No Unfinished Business Podcast

In this episode of the No Unfinished Business Podcast, we delve into the often-overlooked but vital topic of Intellectual Property (IP) for businesses and entrepreneurs. We're joined by Jim Hart, a seasoned trademark attorney, who breaks down the complexities of IP into digestible nuggets of wisdom. 🔑 Key Topics Covered: The Four Types of Intellectual Property: We kick off by outlining the four main types of intellectual property—patents, trade secrets, trademarks, and copyrights. Perfect for anyone new to the topic or those who need a quick refresher. Common Missteps in IP: Jim discusses the frequent mistakes that entrepreneurs make, such as the misconceptions around searching for a name in the USPTO database. The Eight-Step Guide to Trademark Registration: Jim walks us through the steps involved in registering a trademark, including why each step is critical and how to avoid common pitfalls. Why Advisors Should Care: If you're an advisor, accountant, or another kind of consultant, this segment is for you. Jim outlines why it's crucial to guide your clients through the IP maze to save them (and you) from potential legal problems down the line. 🎧 Why You Should Listen: Understanding IP is not just for legal experts; it's essential for anyone involved in business. Jim makes this complex topic accessible and actionable, whether you're a seasoned business owner, an aspiring entrepreneur, or an advisor to either. Tune in to gain a solid understanding of IP and learn how you can better protect your business assets. Follow Jim here on YouTube at https://www.youtube.com/@jimhart or at https://www.hawthornlaw.net/ ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

John Strohmeyer sits down with mortgage investment expert, Dan Deppen of Fusion Notes, to dive deep into the niche world of mortgage note investing. With rising interests in alternative investments, mortgage note investing offers an avenue that not many have ventured into. In this episode, we uncover the ins and outs of this fascinating domain. Episode Highlights: Introduction: Dan Deppen explains the basics of mortgage note investing Understanding Mortgage Note Investing: From buying someone else’s mortgage to functioning as a bank, Dan explains the dynamics of this alternate real estate investing pathway. Getting Started in Mortgage Investing: Where to buy these mortgages? From smaller hedge funds to directly from banks, the journey of mortgage notes to an individual. Seller Finance Notes Explained: How property sellers act as a bank, originate loans, and the prospects in selling those loans. Risks and Rewards: Dan highlights potential risks like messy foreclosures and legal challenges. On the brighter side, the prospects of high cash flows, yield benefits, and the possible passive nature of this investment. Navigating the Current Financial Landscape: The effects of current higher interest rates on the mortgage note market. Tune in to learn how you can navigate this investment landscape, understand the risks, and reap the potential benefits! Note: This episode offers insights for seasoned investors, financial enthusiasts, and anyone curious about alternative investments. It's a dive into a niche market that holds potential for great returns, if done right. Don't jump in without plenty of formal training and knowledge.  Find Dan at https://www.fusionnotes.com/get-in-touch/ or on LinkedIn at https://www.linkedin.com/in/dandeppen/ ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

In this episode of the No Unfinished Business Podcast, we dive deep into the challenges faced by the Sandwich Generation—individuals caught between caring for their aging parents and their own children. Our guest, Mikey Newton of Maxim at Home, sheds light on the role of non-medical companions in ensuring older adults age gracefully in their own homes. Listen in as we discuss the early warning signs that indicate it's time to consider help for aging parents, how companionship plays a critical role in their quality of life, and how technology is making the process of finding the right companion easier than ever. Key Sections: 1. The Sandwich Generation Dilemma The challenges of taking care of both children and aging parents. 2. First Steps with Non-Medical Companionship Services How Maxim at Home serves as a first-step resource for families looking to support aging parents. 3. The Importance of Aging in Place The value of allowing older adults to stay in their homes and maintain their lifestyle. 4. The Role of Companions How companions provide non-medical support, such as light housekeeping, meal prep, and pet care, but most importantly, companionship. 5. Warning Signs and Conversation Starters Tips on when and how to initiate conversations about seeking help for your aging parents. 6. Questions to Ask for Future Planning Discussing MIT's Age Lab and the three crucial questions for older adults to consider for independent living. 7. Real-world Scenarios The balance between caring for parents and maintaining your own life, featuring examples from both John and Mikey. Find more info at https://www.maximathome.com/ or Mikey on LinkedIn at https://www.linkedin.com/in/michelle-newton ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

