THE SAFE MONEY — LONG TERM CARE INSURANCE — Can You Afford NOT having it?

Ten Vital Points to consider about your LONG TERM CARE INSURANCE

As an Asset Protection attorney ANY avoidable source of loss, risk or exposure to my clients is unacceptable. One often overlooked area is the possibility that you or a loved one may need long term care as a result of age, illness or accidents. In cases where such care is required, the financial effects can be devastating even to the most affluent clients and are a needless expense that can be avoided.

For help in this area I turned to an expert, Dr. Jonathan Smith, M.D. a medical specialist who knows what this care costs and who now provides education and coverage to clients and advisors all over the U.S. on this easily addressed but potentially serious exposure. He shares important thoughts on this issue with us below. The insurance part is good enough, but some options are also both creditor protected AND have a return of premium guarantee if you never need it. Interestingly, even DOCTORS (who know better) often neglect this area of their own planning.

THE SAFE MONEY — DISPUTES AMONG PARTNERS CAN BE FATAL TO THE PRACTICE

As you likely know, I have always felt that basic rules of self defense apply almost perfectly to good legal and financial planning.

The best way to avoid losing a lawsuit, for instance, is to never be in one in the first place.

The simple article below addresses conflicts between partners and ways to avoid or handle them. We have seen this issue create devastating results to the detriment of all parties involved.

Your partners are smart, financially able to cause you harm, and likely know more about you and your assets than your own spouse. This is all bad news. Cooperation, communication and proactive conflict resolution is key. Please take a few minutes to review this and pass it on to your friends in the business.

Physicians’ Practice — How to Talk to Your Partners

Avoiding conflicts can lead to unprofessional conduct. Here’s how to effectively diffuse disagreements and preempt disputes.

Read full article

Yours, Ike

MEDICAL JUSTICE – Health Justice Policy Recommendations Center for Health Tran

http://www.medicaljustice.com/ads/news-article.asp?article-id=916195115
 
— J. Michael Stolp, Scottsdale, Arizona
— Sent from my Verizon Blackberry
— My info: http://mstolp.cfofa.com
 
“Invention, my dear friends, is 93% perspiration, 6% electricity, 4% evaporation, and 2% butterscotch ripple.”
Willy Wonka, from “Willy Wonka and the Chocolate Factory”

Posted by J. Michael Stolp from my Blackberry.

CFO Focus — Medical Analysis By Milton Friedman

Medical Analysis By Milton Friedman
by Peter Robinson, 06.19.09, 12:01 AM EDT

Insights of old should inform health care today.

President Obama, the press, all the Democrats and a fair number of the Republicans in Congress share the same assumption about health care. Whatever you believe should be done about the problem, it sure is complicated.

Yet one man figured it out.

In 2001 the economist Milton Friedman read up on health care, discovered that the inefficiencies in our system trace back to a single policy mistake, worked out a policy test that would help us correct it and then described his findings in a few thousand words of plain English.

Read full article

CFO Commentary — Monthly Economic Update for June 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote of the month. “I don’t know any other way to lead but by example.”– Don Shula

The month in brief. While economists gathered around the water cooler to discuss whether or not a recovery was really underway, stocks soared, consumer confidence grew, and home sales rose. The broad commodities market had a fantastic month; the dollar didn’t. Meanwhile, the government found that 10 out of 19 stress-tested banks needed more capital. One U.S. automaker went into Chapter 11 bankruptcy, and another prepared for it.

THE SAFE MONEY — THE DANGER WITHIN

EMPLOYEE LAWSUIT EXPOSURE IN A DOWN MARKET ECONOMY

Are you properly protected from employee liability? For those of you who are business owners and have employees or have clients who do, this is very important, especially if you may have to consider lay-offs or downsize as a result of the current business climate.

American business owners are 5 times more likely to be sued by employee than for any other reason, and employees win 75% of the time.

