Cava Faulkner

December 9, 2021 by Cava Faulkner

Today’s high-tech digital landscape is both a boon and a bane to business owners. The proliferation of apps, mobile devices, and software has improved business productivity like nothing before. At the same time, however, this technology has also spawned countless digital distractions that can turn those productivity gains into losses, especially if they steal the attention spans of your team members.

On top of all this, there are now an equally diverse number of digital systems designed to track and monitor employee activities and communications, both online and off. Indeed, nearly every facet of employee activity and communication can be easily monitored and measured. But the question is—should you do it?

From software that tracks how much time an employee spends online and which sites they visit, to GPS devices that monitor their locations and systems that record their keystrokes, there’s an app for that and so much more. However, this technology is not just about ensuring workers aren’t watching too many cat videos, it also has valuable benefits for maximizing workplace efficiency, productivity, and security.

For example, employers can learn exactly how much time employees spend on specific tasks, and use this information to help calculate the cost and value of projects, identify which tools are working best, and improve organizational structure based on their employees’ most productive periods and which teams work together best.

Of course, such technology also has potential downsides. Overzealous monitoring can lead to unhappy and/or stressed-out staff, who feel their privacy is being unnecessarily invaded and their workday is being micromanaged by Big Brother. If not used properly, there could be potential legal issues as well, so consult with us as your Creative Business Lawyer® if you’re thinking about installing monitoring technology at your company.

As with any new technology that intimately affects employees, business owners should be as transparent as possible when adopting these systems. The Society for Human Resource Management (SHRM) suggests that the best way to avoid employee backlash and demoralization is to communicate early and often the reasons you’re using such systems. SHRM also suggests that you should focus on how the technology improves staff productivity first to get your team comfortable with it, not immediately punish employees for non-work-related web use.

Additionally, you should develop a clear Acceptable Use Policy, informing your team about how/why they’re being monitored, what the rules are, and also obtain their consent. Because some of these areas involve potential legal ramifications, you should work with us to help develop your new policy and advise you on situations that could lead to potential employee backlash.

We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule. Or, schedule online.

December 6, 2021 by Cava Faulkner

For many entrepreneurs, being a “workaholic” is the default status. Though such drive and dedication can be positive in short bursts, in the long run it leads to stagnation, burnout, and worse. Have you thought about doing an entrepreneurial retreat?

Just as experts advise us to step away from what we’re working on for short breaks throughout the day to maximize creativity, the same applies on the macro scale. An ideal way to escape the insane pressures of running a company is to attend one of the numerous different entrepreneurial retreats available.

Entrepreneurial retreats are specifically designed to remove stressed-out business owners from their demanding daily routines, so they can focus on improving themselves mentally, physically, and/or spiritually. While there are dozens of different retreats to choose from, most offer a blend of personal and professional development activities aimed at giving attendees a chance to relax and recharge their creative batteries.

If you’re not sold yet, here are four reasons you should consider taking a little extra “me time” by attending a retreat. They can be one of the most beneficial events you can attend for both yourself and your business.

1. You need to regularly step away from your daily duties to see the bigger picture

It’s far too easy to stay trapped in the “busy bubble” by throwing ourselves into the daily demand of running a business for months—or even years—at a time without a significant break. This can easily lead to tunnel vision, exhaustion, and health issues if you don’t disconnect from those responsibilities on a regular basis.

By attending a retreat once or twice a year, you’ll have the much-needed time and space to slow down, relax, and look within to more fully develop yourself, not just your business strategy. Recharging your creative energy in this way frequently results in a renewed sense of motivation, focus, and vision, which you can use to enhance your business upon returning.

2. You can receive valuable (and tax deductible) business training

Even though retreats are a terrific way to disconnect from the daily grind, many also provide the option to engage in professional-development training through coaching, seminars, and workshops.

So beyond personal development through quiet introspection, you can also use these retreats to hone your business and leadership acumen as well. Not only is this a good option for those who find it difficult to spend a week or more doing nothing “productive,” but it also allows you to write off the cost of the retreat on your taxes as a business expense.

3. You can connect with others in your same shoes

Entrepreneurs are a special breed of people, and it can be extraordinarily beneficial to surround yourself with a group of like-minded peers. Doing so provides a valuable sense of community, social support, and networking opportunities.

Who knows, maybe the guy you meet doing yoga or ziplining has encountered and overcome the very same challenge you’re currently facing. Or maybe he can recommend another professional who can help with your next big project. Or maybe you are that person for him. Or maybe you two simply hit it off and become lifelong friends.

No matter who you meet at a retreat, there’s the real potential that those people can become trusted allies and even partners long after the retreat is over.

4. It helps your employees evolve, too

Though it can be difficult to totally step away and let others run the show while you’re away, a retreat can actually be quite valuable for your employees, too. Provided you give your team ample warning, direction, and authority to handle things in your absence, the experience can be a one-of-a-kind learning experience.