In this insightful episode, we dive deep into the intricate and sometimes misunderstood world of premarital agreements with family law attorney, Kathryn Pruitt. With 30 years of experience, 19 of which focused on family law, Kathryn sheds light on an array of prenup issues. The Necessity of Prenups: Discover why any individual with assets should consider a premarital agreement and how it doesn't always have to mean a complete separation of assets. Community Assets and What It Means for Married Couples: We tackle the misconceptions around community assets and learn how and when they are created after marriage. The Role of Documentation: We discuss the importance of thorough documentation, from retirement account statements to investment portfolios, and how they can save you during a divorce. The Complexity of Prenups: Understand why each premarital agreement is unique and how it can be designed to provide clarity for both parties involved. Advice for Financial Advisors: Kathryn shares how financial advisors can play a crucial role in helping clients prepare for a robust premarital agreement. Whether you're an attorney, CPA, financial advisor, or someone considering a premarital agreement, this episode provides invaluable insights to help leave no unfinished business. Find Kathryn at https://collincountyfamilylaw.com/ or on LinkedIn at https://www.linkedin.com/in/kathryn-lanigan-pruitt-718571a/ ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

John recently joined Mike Jesowshek on his Small Business Tax Savings Podcast to talk about the looming changes that businesses will face under the Corporate Transparency Act.  Corporate transparency is coming. It is a huge issue, and everyone needs to be ready for it. So if it sounds like we're spending a lot of time talking about it, well, it's because we are.  We want to ensure everybody has heard about this because this is going to be a big deal for everyone involved with or having any ownership stake in a business. It's basically "know your customer" regulations that banks have been subject to for years, now applied to attorneys and accountants. Whether you're a business owner, attorney, accountant, or advisor, you need to know about your new obligations under these laws.  Be sure to check out all the episodes of the Small Business Tax Savings Podcast at https://www.taxsavingspodcast.com/podcast Follow them on Twitter at https://twitter.com/tax_podcast or LinkedIn at https://www.linkedin.com/in/mikejesowshek/ ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

As an estate planning and probate attorney, I know the challenges that come with finding and securing assets for a loved one's estate. This week, we sit down with Leah Del Percio, the founder of Trustate, to discuss the ways advisors can make their clients' assets easier to find and manage for their families.  We dive into the complexities that arise when individuals pass away, leaving behind an array of assets and liabilities that often fall to their loved ones to organize. With the increasing digitization of our world, the task is only getting more difficult. Leah outlines the mission and vision of Trustate, which aims to discover, retitle, and close out accounts of the deceased, taking the heavy burden off the grieving family members. We discuss common misconceptions surrounding estate planning and probate, emphasizing that an estate plan goes beyond simply drafting a will or trust. It's about laying out a comprehensive plan that goes beyond mere documents and organizes the assets and liabilities in a way that eases the transition process for the beneficiaries. We share personal experiences and delve into the intricacies of probate, estate administration, and the challenges that come with these processes, especially when there are issues with an original last will. We get into detail about the importance of communication and coordination among estate attorneys, CPAs, wealth managers, and other professionals in ensuring a smoother and more efficient estate planning and execution process.  This episode offers valuable insights for anyone involved in estate planning, whether they are professionals in the field or individuals seeking to better understand and prepare for their own future estate needs. Find Leah at https://www.trustate.com/, or on LinkedIn at https://www.linkedin.com/company/trustate/ ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

Have you or your client accrued equity in your home? How can homeowners get the most out of that equity and use it in a way that suits their own unique situation? Join us in this enlightening episode as we sit down with expert mortgage lender, Jen Hernandez. Amidst skyrocketing house prices and growing home equity, we delve into the different strategies homeowners can employ to make the most of their newfound wealth. Jen sheds light on creative financial solutions, including cash-out refinances and investment opportunities that could potentially lower monthly payments, pay off IRS tax liens, and settle high credit card debts. Jen offers a wealth of insights on how the funds from a cash-out refinance can be used, emphasizing that there are no explicit restrictions as long as the homeowners qualify for the payment. She goes on to highlight potential obstacles related to credit and marital status, and she provides potential solutions to these issues. We get into the timeline of this process (30 to 45 days), while emphasizing the importance of timely paperwork submission. We also examine the factors that could delay this process, such as existing liens, poor credit scores, and divorce-related issues. This episode is a must-listen for homeowners considering tapping into their home equity or professionals advisors looking to gain a comprehensive understanding of the potential risks and rewards involved in leveraging home equity. Find Jen at https://www.loanwithjen.com, on LinkedIn at https://www.linkedin.com/in/loanwithjen, or be sure to check out her YouTube channel. ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

