t he e ntrepreneurs g uide to w ealth g eneration, w ealth g rowth, and w ealth p reservation a...
TRANSCRIPT
THE ENTREPRENEURS GUIDE TO WEALTH GENERATION, WEALTH GROWTH, AND WEALTH PRESERVATION
A special presentation for StartUP Marathon13By Saeed Tellawi and Thais Amaral Tellawi
April 20th, 2013
FIRM OVERVIEW
• Services for the owners of small, privately held, and family-owned businesses• Personal Estate• Business
PHASES OF WEALTH
• Wealth Generation
• Wealth Growth
• Wealth Preservation
WEALTH GENERATIONGetting started.
STARTING A BUSINESS
• Top 5 Lessons Learned• 1. Get official.• 2. Know your business.• 3. Market intelligently.• 4. Get professional help.• 5. Plan your exit strategy from day 1.
BUSINESS FORMATION PACKAGE
• Choice of entity advice
• Entity Formation
• Operating Agreements / Bylaws
• Federal Employer Identification Number
• Assumed Name Filing
• Amaral Tellawi’s Business Owner Package
• 12 Months of Corporate Counsel Retainer Program
Getting Official
CHOICE OF ENTITY IS NOT A CHOICE
Some alternatives
• DBA is not an entity
• General Partnership
• Limited Partnership
• Corporation
• LLC
• Series LLC
Whatever you do, choose something.
THE OPERATIVE DOCUMENTS
Certificate of formation
• Official state filing document.
• A small price to pay.
Operating agreement
• The “rules” of your company.
• Lays out the agreement between the partners/investors.
EVERYTHING ELSE
EIN & Assumed Name
• Open a bank account & hire employees.
• “Register” with the county.
Business Owner package & CCRP
• Minutes & formalities.
• 12 months of outsourced legal counsel.
MARILYN MONROE
• Died at age 36.
• 75% of her estate to her acting coach,
Lee Strasberg.
• Included her licensing and royalty fees.
• Annual income from use of her image: over $1,000,000.
• She included “wishes” that it be later be donated to charity.
MARILYN MONROE
• Lee died in 1982 leaving his estate to his widow, Anna.
• Marilyn never knew Anna!
• After Lee’s death Anna was named primary beneficiary and administrator of Marilyn’s estate.
• Fun Fact: Burial plot directly above Marilyn’s sold for $4.6Million back in 2009.
BASIC PLANNINGWhat should one have in place?
BASIC PLANNING
Last Will and Testament
• Distributes your assets after death.
• Appoints a person who will manage your last affairs.
• Appoints guardian for minor children, if any.
WHAT IF YOU’RE INCAPACITATED AND CAN’T MAKE DECISIONS FOR
YOURSELF?
Statutory Power of Attorney
• Appoints a person to make business decisions on your behalf.
• Bank accounts, financial accounts, real property & securities transactions, etc.
Medical Power of Attorney
• Appoints a person to make medical decisions on your behalf.
• Consenting to a particular treatment or surgery.
HEALTHCARE FORMS
Directive to Physicians
• Designates whether a person would like to be kept alive on life-support if in a terminal or irreversible condition.
HIPAA Release
• Authorizes a person who can access your medical records.
WHO WILL CARE FOR YOU & YOUR CHILDREN IF YOU ARE UNABLE TO
DO SO?
Declaration of Guardian for Self
• Appoints a person who will care for your person and your estate.
Declaration of Guardian for Minor Children
• Appoints a couple or an individual to care for your children and their estate.
UNMARRIED COUPLES: WHAT THEY DON’T GET
• No unlimited marital deduction
• No rollover of retirement benefits
• No automatic hospital access
• No intestacy protections
• No automatic revocation of estate planning provisions upon “divorce”
WEALTH GROWTHThe uphill battle.
Beyond Start-Up Automation Standardization Risk Tolerance / Minimization Getting Money
Now you’re set at home…
Automation & Standardization It’s called an “organization” for a reason All components toward one goal Communication Data collection Analysis Change / Action Automation & Standardization All without you
Developing “Auto Pilot”
Risk & Reward Tolerance Establishment & Control Getting Money
Investors Loans (Including Refi’s)
Taking it to the Next Level
WEALTH PRESERVATIONSo you want to leave a legacy.
GENERALLY
• Plan your exit from day 1.• Business Succession Planning (Buy/Sell)
• Make yourself a dispensable part of your business.
• Keep your estate plan current.
DO-IT-YOURSELF LEGAL DOCUMENTS, JUST DON’T
What am I getting?
BIG DISCLAIMERSNO LEGAL ADVICE
• Website “is not a law firm”
• Website “does not practice law or give legal advice”
• “Employees are not acting attorneys”
• “Not a substitute for the advice of an attorney”
• “You are representing yourself”
BIG DISCLAIMERSNO GUARANTEES
• Info on this website is “not legal advice and is not guaranteed to be correct, complete or up-to-date”
• “May include inaccuracies”
BIG DISCLAIMERSYOU’RE ON YOUR OWN
• Advice received “should not be relied on for personal, medical, legal or financial decisions”
• “Your use of the site is at your own risk”
We didn’t get to your question?
Call us at 832.295.0770!
Or email us: [email protected] or [email protected].
For more info visit us online: amaraltellawi.com
2519 South Blvd, 2nd Floor, Houston, TX 77098