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.

Using A Broker For Your Business Mobiles: What Are The Key Benefits?

It is the question on the minds of procurement managers and business owners nationwide and one that could significantly impact the productivity of a business, “is it better for me to go direct to a major network for a business phone contract or use a broker?”

Often businesses operate under the misconception that going to a network directly will garner them the most cost-effective prices and ultimately the most ‘secure’ deal due to the fact that they are dealing with a big name in the telecommunications industry. But is this always this case? Below we explore some of the benefits that a business mobile broker could bring to your business.

Why should businesses use a mobile phone broker?

Contract range
With extensive marketing budgets and overall market share it may appear that a network will have anything and everything your business needs from a mobile contract, but the packages that networks offer to businesses tend to be rather rigid in their offering and therefore a business may end up with a deal that is not necessarily the best package for the requirements of each individual. The end result of this is multiple contracts with multiple networks that not only leads to an administrative nightmare but also increases costs exponentially.

Moreover, a business may not even fully understand the intricacies of their requirements, with which the business is able to run efficiently. Where a broker can assist is in the negotiation of these contracts due to the strong connections they have with these large networks, developed over many years of working alongside each other and due to the sheer volume of potential custom they can bring. This ultimately leads to the brokers effectively negotiating the ideal contracts to suit a business model.

Their effective negotiation skills and their ability to identify the most suitable packages for a business is precisely the reason why a broker is a much more cost-effective solution. Many perceive that a broker’s cost is simply added on top of an already established cost structure, however, the buying power that a broker will bring to the table is second to none and therefore effective negotiation is part and parcel of their role. Furthermore, as brokers aren’t supplementing substantial marketing budgets or operating their services with a specific profit target to maintain their share price, they are able to offer these cost-effective solutions without adding an astronomical fee on top.

Account management
Now a business has a contract in place, what happens when something goes wrong, they have a query or they simply need some support with a mobile device? For those dealing directly with large networks this usually means waiting on hold for an inordinate amount of time and subsequently being passed from pillar to post until you reach the right person. The fact of the matter is that large networks are simply inundated with these type of queries, and more often than not your first contact will not have adequate training to provide you with the support needed and don’t know one business from the next.

Mobile brokers will have a strong team behind them, with decades if not centuries of expertise between them in the mobile communications industry. These teams will know a business, know their requirements and will ultimately be able to regularly assess that their current mobile contract meets the ever-changing needs of a business. This investment in high quality customer service is one of the major factors that entices businesses to use a broker each and every time they require a mobile contract.

As we have demonstrated, the use of a mobile phone broker can be an invaluable asset to any business looking for the right mobile solution. Whilst deciding to go with a broker is a fantastic first step, choosing a poor broker is on a par with a poor network, therefore choosing that ideal broker for your business is essential; check their reviews, their finances, ask for referrals, anything so that you feel confident that they will provide your business with the best service.

Disaster Recovery Plan

A disaster recovery plan is a documented process to recover and protect a business IT infrastructure in the event of a disaster. Basically, it provides a clear idea on various actions to be taken before, during and after a disaster.

Disasters are natural or man-made. Examples include industrial accidents, oil spills, stampedes, fires, nuclear explosions/nuclear radiation and acts of war etc. Other types of man-made disasters include the more cosmic scenarios of catastrophic global warming, nuclear war, and bioterrorism whereas natural disasters are earthquakes, floods, heat waves, hurricanes/cyclones, volcanic eruptions, tsunamis, tornadoes and landslides, cosmic and asteroid threats.

Disaster cannot be eliminated, but proactive preparation can mitigate data loss and disruption to operations. Organizations require a disaster recovery plan that includes formal Plan to consider the impacts of disruptions to all essential businesses processes and their dependencies. Phase wise plan consists of the precautions to minimize the effects of a disaster so the organization can continue to operate or quickly resume mission-critical functions.

The Disaster Recovery Plan is to be prepared by the Disaster Recovery Committee, which includes representatives from all critical departments or areas of the department’s functions. The committee should have at least one representative from management, computing, risk management, records management, security, and building maintenance. The committee’s responsibility is to prepare a timeline to establish a reasonable deadline for completing the written plan. The also responsible to identify critical and noncritical departments. A procedure used to determine the critical needs of a department is to document all the functions performed by each department. Once the primary functions have been recognized, the operations and processes are then ranked in order of priority: essential, important and non-essential.