In this episode of No Unfinished Business, we delve into the finer points of business valuation. Our guest, Amber Widener, a seasoned business appraiser, shares her deep insights on why and when to consider a business valuation, how they can impact business decisions, and why it's essential to hire the right professional. She explains why having an outside appraiser provides a credible number that can help business owners with forward planning, especially in scenarios such as buy-sell agreements, succession and estate planning, or during a potential sale of the business. Amber also discusses the intricacies of hiring a capable appraiser and the importance of valuation accreditations. She uncovers common misconceptions and potential pitfalls in the appraisal process and shares advice on how to ensure an accurate valuation, including the idea of seeking draft reports for review before finalization. Finally, we explain the concept of valuation discounts, the role they play in estate planning, and the many factors that can influence the value of a business. Amber concludes by sharing tips for business owners looking to maximize their company's value ahead of a potential sale, emphasizing the importance of planning, cleaning up financial records, and increasing operational efficiencies. Whether you're a business owner contemplating your company's worth, an advisor seeking guidance on the valuation process, or an interested listener wanting to understand the dynamics of business appraisal, this episode offers a wealth of knowledge and practical takeaways. Find Amber on LinkedIn at https://www.linkedin.com/in/amber-widener/ or at http://www.SSCCPA.com ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

This week on the No Unfinished Business Podcast, we delve into the intricacies of disability insurance denials and how professional advisors can guide their clients towards making informed decisions. We welcome Marc Whitehead, an experienced attorney with a robust practice dedicated to handling disability denials. Marc takes us through the labyrinth of disability insurance, explaining the three types of long-term insurance everyone should consider – long-term disability insurance, individual disability insurance, and long-term care insurance. He sheds light on the crucial differences between these policies, the common misconceptions about coverage, and how insurance companies may resist payouts. Marc breaks down how to navigate around the blind spots and pitfalls that come with disability claims. He reveals the sneakier aspects of these policies, such as limitations for specific conditions, shifting definitions of disability after a two-year period, and the tricky pre-existing condition clauses. He underscores the importance of timing in planning a claim, advising how to set clients' claims up for success as early as possible. Beyond insurance specifics, Marc advocates for clients to invest in their medical support network – lining up quality medical professionals and documenting conditions accurately and thoroughly. He explains why choosing doctors who are willing to provide strong evidence to support disability claims is a game-changer. As we reach the end of the discussion, Marc provides listeners with several key questions to ask their clients to better assess their health and potential disability needs.  Whether you're an advisor, attorney, or someone looking to learn more about disability insurance, this episode is packed with actionable advice and critical insights that will help you manage the future with a clear, informed perspective.  ----- We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

How can you plan for your pets after you're gone, and what happens if you don't? In this episode, we sit down with Shelby Roquemore, a passionate animal welfare advocate with Houston's Rescued Pets Movement, to discuss the importance of estate planning and transition planning for pet owners.  We start by shedding some light on what happens to pets that get left behind. There is a prevalent animal overpopulation problem in Houston and Shelby explains the process that stray and confiscated animals go through before finding a safe haven. We explore the role of rescue organizations and the significant efforts volunteers put into finding forever homes for these animals, including the transportation of rescued pets to other states.  As we delve into the topic of estate planning, our focus shifts to the steps pet owners can take to ensure their beloved companions are cared for in the event of their passing. We discuss how your pet plan is and isn't covered in your last will, and the significance of clear instructions and accessible information regarding pet care, medical needs, microchipping, and routines.  The episode concludes with Shelby providing tips for easing the transition of a pet into a new home and ways listeners can get involved in animal rescue efforts. A must-listen for advisors or owners of furry family members. Find info on Rescued Pets Movement and how to help at https://rescuedpetsmovement.org/foster ----- We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

