.

Contact for Assistances

If you need help preparing and organizing affairs, or have questions please seek a trusted professional.  Feel free to visit us as well.

Melissa M. Van, EA at info@aabsinc.com or visit www.aabsinc.com

FOOTNOTE: Excerpts  re posted from the www.aabsinc.com website written by CPA site solutions.

What am I thinking Starting my own Business!!!!!

OK Now you want to start out on your own.  You turned in your resume, handed over your keys, gotten into the car and driving down the open road.
Then it hits you what the H*$& am I doing.
Where am I going to get the capital?
How am I going to get Clients?
Where am I going to Hang my shingle?

This not going to be another how to blog. This is going to be the journey I discussed earlier. I have read countless books, Blogs and seminars to fill a the back of a pick up truck.
However after reading, highlighting and deep thought There are is a common method out lined in many of these books. Yes each book disguises them differently, plays around with the words, action but the core ideas are still there.
Over the next few days and even weeks we will discover these simple rules. So simple you can put them on a poster board and pin them to your wall to view them ever day.

I am not just another blog researcher and writer I am small business owner myself, running a consulting business out of my home.
I will share what I have learned and good and bad. As well document my success and failures.
I want you to follow along and share your thoughts as well.

We will discuss or should I document  the following

1. Planning your Strategy
2. Setting Shop
3. Time Management
4. Do I really need that
5. How do I price myself
6. Clients!!! How do I get CLIENTS
7. Bookkeeping
8. Cash Flow/Financial Management
9. Growing Is this a good thing?

A day in the Life

Day two of  trying to find my place in the business world.  The morning started out as every other morning does for  mom, wife and business owner. Up to get coffee for Husband see him off to work, get lunch for my daughter, a load of laundry in the washer, and schedule my hectic day with clients on site and all this is done before 6:00 am.

So after I get my daughter on the bus I make the 30 minute trek to a client. Mind you the 30 minutes gave me time to clear my mind but none the less all I kept thinking about was the client I am heading to ( let’s just say it is a challenging situation), the 3 clients after that one, the ones I still have to answer emails for, and 2 I have to research, on top of the marketing  and computer issues that I still have not fixed from yesterday. Needless to say it is not even 9:30 and I am already behind the 8 Ball.

Tell me again why did I start my own Business. Tell me there is a light at the end of the tunnel, and Assure me that I am not a failure because as I see it right now I will never get everything done to perfection like I want.

It is 10:33 pm as I write this. Why you ask, am I writing and not completing the list I mentioned above. Well , First of all everyone in the marketing world says blog, social network, tweet, ping and Pong. And that is to be added to my list of unfinished items.  What am I thinking.

But most importantly at the end of the Day I am A good accountant I am a good business consultant and I WILL Succeed. I just cant see it now and I want support and to share my journey with others that are in my boat so we can sink or swim together.  And If  I have it my way We will Sail away into to the sunset smiling and laughing all the way at what whiners and complainers we were on our journey to success.