Typically, disaster recovery planning involves an analysis of business processes and continuity needs. Before generating a detailed plan, an organization often performs a business impact analysis (BIA) and risk analysis (RA), and it establishes the recovery time objective (RTO) and recovery point objective (RPO). The RTO describes the target amount of time a business application can be down, typically measured in hours, minutes or seconds. The RPO describes the previous point in time when an application must be recovered.

The plan should define the roles and responsibilities of disaster recovery team members and outline the criteria to launch the plan into action, however, there is no one right type of disaster recovery plan, nor is there a one-size-fits-all disaster recovery plan. Basically, there are three basic strategies that feature in all disaster recovery plans: (a) preventive measures, (b) detective measures, and (c) corrective measures.

(a) Preventive measures: will try to prevent a disaster from occurring. These measures seek to identify and reduce risks. They are designed to mitigate or prevent an event from happening. These measures may include keeping data backed up and off-site, using surge protectors, installing generators and conducting routine inspections.

(b) Detective measures: These measures include installing fire alarms, using up-to-date antivirus software, holding employee training sessions, and installing server and network monitoring software.

(c) Corrective measures: These measures focus on fixing or restoring the systems after a disaster. Corrective measures may consist keeping critical documents in the Disaster Recovery Plan.

The Plan should include a list of first-level contacts and persons/departments within the company, who can declare a disaster and activate DR operations. It should also include an outline and content stating the exact procedures to be followed by a disaster. At least 2-4 potential DR sites with hardware/software that meets or exceeds the current production environment should be made available. DR best practices indicate that DR sites should be at least 50 miles away from the existing production site so that the Recovery Point Objective (RPO)/Restoration Time Objective (RTO) requirements are satisfied

The recovery plan must provide for initial and ongoing employee training. Skills are needed in the reconstruction and salvage phases of the recovery process. Your initial training can be accomplished through professional seminars, special in-house educational programs, the wise use of consultants and vendors, and individual study tailored to the needs of your department. A minimal amount of training is necessary to assist professional restorers/recovery contractors and others having little knowledge of your information, level of importance, or general operations

An entire documented plan has to be tested entirely and all testing report should be logged for future prospect. This testing should be treated as live run and with ample of time. After testing procedures have been completed, an initial “dry run” of the plan is performed by conducting a structured walk-through test. The test will provide additional information regarding any further steps that may need to be included, changes in procedures that are not effective, and other appropriate adjustments. These may not become evident unless an actual dry-run test is performed. The plan is subsequently updated to correct any problems identified during the test. Initially, testing of the plan is done in sections and after normal business hours to minimize disruptions to the overall operations of the organization. As the plan is further polished, future tests occur during normal business hours.

Once the disaster recovery plan has been written and tested, the plan is then submitted to management for approval. It is top management’s ultimate responsibility that the organization has a documented and tested plan. Management is responsible for establishing the policies, procedures, and responsibilities for comprehensive contingency planning, and reviewing and approving the contingency plan annually, documenting such reviews in writing.

Another important aspect that is often overlooked involves the frequency with which DR Plans are updated. Yearly updates are recommended but some industries or organizations require more frequent updates because business processes evolve or because of quicker data growth. To stay relevant, disaster recovery plans should be an integral part of all business analysis processes and should be revisited at every major corporate acquisition, at every new product launch, and at every new system development milestone.

Your business doesn’t remain the same; businesses grow, change and realign. An effective disaster recovery plan must be regularly reviewed and updated to make sure it reflects the current state of the business and meets the goals of the company. Not only should it be reviewed, but it must be tested to ensure it would be a success if implemented.

Artificial Intelligence Is a Must, Not a Need

WHAT DOES ARTIFICIAL INTELLIGENCE MEAN?

Artificial Intelligence refers to the vicinity of science and engineering focusing on developing the machines as intelligent as the humans. They are created to be fitted into place on behaviors that human regard as intelligent i.e. simulation of human behaviors which they consider as intelligent via the use of machines.