When it comes to business owners and their retirement planning, there isn't a one-size-fits-all approach. In this episode, we speak with Elijah Lopez, a financial advisor at Manske Wealth, who emphasizes the importance of tailoring retirement plans to individual businesses, and the options available out there. We discuss the process of working closely with not just clients, but also their attorneys, and CPAs to create the best solution for their specific situation, and how that can change over time. He shares a case study of a client who started with an IRA, scaled up to a SEP IRA, and eventually added a 401K with profit-sharing as the business grew. By understanding the client's needs and goals, we can craft a plan that evolves with the business, providing the best possible outcome. Listen in as Elijah discusses the key differences between IRAs, SEP IRAs, and 401Ks, and learn how he determines when a business owner is ready to make the leap to a more complex retirement plan.  Lastly, we get into some broader client behavioral psychology, and ways to decode and preempt clients who think they know exactly what they need. Connect with Elijah on LinkedIn at https://www.linkedin.com/in/elijahlopezmanskewealth/ or at https://manskewealth.com/staff/elijah-lopez/ ----- We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

The guardianship process can be legally confusing and emotionally challenging for families. This week's No Unfinished Business is perfect for advisory professionals seeking to better understand guardianship and better serve their clients in need. We are joined by probate and guardianship attorney Adri Graves, who navigates the complex world of guardianship. We cover key topics such as incapacity, warning signs for potential guardianship cases, the legal processes involved, and alternatives to guardianship. We also get into detail about the role physicians play in determining incapacity, the appointment of attorneys ad litem and guardians ad litem, and how to handle contested guardianship cases through mediation or Section 1301 Management Trusts.  This is a great overview of a complicated process, and it behooves you to have a basic understanding of how it works in the case you or your client face a guardianship situation. Find Adri at https://www.graveslawprobate.com/ or on LinkedIn at https://www.linkedin.com/company/graves-law-pllc. ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.  

Do you or your clients ever feel overwhelmed by the different types of life insurance policies out there? With so many options to choose from, it can be difficult to know where to start. This episode's guest gave me the best description of the basics of life insurance and how to choose the most appropriate policy I'd ever heard. Our guest is insurance expert Preston Sartelle, Founding Principal of RockBridge Group, LLC. Preston shares the various problems clients typically come in with and common mistakes and misconceptions people make when purchasing insurance. Life insurance policies have risks and costs that need to be hedged against the potential payouts and goals. Preston explains how to quantify and recognize the different types of policies using a seesaw metaphor and four overarching metrics. We'll also dive into the purpose of life insurance, how to hedge those risks, and the pros and cons of different insurance investment strategies. Whether you're a seasoned insurance purchaser or a newcomer to the space, this episode will provide a unique way of explaining life insurance and tips to help make informed decisions when it comes to choosing a policy.  Find Preston online at http://www.rockbridgegroup.com or via email at preston@rockbridgegroup.com. ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

Planning for long-term care, whether expected or unexpected, can be very tricky business. It can be difficult to understand the myriad policy types, payout structures, and benefit levels available on the market today. Our guest, Wallis Wilkinson Tsai, is here to demystify the world of long-term care insurance for you and your clients. She gives us her Seven Questions to Ask About Long-Term Care, and walks us through the potential answers. These questions can guide you and your client to the policy that best fits their long-term care needs. Top 7 Questions You Must Ask About a Long-Term Care Policy: 1) What type of LTC policy is this? 2) What is the initial max monthly benefit? 3) Does that max increase over time? For inflation?  4) For how long does it adjust? 5) Does it offer reimbursement or indemnity payouts? 6) Can my premiums increase in the future? 7) Does this policy terminate/have a death benefit?   Contact Wallace for more information online at https://www.aboveboardfinancial.com/about or below: LinkedIn: https://www.linkedin.com/company/aboveboard-financial FB: https://www.facebook.com/AboveBoardFinancial Twitter: https://twitter.com/AboveBoardFin Links to even more info:  1) Top 7 Questions You Must Ask About a Long-Term Care Policy: https://www.aboveboardfinancial.com/blog/top-7-questions-you-must-ask-about-your-long-term-care-insurance-policy 2) Long-term Care Insurance: A Quick Primer https://www.aboveboardfinancial.com/blog/long-term-care-insurance-a-quick-primer 3) Get a long-term care insurance quote: https://www.aboveboardfinancial.com/long-term-care/questionnaire/new 4) Book a call to discuss and ask questions: https://www.aboveboardfinancial.com/schedule-call ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