Remember that the people affected by these kinds of economic necessities take it personally, not just as a business decision, and will often turn a necessity based lay-off into a discrimination claim (or something worse) with the help of an employment attorney. Be sure you carefully document any staff reduction, whether based on economic necessity or performance; how would you react if you were fired or laid off amidst fears of a recession? Most people panic and grasp at straws.

THE SAFE MONEY — AFFINITY FRAUD

New FRAUD Schemes Prey on Personal, Religious and Cultural Connections to Build Investor Confidence

Something quick, down and dirty I want all our clients and partners to be aware of, as you folks are the ideal candidates for the bad guys – you are among the most successful people in the U.S.

http://www.fa-mag.com/fa-news/4036-sec-advisor-scheme-targets-chinese-americans.html

As markets continue to fluctuate and rattle investor confidence a new series of alternative investment  fraud schemes are emerging and being exposed faster than I can email you all the details.

The American Spectator : Demand and Supply – Arizona Society of CPAs Blog

The American Spectator : Demand and Supply – Arizona Society of CPAs Blog

Here is a terrific article that Dr. Stephen Happel, the keynote speaker at the recent ASCPA Financial Planning Conference, referenced.  Dr. Happel is a well known economist at ASU.  If you were not at the conference, you missed a great presentation and great day filled with timely presentations.  The conference chairman John Chichester and his committee deserve kudos for their hard work.

When Plaintiffs Roll the Dice in Court

http://www.medicaljustice.com/ads/news-article.asp?article-id=513422755

Posted by J. Michael Stolp from my Blackberry Storm.

AMA – Physicians Challenge Lawyers’ Meritless Liability Suits — And Win

http://www.medicaljustice.com/email-news-det.asp?article-id=100662203

Posted by J. Michael Stolp from my Blackberry Storm.

Do It Yourself Tort Reform

http://www.medicaljustice.com/email-news-det.asp?article-id=916933458

Posted by J. Michael Stolp from my Blackberry Storm.

Denny Collins — Professional Photography

Denny Collins Photography

I want to recommend my good friend Denny Collins for your professional photography needs. Denny’s photos show up throughout our CFO various websites, including http://CFOfa.com.

For examples of Denny’s work, visit our website, or visit his website at Denny Collins Photography. Do mention CFO or Mike Stolp to him.

CFO Commentary — Monthly Economic Update for May 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote of the month. “Discovery consists of seeing what everybody has seen and thinking what nobody has thought.”– Albert Szent-Gyorgyi

The month in brief. If the economy was downtrodden, the stock market sure was upbeat – at the end of April, blue chips were wrapping up their best two months since 2003.¹ As headlines and nightly news relayed anxiety about banks and automakers, Wall Street advanced powerfully. The three major indexes gained between 7.3 and 12.4% in April.² Statistics indicated gloom, but confidence returned to consumers and investors.

CFO Commentary — Quarterly Economic Update for 1Q 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote for the quarter. “Employ thy time well, if thou meanest to get leisure.” – Benjamin Franklin

The quarter in brief. The first quarter of 2009 saw a new bear market low, but also an impressive March rally and a real sense of optimism as spring started. During the first 100 days of the Obama administration, we saw revisions to the bank rescue plan, efforts to heal the consumer credit market and ailing U.S. automakers, and new federal aid for AIG and Citigroup. The key interest rate was untouched; mortgage rates remained low. Overseas markets soared in March but struggled for the quarter, and the commodities sector improved a bit after two bad quarters.

CFO Commentary — Monthly Economic Update for April 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote of the month. “When your work speaks for itself, don’t interrupt.”– Henry J. Kaiser

The month in brief. Stocks gained ground as investors gained back some confidence in the economy and the markets. The Obama administration rolled out a detailed plan to heal banks, and told GM and Chrysler to shape up or be prepared to struggle on their own. The Federal Reserve revealed a plan to buy as much as $1 trillion in securities. Good news emerged from the real estate sector, and oil and precious metals had a good month.