It is all concerned with developing the intelligent computer programs. The main objective behind the adoption of AI is to enable a machine to discover, analyze and crack the problems in parallel.

It is not essential that the computer programs developed are as intelligent as humans in all aspects. But in some aspects, the machine fitted with artificial intelligence can be even more intelligent than humans.

The future of artificial intelligence will change everything in our lives.

WHY DO WE NEED ARTIFICIAL INTELLIGENCE?

The integration of artificial intelligence into the computer programs, assists to create more efficient and effective systems. The opportunity in the form of AI is challenging and efficient at the same time.

The glaring pitfall to be kept in mind while talking about the efficiencies and the opportunities offered by this hi-tech world is that the amount of data being generated on a daily basis is rapidly increasing and it is becoming impossible to mine and analyze the data fully. The amount of data generation has made it impossible for the humans to deal with i.e. it has exceeded the capabilities of humans that they can extract the valuable information out of it.

The skilled professionals in the field of data science with the expertise and their skill sets try to create correlations between various inputs in order to draw out a specific output. But with the sheer volume of data, it has become relatively impossible to correlate every possible input.

This is where Artificial Intelligence can help. Incorporating AI into the systems lets you purify the raw facts into useful and palatable information.

The driver seat in the field of artificial intelligence is handled by the fresh and innovative codes generally referred to as algorithms.

Let us consider an example to understand how the AI works:

Facebook is a very popular social media platform. Facebook deciphers the user’s likes, the activities etc. and then determine what all content is to be placed on his/her news feed. The longer the time you remain active on Facebook, the more and more data is being generated and stored in the warehouse.

The systems incorporated with AI uses the deep learning to get the incessant feedbacks on its algorithms as the users interact. This way the algorithms generally referred to as coding assist the Facebook to analyze the interactions of the users to determine the content to be mentioned on the news feed.

Not only Facebook, even Twitter uses the concept of AI to position the tweets based on the users’ relevance and interests and also suggest them the tweets as per their interests.

Why Image Masking Is Necessary

In Post-processing, it is nearly impossible for a designer to avoid using the image masking features and methods. Image masking opens up a new window of endless editing effects and a dedicated designer is bent on taking every single opportunity.

Sound knowledge about these options and functions will ensure a satisfying end result. Now to address the question at hand:

Non-Destructive: As opposed to erasing a background using the Eraser Tool, masking technique does not obliterate the image details. They are cleverly hidden below various layers so that they can help us out in case we need to make changes. On the contrary, the Eraser tool permanently deletes these pixels and it is close to impossible to bring those back in case a tweaking is required.

Transitions: The basic or simplest function of image masking technique is to have a “hide and seek” effect in some areas of the photo. This transitioning effect can be created using brushes and gradients for soft masking. This requires delicate strokes and soft brushes. This transparency of pictures can be controlled. The opacity level can be adjusted to suit the photo and its background. This is not the only technique for achieving this effect, but it is the simplest.

Editing Specific Areas: Many times we are faced with projects where we need to edit a small portion of the photo; such as, changing the color of someone’s clothes in a photo and fixing shadow/light issues. You can use masking techniques to highlight the portion and edit it as you wish e.g. color correction, brightness, contrast, exposure, shadows etc.

Removing / Replacing Background of Translucent Objects: Masking is an easy option when it comes to removing backgrounds of translucent objects. Any object with any level of transparency can be isolated from its background by careful masking. Even in cases of semi-transparent clothes’ photos, this technique can be applied.

Single Advantage of Clipping Mask: Clipping mask, when compared to Layer Mask, has the advantage of making different areas visible by simply moving the clipped image. It can be determined by the user which part of the background they want to be visible and which part they don’t by using clipping mask. Other than this one advantage, regular layer masking is more than good enough for most masking work.

Creating Collage Photos: Collage images are fun and it is even more interesting when you play with the masking tools while making a collage. Interesting and cool effects can be made by using a number of pictures and masking them. Soft brushes in varying gradients and hues of gray will definitely make these blending smooth.