More importantly, handing your team the reins while you’re out helps establish real trust on both sides. Not to mention, it lays the foundation for you to eventually step away for longer periods in the future, when you want to focus on new projects or just take an extended break.

And you might be pleasantly surprised at just how well your team can handle things without you around. They might not need you as much as you think—which is a good thing!

We can help you select the entrepreneurial retreat that best suits your unique personal and professional situation. Contact us today to help you find the retreat that best fits you needs.

December 5, 2021 by Cava Faulkner

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December 4, 2021 by Cava Faulkner

Multi-generational households are becoming the new (or maybe it’s really old) in vogue way to handle the care of aging parents. And we’re all for it so long as you consider the implications and set your family up for success. Here are 7 expenses to consider when your senior parents move in.

With Mom or Dad moving in, you can anticipate some extra expenses, not just financially, but possibly emotionally as well. But it’s hard to know what to expect, and you might face costs you didn’t see coming. Having an elderly parent move in with you is a major life event that requires financial and emotional preparation. Here are some unexpected costs of caring for elderly parents to get you thinking about what lies ahead, if you decide to move mom or dad into your home.

Remodeling

Many people don’t think about the modifications they might need to make to their home to welcome an elderly parent. If your parent is living with you long-term, you will want to make him or her comfortable, which might entail adding a new addition to your home, creating a private living space out of a shared area, making accommodations for single-level living if your parent cannot navigate the stairs, or adding mobility adaptations such as a walk-in bath or chair lifts.

Lost work productivity

Moving your elderly parent in, helping him or her get acquainted with the area, and checking out activities can all eat into your work week. Expect further loss of productivity if you have to take your parent to run errands, to medical appointments, or to therapy sessions. You can look into senior transportation services if you are unable to take time off from work, but remember to budget for the extra expense.

Home help

In-home care can be a significant expense, but unless you are able to take time away from your busy day, your elderly parent might need it. Long-term care insurance will sometimes cover some or all of the costs, and you might be able to get assistance from certain programs through the VA or other community organizations.

Miscellaneous household expenses

The costs of simply having another household member can be unexpectedly high, especially if that member spends most of his or her day at home. You should expect such extra expenses as increased heat and electricity bills, special foods, and personal care products. Remember that elderly parents have special needs, and those needs can be expensive.

Medical Expenses

Even with insurance, your parent might have steep out of pocket costs for co-pays, prescriptions, mobility aids, supplements, vitamins, and other uninsured medical expenses. For certain conditions, these costs can quickly add up.

Long term expenses

As your parent ages, his or her needs will change, too. These changing needs can result in unexpected long-term costs. When your parent’s retirement funds are exhausted or when they face deteriorating health, you might have to consider the staggering costs of long-term care in an assisted living facility or nursing home.

Therapy

Moving mom or dad into your home could bring up all of the unresolved emotional issues that have not yet been addressed within your family dynamic. This isn’t something to be afraid of, so long as you have the right support. On the contrary, it can be a great opportunity to heal inter-generational wounds that would otherwise get passed on to you and your children and their children.

Caring for an elderly parent can result in unexpected expenses and unexpected benefits, as well. Now that they have become dependent on you, you might also need to consider making changes to your insurance policies or revising your estate plan. If you are ready to take the step of officially becoming caregiver for mom or dad, meet with us for guidance.

We can help you prepare for the unexpected costs (and reap all the benefits) of caring for an elderly parent. We begin all planning with a Family Wealth Planning Session to get to know you, what’s important to you, and to support you to make the most informed, educated and empowered decisions possible for yourself and the people you love. Before the session, we’ll send you a Family Wealth Inventory and Assessment to complete that will get you thinking about what you own, what’s most important to you, and what you can do to ensure your entire family is taken care of. Schedule online.

December 3, 2021 by Cava Faulkner

As your family size grows, there is lots to prepare for and consider. Welcoming a new family member can be a joyous occasion, and requires some planning. Adding a new family member can affect your finances and create a need for more protections. Reassessing your insurance coverage might not be at the top of your list, but policies should always be audited when changes in your family life occur to ensure your coverage will adequately protect your growing family. Remember this: insurance says I love you to the people you love. These are the insurance policies to review when you have a baby.

Life Insurance

It’s always a good idea to increase your life insurance coverage whenever you add a new member to your family. Life insurance can provide your loved ones with valuable financial support when you die. Determining the right type and amount of life insurance coverage takes assessing your current financial standing and the future financial needs of your family. As your family grows, future financial needs will as well. Think long-term, take into account inflation and any expected big-ticket investments, such as education over the years, plus the needs of a single parent or named legal guardians to care for your children, if you pass on while they are unable to care for themselves.

And always remember that you can name legal guardians to care for the education and health of your children, while directing your insurance to pay to a trust for the benefit of your children, with a separate trustee named to care for the finances. This Trustee would work together with your named guardians to make decisions in the best interest of your children, until they could receive and control the inheritance themselves.