CFO Commentary — Monthly Economic Update for March, 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote of the month. “You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.”– Mahfouz Naguib

The month in brief. Months ago, Warren Buffett compared the U.S. economy to a great athlete who had suffered a heart attack. February was the month in which a team of financial and political surgeons in Washington worked furiously to try and restore its health, while investors paced restlessly in the waiting room. Worries over banks dragged on stocks. The government let Wall Street and Main Street know that help was on the way, but while Main Street applauded, Wall Street was a tougher sell.

CFO Focus — Why Stocks Still Matter

WHY STOCKS STILL MATTER

The market has been hurt, but equities are still important.

If you are retired or nearing retirement, you may have recently directed more of your invested assets into cash, or into bonds, CDs, fixed annuities or other investments outside the stock market. That’s understandable. However, whether you are 65, 45 or 25, there is still a need to grow your money over time. Stock market investment gives you the potential for remarkable growth in a way few investment choices do. Here’s why stocks still matter.

Allianz Financial Results for 2008

Allianz Group achieved operating profit of 7.4 billion euros

Net income from continued business of 4 billion euros / Sale of Dresdner Bank completed / Net loss of 2.4 billion euros for the Group taking into account discontinued business / Board of Management proposes dividend of 3.50 euros per share for 2008

CFO Commentary — A Busy Week

Edited by J. Michael Stolp

Weekly Economic Update for the Week of March 2, 2009

Quote of the week. “Success is the sum of details.”– Harvey S. Firestone

A busy week. President Obama unveiled a federal budget plan to cut the $1+ trillion deficit to $533 billion by 2013. It would include a $634 billion health care reserve fund, return the highest tax brackets to 36.0% and 39.6% in 2011, return the capital gains tax rate to 20.0% in 2011, and make the Making Work Pay and American Opportunity tax credits permanent.¹ The stress test began for America’s 19 biggest banks; any shaky thrifts would be offered 6 months to raise private capital before getting more federal bailout money.² Finally, the Treasury struck a deal with Citigroup to convert up to $25 billion in preferred Citi shares to common shares.³

CFO Focus — How Can You Check Up on an Insurance Company?

HOW CAN YOU CHECK UP ON AN INSURANCE COMPANY?

Ways that life insurance and annuity owners can learn about risks.

Edited by J. Michael Stolp

Read this if you own an annuity or life insurance policy. Read this even if you don’t, because you need to know about the ways you can check up on an insurance company’s rating.

Have insurance companies been exempt from federal bailouts and rescues? No. These are rough times for insurers too. So how can you learn about any risks to a) your policy, b) your annuity, or c) the insurer behind it? And how can you identify the insurance companies that have weathered the recession well?

The Safe Money — Internet & ID Theft Scams Spiraling out of Control — ASSET PROTECTION UPDATE

The links below contains some good information about how ID thieves and criminal gangs are capitalizing on current economic conditions and confusion among consumers.

As you know, we have always advised our friends and clients to guard the assets of their identity and credit as carefully as their more tangible assets. These assets are more valuable than ever before, please take a moment to review these points.

CFO Commentary — Action, Reaction

Edited by J. Michael Stolp

Weekly Economic Update for the Week of February 23, 2009

Quote of the week. “You don’t live in a world all alone. Your brothers are here too.”– Albert Schweitzer

Action, reaction. The President signed a $787 billion stimulus package into law to help the broad economy. The White House and the Treasury unveiled a $275 billion strategy to aid homeowners. Still, Wall Street shrugged, concerned over the health of banks. It also reacted to the Federal Reserve’s 2009 projections: unemployment of 8.5-8.8% and economic contraction of 0.5-1.3%.¹ While stocks descended, some saw a great buying opportunity.

CFO Commentary — Monthly Economic Update for February, 2009

Edited by J. Michael Stolp. These views should not be construed as investment advice.