When a trust with significant assets is left to loved ones, things can get tricky and conflict can arise. Especially when the trustee is part of the family or the assets are complex. A corporate trustee could be the solution to this potentially explosive situation. Beth Owens is a Trust Officer at American National Bank & Trust, and an expert on the role a corporate trustee can play and how they can work to make complex and high-value easier to manage. Beth explains the best time to consider bringing in a corporate trustee, the situations they work best in, and the myriad ways they work with both beneficiaries and other advisors to make these trusts easier to manage. Contact Beth via email at betho@amnat.com or on LinkedIn at https://www.linkedin.com/in/beth-hearn-owens-77216610/. ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

As we plan for loved ones aging, families have as many options as they do questions when it comes to care management at home. Whether your family member or client is currently in need of care, or you're just thinking about the future, you need to know what levels of service exist, and when to start considering in-home care. Our guest is Laura Cook, VP of Strategic Partnerships at Family Tree Private Care. Laura breaks down the many options available to people with all kinds of needs. Nowadays, many services that used to only exist in facilities can be implemented with in-home care, allowing for continuity of care and location and customized, tiered levels of care. Laura gives us three basic tiers when thinking about in-home care, with the types of services one can expect. Lowest tier: Client assessment, daily or periodic companionship, basic household assistance. This is a helping hand for everyday tasks. Middle tier: A little bit more health-intensive. Patient is a possible fall risk, needs medication supervision, assistance toileting/showering, etc. The goal in this tier is to reduce hospitalization. High tier: Private duty nursing. From daily to around-the-clock, nurse visits doing vitals checks, advanced medication management, all levels of nursing care. We'll also cover guardianship issues, and first steps to take when families think this care is needed. As usual, forethought, planning, and communication are your best friend, especially when it comes to your loved one's health and care. Contact Laura at https://familytreecares.com/about/laura-cook-biography/ or on LinkedIn at https://www.linkedin.com/in/laura-bertrand-cook-4a105130. ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

Do you own or advise a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? If so, be alert. There’s a new federal filing requirement coming. The Corporate Transparency Act is Coming - what is it? Back in 2021, Congress passed a new law called the Corporate Transparency Act (CTA) that requires corporations, LLCs, and other business entities to provide information about their owners to the Department of the Treasury as part of a government crackdown on corruption, money laundering, terrorist financing, tax fraud, and other illicit activity. It targets the use of anonymous shell companies that facilitate the flow and sheltering of illicit money in the United States. What do I have to do now? Businesses subject to the law will have to file a “beneficial owner report” with FinCEN, including each beneficial owner’s full legal name, date of birth, and residential street address, as well as an identifying number from a legal document such as a driver’s license or passport. FinCEN will include the information in a database for use by law enforcement, national security and intelligence agencies, and federal regulators that enforce anti-money-laundering laws. The database will not be publicly accessible. Top 4 Things to Know 1. This requirement will go into effect beginning in 2024, and there are hefty fines for failing to report. As soon as it goes into effect, new corporations, LLCs, and other entities will have to comply with the filing requirement within 14 days of being formed, and existing entities will have one year to comply. 2. Millions of small businesses are affected. The reporting requirements will apply to almost every small business that is not a sole proprietorship or general partnership, including corporations, LLCs, limited liability partnerships, limited liability limited partnerships, business trusts, and most limited partnerships—over 30 million in all. Larger companies with over 20 full-time employees and $5 million in gross receipts are exempt. 3. There will be many beneficial owners. The proposed regulations make it clear that a company can have multiple beneficial owners, and it may not always be easy to identify them all. There are two broad categories of beneficial owners: - any individual who owns 25 percent or more of the company, and - any individual who, directly or indirectly, exercises substantial control over the company. 4. Law and accounting firms are not exempt. Neither the CTA nor the proposed regulations contain any exemption for legal or accounting firms, except for the relatively few public accounting firms registered under Section 102 of the Sarbanes-Oxley Act of 2002. Thus, any law or accounting firm that is a professional corporation or an LLC will have to file a beneficial owner report unless it has more than 20 employees and $5 million in annual income. Feel free to reach out if you have any questions or need clarification for yourself or your clients: https://www.strohmeyerlaw.com/houston-professional-advisors/ ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

