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.

What Is a Will?

The most basic estate planning tool, a will is the legal document that states the actions you wish to be taken after your death in regard to:the disposition of your property; the guardianship of your minor children; and/or the administration of your estate.

Do You Need a Will?

If you have a spouse, children and/or property, the answer is most definitely YES! The alternative is to allow the state in which you reside to determine: how your property will be distributed among your heirs, including who those heirs are; the guardianship of your minor children, including who will serve as guardian; and/or how your estate will be administered.

Who Can Make a Will?

State statute determines who can make a will. Generally, you must be “of age,” as defined by state law, and of sound mind. In addition, state law generally requires that your will be written, signed and witnessed by a required number of witnesses. While you can draw your own will, the preparation and execution of this important legal document is generally best left to an attorney.

Your estate plan, including wills, trusts and life insurance, should be periodically reviewed to ensure that it continues to meet your needs and objectives.

If you are or a family member would like to talk with a trusted attorney to put a plan in place please let us know and we can help get you in touch with someone to help.

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.
For more complete information, please contact my office at the phone number above.
Published by The Virtual Assistant; © 2019 VSA, LP

The post DO I NEED A WILL? first appeared on Moliterno Insurance & Financial Services.

The post DO I NEED A WILL? appeared first on Moliterno Insurance & Financial Services.

We will be continuing our fundraising collaborative with Branch Street Coffee Roasters in Boardman. When you stop in and order a cup of Guatemala coffee $.25 will be donated, and $1 from bagged Guatemala coffee beans. The Moliterno Insurance agency will then match dollar for dollar in donation from Branch Street.

We will also be giving out free coffee vouchers when you refer* a friend, family, or neighbor to our agency. If you have not previously received a quote from our agency you can be eligible just by requesting a quote for yourself.

Referrals can be made Online or by calling us at 234-254-5660

Every kid (and kid-at-heart) needs play and companionship just as much as they need bedtime and green vegetables.

The Walnut Grove – Field of Opportunity gives people of all abilities the chance to play and have fun with family and friends. It’s like love, sunshine and spinach all juiced together.

*qualified referrals must be willing to accept a call/email from the Moliterno Agency, and must complete a quote to be eligible for the free gift. No purchase necessary.

The post Help us support The Walnut Grove first appeared on Moliterno Insurance & Financial Services.

The post Help us support The Walnut Grove 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.

It is our goal to help service all of our clients navigate the confusing questions surrounding their insurance coverage. Please enjoy our interview with the Youngstown/Warren Regional Chamber.

If you have questions about your insurance, or would like to find out more please feel free to schedule a review with our staff.

We offer a wide array of coverage, including Homeowners insurance, Auto Insurance, and Life Insurance.

Please feel free to call us with any questions. Contact us

The post Regional Chamber Take 5 Interview first appeared on Moliterno Insurance & Financial Services.

The post Regional Chamber Take 5 Interview appeared first on Moliterno Insurance & Financial Services.

A charitable gift is a donation of cash or other property to, or for the interest of, a charitable organization. The gift is freely given with the primary intention of benefiting the charity.Whether given during lifetime or after death, charitable gifts are eligible for a tax deduction, but only if made to a qualified charitable organization. For example, you may have a relative who has fallen on hard times, someone you choose to help with gifts of cash. While you may be motivated by charitable intentions in making these gifts, you cannot deduct them for either income tax or estate tax purposes.

In general, qualified charitable organizations include churches, temples, synagogues, mosques and other religious organizations, colleges and other nonprofit educational organizations, museums, nonprofit hospitals, and public parks and recreation areas. Gifts to these types of organizations qualify for a federal income tax deduction if made during your lifetime or, if made after your death, can be deducted from the value of your estate for federal estate tax purposes.

Why Consider a Charitable Gift?

People give to charities for a variety of reasons. They give:

Because they have compassion for the less fortunate.

From a belief that they owe something back to society.

To support a favored institution or cause.

For the recognition attained by making substantial charitable donations.

To benefit from the financial incentives our tax system provides for charitable gifts.

According to the Giving USA Foundation, individual giving accounted for 70% of all contributions to charitable organizations in 2017.Source: Giving USA Foundation™ – Giving USA 2018 Highlights

Whatever your reasons for giving, a careful review of the various types of charitable gifts can help make those gifts more meaningful, both to you and to the charities you choose to support. Please call my office if we can be of assistance.

The post CHARITABLE GIFTS first appeared on Moliterno Insurance & Financial Services.

The post CHARITABLE GIFTS appeared first on Moliterno Insurance & Financial Services.