In part of our ongoing series to help promote small businesses, and the positive impact they have on the local community, we also want to highlight some of the pitfalls that can come there way.

Imagine that tomorrow you went to visit your favorite local business only to find out that they closed down because the owner had retired, died or become disabled yesterday. Many businesses close for one of theses reasons, not because they want to, but because they failed to plan for one of theses events.

Some of the questions the business owner can ask themselves, would you want your business interest:

• Retained for a family member
• Sold to another owner
• Liquidated

Depending on the desired outcome these are some of the issues to consider.

Retain the Business Interest for Your Family

• Is there a capable and willing family member?
• Will the family member be acceptable to any other business owners?
• How will you or your surviving dependents replace the income previously provided by your business?
• Is there a need to equalize inheritances among family members?
• Will there be enough liquidity in your estate to pay taxes and other settlement costs?

Sell the Business Interest

• To whom will your business interest be sold?
• At what price?
• And at what events (death, disability and/or retirement)?
• What is the value of your business interest?
• Will the funds be available to complete the purchase at your death, disability and/or retirement?

Liquidate the Business Interest

• What is the value of your business as a going concern?
• How does that value compare to the liquidation value of your business?
• How will you or your surviving dependents replace the income previously provided by your business?
• Will there be sufficient funds available to allow for a planned liquidation?

The objective of business continuation planning is to assist you in evaluating which of these alternatives is most suitable for your situation and to help provide the funds that will be needed to assure that your business continuation goals become a reality.

If you know a small business, or own a small business that could use help navigating some of these questions please reach out and schedule an appointment with one of our professional agents.

The post BUSINESS CONTINUATION Pitfalls and Planning first appeared on Moliterno Insurance & Financial Services.

The post BUSINESS CONTINUATION Pitfalls and Planning appeared first on Moliterno Insurance & Financial Services.

Small Business Saturday Is right around the corner and we are excited to bring back our Small Business award for 2021!

Last years award winner was Roots Salon, We are looking forward to awarding the 2021 business of the year!

We will take nominations for our 2021 Small Business Award. Nominations can be made here from now till the end of 2020. Everyone that makes a nomination will be entered into a random drawing for a $50 gift card. Public voting will begin in January.

Current Nominations include:

Help us by recognizing the hard work and dedication on one of your favorite small businesses.

Small Businesses:

• Employee local workers
• Contribute to the local economy
• Owned by friends and neighbors
• Keep a pulse on the local community

The post Small Business Nominations first appeared on Moliterno Insurance & Financial Services.

The post Small Business Nominations appeared first on Moliterno Insurance & Financial Services.

We hope that you have a fantastic Holiday Season! With that being said we will begin this week with limited holiday hours.

• Closed Thanksgiving
• By Appointment Black Friday
• Closed Dec 24-26
• Closed Dec 31-Jan 1

Don’t panic, we will still be here to answer your questions or help with policy related information.

If you are thinking about getting your coverage reviewed and in order before the end of the year, please use this link to schedule an appointment, or call/text 234-254-5660. Consider scheduling an appointment for Black Friday!

Make it your New Years Resolution to make sure you start 2020 with the proper financial solutions for your needs!

David Moliterno
Moliterno Insurance

The post Special Holiday Hours first appeared on Moliterno Insurance & Financial Services.

The post Special Holiday Hours appeared first on Moliterno Insurance & Financial Services.

How much life insurance you need depends on your individual needs and your financial objectives for your family. While life insurance cannot replace you, it can provide the funds to:

• pay final expenses
• replace all or a portion of your income
• keep your family in their home
• establish a college education fund
• cover financial emergencies
• provide a child and/or home care fund

How much life insurance is enough?

This question is best answered through an analysis of your family and financial situation, as well as your financial goals and objectives.

What is the best policy for you?

All life insurance falls into one of two categories of coverage. Each category has certain characteristics that make it more suitable for certain needs:

1. Term Life Insurance

• Provides temporary protection for the term of the policy.
• If the insured dies within the term period, the insurance company pays the death benefit.
• If the insured survives the term period, the coverage terminates.

2. Cash Value Life Insurance

• Provides lifetime protection, so long as the policy is kept in force.
• The insurance company pays the death benefit regardless of when death occurs, so long as the policy is kept in force.
• The policy accumulates cash values that can be used during the insured’s lifetime (withdrawals and loans will reduce the policy’s death benefit and cash value available for use).

We hope that by giving you some of the basics to the questions many of our clients have, that you will be more prepared to to make the decisions to protect your family’s lifestyle and financial future.

If you have any questions or would like more information please reach out to our staff of professional agents.

 VSA, LP The information, general principles and conclusions presented in this report are subject to local, state and federal laws and regulations, court cases and any revisions of same. While every care has been taken in the preparation of this report, VSA, L.P. is not engaged in providing legal, accounting, financial or other professional services. This report should not be used as a substitute for the professional advice of an attorney, accountant, or other qualified professional.

The post What Type of Life Insurance Should I Buy? first appeared on Moliterno Insurance & Financial Services.

The post What Type of Life Insurance Should I Buy? appeared first on Moliterno Insurance & Financial Services.