Homeowner’s Insurance

For some, a bigger family means a bigger home. If you are purchasing a new home or building a new addition to your current home, it’s a good idea to reevaluate your homeowner’s policy. Key factors to look for include whether your existing policy has sufficient coverage to repair or replace your home and whether your policy would replace your belongings if necessary. Also, consider adding riders to your existing policy to cover things like damage from natural disasters, which standard policies typically don’t cover.

Auto Insurance

You might need a larger or safer car to meet the needs of your growing family. A new car can affect your auto insurance rates, so check with your provider before you make a new purchase to see how your rates may change. Also, some auto insurance providers offer policy discounts for married couples, so talk to your agent about the discounts you may qualify for.

Parents want to protect their family from the unexpected. Insurance can help provide this protection, but you need to tailor your policies to meet your family’s needs. Periodically review your insurance policies as your family grows to make sure you have optimal protection for what you value most. And, use us to support you.

If you’re growing your family and want to protect your loved ones, consider sitting down with us. We can walk you through creating a comprehensive Kids Protection Plan®. Before the session, we’ll send you a Family Wealth Inventory and Assessment that will get you thinking about what you own, what matters most to you, and how you want to protect your growing family. Schedule online.

December 1, 2021 by Cava Faulkner

A case on the Supreme Court’s docket for October could have a major impact on the parental rights of same-gender couples seeking to adopt or foster children. In February, the high court agreed to hear Fulton v. City of Philadelphia, which deals with whether taxpayer-funded, faith-based foster care and adoption agencies have a Constitutional right to refuse child placement with LGBTQ families.

In March 2018, the City of Philadelphia learned that Catholic Social Services (CSS), an agency it contracted with to provide foster care services was refusing to license same-gender couples as foster parents. This was in spite of the fact the agency consented to abide by a city law prohibiting anti-LGBTQ discrimination.

The city told CSS it would not renew their contract unless they abided by its nondiscrimination requirements, but CSS refused to comply, and the city cancelled its contract. CSS then sued the city, claiming it had a First Amendment right to refuse licensing same-gender couples, since those couples were in violation of their religious beliefs.

Both a federal judge and the 3rd Circuit Court of Appeals sided with the city, noting the city’s decision was based on a sincere commitment to nondiscrimination, not a targeted attack on religion. From there, CSS took the case to the Supreme Court.

Rampant discrimination at the state level

LGTBQ adoptions are particularly contentious right now at the state level. The Supreme Court has yet to rule on the issue of the parental rights of non-biological spouses in a same-gender marriage. Given this, many married same-gender couples looking to obtain full parental rights in every state turn to second-parent adoption, as the Supreme Court has previously ruled that the adoptive parental rights granted in one state must be respected in all states.

That said, 11 states currently permit state-licensed adoption agencies to refuse to grant an adoption, if doing so violates the agency’s religious beliefs. In other states, the law specifically forbids such discrimination, but as we’ve seen in the Fulton case, those laws are being challenged.

We plan to write a follow up article once the Supreme Court rules on Fulton v. City of Philadelphia. Legal experts predict the case could have a significant impact on not just parental rights for same-gender couples, but nondiscrimination policies related to religious institutions at a broad level. In the meantime, same-gender couples should consider another potential option for gaining parental rights—one that doesn’t require adoption.

Estate planning offers another option

No matter how the Supreme Court rules, same-gender couples seeking parental rights have another option—estate planning. It may be surprising to hear, but it’s critically important for you to know that when used wisely, estate planning can provide a non-biological, same-gender parent with necessary and desired rights, even without formal adoption.

Starting with our Kids Protection Plan®, couples can name the non-biological parent as the child’s legal guardian, both for the short-term and the long-term, while confidentially excluding anyone the biological parent thinks may challenge their wishes. In this way, if the biological parent becomes incapacitated or dies, his or her wishes are clearly stated, so the court can do what the parent would’ve wanted and keep the child in the non-biological parent’s care.

Beyond that, there are several other planning tools—living trusts, power of attorney, and health care directives—we can use to grant the non-biological parent additional rights. We can also create “co-parenting agreements,” legally binding arrangements that stipulate exactly how the child will be raised, what responsibility each partner has toward the child, and what kind of rights would exist if the couple splits or gets divorced.

Secure parental rights—and your family’s future

If you’re in a same-gender marriage—or even a committed partnership with someone of the same gender—and you want to ensure that your significant other has as many parental rights as possible, meet with us to discover the planning tools are available to you.

And whether you are married, or in a domestic partnership, even with no children involved, it’s critically important you understand what will happen in the event one (or both) of you becomes incapacitated or when one (or both) of you dies. Proper planning can ensure your beloved is left with ease and grace, not a financial and legal nightmare that could have been avoided.

With our guidance and support, you can ensure your partner or spouse will be protected and provided for in the event of your incapacity or when you die, while preventing your plan from being challenged in court by family members who might disagree with your relationship. Contact us today to get started.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Family Wealth Planning Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

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