If you are an advisor from attorney to CPA to financial advisor, you need to consider periodic or event-based beneficiary reviews across your clients' portfolios. There are major benefits from these reviews of beneficiaries and insurance policies that may uncover other financial opportunities (for you and the client) and huge potential pitfalls for your clients or their families. Our guest is Elizabeth Kusmider, Director of Strategic Life Marketing Initiatives at EMG Insurance Brokerage. She shares her expertise on how and when incorrect beneficiary designations can wreak havoc on clients' plans, and how you can help them avoid these situations. She gives us the top 6 life events that warrant a beneficiary review: Birth Death Marriage Divorce Inheritances Job Changes She delves into the finer points of each of these, and gives specific issues that could arise with any of these life changes.  Contact Elizabeth below or find her on LinkedIn at https://www.linkedin.com/in/elizabethkusmider/ http://www.emgbrokerage.com/ (713) 507-1015 ekusmider@emgbrokerage.com ------ We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

Do you or your client have a life insurance policy that has makes increasingly less sense? Perhaps your circumstances have changed, the costs have gone up, or you just want to have cash instead. Don't let a life insurance policy lapse or be surrendered without learning about Life Settlement and whether that policy qualifies. Life Settlement Market you can sell your life insurance on an exchange for a price between the cash surrender value and the death benefit payout amount. Our guest this week is attorney and life insurance expert Tama Brooks Klosek. She has been advising and practicing on behalf of high-value clientele for 23 years, and has a deep understanding of life insurance and its place in the larger estate planning context. Specifically, she's here to demystify Life Settlement and explain how you or your client can receive up to 4x the cash value of that same policy on the life settlement exchange. We'll get into the details of how this works, the kind of policies that apply, and how you can approach your clients with this emerging option. Find Tama at www.treyledls.com or on LinkedIn at https://www.linkedin.com/in/tama-klosek-414abaa1/.   ----- We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.

If you've ever bought or sold real estate, you know that risks and complexities abound. Whether you are investing in real estate or purchasing your own home, there are some simple, straightforward rules of thumb that will help guard you from the most common mistakes that people make in the process. Our guest is real estate attorney Cassie McGarvey, Founder & Principal at McGarvey PLLC. She joins to give us her top five most common pitfalls in real estate transactions. We'll cover: 1. Never buy without a title company or without title insurance. Title companies ensure that the title is clear and accurate and insuring the title exchange. We discuss the types of proof title companies look for, title and underwriting standards, and what you can actually argue to a title company or judge. 2. Rights of First Refusals and option contracts. Rights of First Refusal can get you stuck in someone else's timeline from buyer's side, and they're often written poorly. If you're buying from estate, make sure you're buying from the actual  executor/administrator. 3. Read the deed restrictions and property owner restrictions before you buy. This seems obvious, but it's overlooked all the time. It's especially important if it's investment property. 4. Contract for deed/rent-to-own. Just don't do it. Just do a regular seller-financed transaction. 5. If you're going to build a real estate portfolio, use an LLC. This is low-hanging fruit, but it's so important. You want a layer of protection for yourself, so don't put the deed in your name. Find Cassie at www.mcgarveypllc.com, LinkedIn at http://www.linkedin.com/company/mcgarveypllc, or FB at https://www.facebook.com/McGarvey-PLLC-102470608014920/. ----- We hope you'll join us each week, so hit that follow button, and if you have any questions, feedback, or ideas for topics, please reach out via social or email. We'd love to hear from you. Contact John at john@strohmeyerlaw.com or via social. Visit https://www.strohmeyerlaw.com/houston-professional-advisors for more info about how John works with advisors like you.