Monthly Economic Update for February, 2009

Quote of the month. “Freedom is a possession of inestimable value.”– Cicero

The month in brief. Optimism was evident in America … but not in its financial markets. Wall Street had a tough month, and investors hoped it was not an omen for the year. In Washington D.C., more bold solutions were proposed for lingering economic problems. In the retail, service and manufacturing sector, layoffs occurred again and again. Oil prices sank, and gold prices rose. Mortgage rates stayed comfortably around 5%. Investors hoped that hope would translate to action and confidence in the very near future – with the health of banks the biggest concern.

CFO Focus — America Fights Foreclosures

America Fights Foreclosures

Will Obama’s strategy make a dent in the problem?

Edited by J. Michael Stolp

A day after signing his massive stimulus plan into law, President Barack Obama unveiled a strategy to stem the tide of American foreclosures. Some borrowers and lenders cheered; some housing industry analysts were unimpressed.

When does it take effect? The program officially begins on March 4, when specific terms of homeowner eligibility become available.¹ The strategy has three parts.

CFO Focus — Obama’s Stimulus Plan

OBAMA’s STIMULUS PLAN

A look at where the money goes.

Edited by J. Michael Stolp

On February 17, President Obama signed the 1,071-page American Recovery and Reinvestment Act (H.R. 1) into law. Here are some of the routes the money will take.

>> $287 billion in tax breaks include…

CFO Focus — Bash the Banker?

Edited by J. Michael Stolp

BASH THE BANKER?

Is the berating of America’s banks really warranted?

Leading executives from America’s eight largest banks testified on Capitol Hill February 11, as Congress asked how they spent $165 billion in federal money. Legislators had four questions in mind:

1. Where did the money go?
2. Why aren’t you lending as much as we would like?
3. How challenged for capital are you?
4. Are you really going to be frugal?

CFO Focus — Are You a Future Financial Advisor?

ARE YOU A FUTURE FINANCIAL ADVISER?

Think seriously about exploring this terrific career.

Edited by J. Michael Stolp

It’s a great time to be a financial adviser. Repeat: It’s a great time to be a financial adviser. Even in a bear market, the financial services industry is calling to men and women from all walks of life – from recent college graduates in business and finance to retiring executives and managers.

If you’re in your forties or fifties, you may have thought once or twice about exploring another career. Maybe you could make more money doing this or that. Perhaps you are being forced to find another line of work due to the economy. Well, it might interest you to know that

CFO Focus — TARP’s Past, Present & Future

TARP’s Past, Present & Future

The next $350 billion is ready to be released.

What did the first $350 billion accomplish?

Edited by J. Michael Stolp

What has the Troubled Asset Relief Program done for the financial sector? How was the first half of the TARP money spent? Where will the second half go? It’s time for a quick peek at TARP past, present and future.

In a tough economy, firms concentrate on building loyalty

The Dallas Morning News
January 19, 2009

ABSTRACT

The customer is king. If companies want to avoid being swallowed by the economic crisis, that’s what they need to realize, says Gal Borenstein, customer service strategist and author of What Really Counts for CEOs: Connect the Dots Between Marketing & Sales.

Customer service is resurging as a key marketing and brand-building strategy, Borenstein said. That may mean reaching out to customers through social networking sites, contacting them in person or making real-time incident management available.

Read full article

CFO Commentary — Monthly Economic Update for January 2009

Monthly Economic Update for January 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote of the month. “The future depends on what we do in the present.”– Mahatma Gandhi

The month in brief. At the start of December, it became official: America had been in a recession for 12 months. Some leading economic indicators provided further confirmation. It was a month of descents. Interest rates came down to record lows. Oil prices and retail gasoline prices sank to the levels of a few years ago. Mortgage rates fell way down. (However, the real estate sector looked even unhealthier than previously assumed.) GM and Chrysler got bridge loans from Washington, D.C. and GMAC was bolstered by a cash infusion from the federal government. As America prepared for a new presidency, investors anticipated a better year on Wall Street.