October 2018 – Page 3 – Law Offices of Elsa W. Smith, LLC

10 Tips for Small Business Owners

1. Get Serious About Digital and Physical Organization

Having a streamlined organization system can boost productivity and save you from losing access to important documents. This includes managing your physical files as well as digital data. Consider digitizing records and taking advantage of the myriad online platforms for digital case management and file storage.

2. Familiarize Yourself with Federal and State Employment Laws

For small business owners, staying organized also means being aware of and abiding by employment laws. Take the time to do research on these regulations, which differ by state and vary according to a range of factors, like the number and types of employees.

3. Know How to Choose Team Members

There comes a point where a small business owner recognizes that they could benefit from sharing their workload. Finding the right employees and business partners can help you focus your efforts where they are most needed.

When adding new members to your team, past work experience is not the only factor you should evaluate. Determine the specific set of skills you are looking for and focus on their potential within your business.

4. Outsource Specialized Tasks When Needed

Outsourcing is a viable option for small business owners who are not yet ready to add an employee to their business but would like to delegate tasks or assignments (think timekeeping, payroll, and IT) to a specialist.

5. Take (Calculated) Risks

Some of the greatest successes in history and in business can be attributed to risk-taking. Whether it is in the form of a challenge or new business strategy, taking a calculated risk can set your business apart from the rest. However, risk-taking is not equivalent to improvising; a calculated risk takes into account any possible undesired outcomes. Always have a backup plan in place.

6. Remain Optimistic

Every small business faces stumbling blocks. Setbacks can make success seem unattainable, but the way you handle a difficult situation can unlock constant growth and improvement in your business. If your business hits turbulence, try asking yourself, “What have I gained from this experience, and how will it guide my approach in the future?”

7. Learn When to Say No

In deciding when to decline a request from a potential client or customer, carefully consider your limitations. This includes any workload constraints, prior commitments, or if the request is outside of the range of your expertise.

Profitability is also a deciding factor. It may be difficult to decline work, but do not fail to recognize the financial value of the product or service you provide.

**8. Learn How to Say No**

When declining someone’s business request, provide them with a sensible explanation for why you are unable to meet the request, and make clear what you do offer. Providing this information can leave you open to future business requests from this person, who may, in turn, send other potential clients or customers your way. As a courtesy, you may assist this person by referring them to a trusted business or resource you believe will meet their specific request.

9. Network with Other Small Business Owners

Networking with other local business owners not only deepens the community bond of your business, but it can be a rich source of support and guidance. Don’t be afraid to branch out!

10. Give Yourself a Break

Operating a small business comes at the expense of extensive time and effort. However, business owners should not devalue the importance of downtime. Whether it’s a weekend getaway or a night away from your cell phone, setting aside time to decompress can benefit you and your business greatly, while providing much-needed insight.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.

If you are a business owner in need of outside counsel or you simply want to consult on an as-needed basis with a licensed Maryland legal professional regarding your business, give the Law Offices of Elsa W. Smith, LLC a call at 410-995-7719. Protecting You, Your Family and Your Business

Articulos, Planificación Patrimonial

Soy un recién casado con pocos bienes. ¿Cómo puede ayudarme la planificación patrimonial?

Un matrimonio es un vínculo entre dos personas que se han comprometido a enfrentar la vida juntos. Si recientemente se ha comprometido a pasar el resto de su vida con su cónyuge, no hay mejor momento que ahora para establecer un plan de sucesión.

Si bien la preparación para el futuro puede ser intimidante, la planificación patrimonial puede aliviar gran parte de esta incertidumbre. Los recién casados comparten un esfuerzo conjunto hacia el crecimiento y la estabilidad, y la planificación patrimonial es una extensión de este objetivo. Independientemente de los ingresos, el valor de los activos o el estado de los propietarios, los recién casados se encuentran en una posición muy favorable cuando se trata de construir un plan de sucesión. Donde empiezas

Es útil pensar en la planificación patrimonial como una forma de proteger sus activos, posesiones y preferencias médicas. Como tal, los cónyuges pueden compartir esta responsabilidad incluso si tienen pocos activos o no son propietarios. Un error común es que la planificación patrimonial solo abarca bienes raíces. Sin embargo, éste no es el caso. Su patrimonio incluye (pero no se limita a): vehículos motorizados, objetos personales preciados, reliquias y cuentas de inversión.

Los recién casados pueden comenzar (o actualizar) su plan de patrimonio haciendo que un abogado prepare lo siguiente:

Última voluntad y Testamento

Una voluntad bien elaborada puede ser una fuente de alivio para el cónyuge, la familia y los seres queridos sobrevivientes. Incluye los deseos del difunto por la administración y administración de su patrimonio. Las parejas casadas a menudo combinan activos, que pueden cambiar la naturaleza de la voluntad preexistente de un individuo.

Si tiene hijos o planea tener hijos, un testamento es una vía vital para proteger su legado. Las preferencias de herencia y tutela también se pueden describir en su testamento.

Aquellos que tienen un testamento y aún no están casados, pero que planean casarse pronto, son muy alentados a revisar su testamento después del matrimonio. Un cambio en el estado civil es solo uno de los eventos significativos de la vida que justifican la revisión de un testamento. Otros eventos importantes de la vida incluyen cambios en la residencia, la carrera y el estado de los propietarios.

Poder Legal

Tener un documento de Poder notarial en su lugar le permite designar a un agente para que tome decisiones legales, financieras y personales en su nombre en caso de que no pueda tomar estas decisiones por sí mismo. La elección de un agente puede tomar algunas deliberaciones y discusiones con su cónyuge y con la persona que usted decida nombrar. Por esta razón, es crucial comenzar el proceso de planificación patrimonial más temprano que tarde.

Directiva Avanzada

Las directivas avanzadas también son importantes, independientemente del tamaño de su patrimonio. En este documento, puede elegir un agente de atención médica para tomar decisiones médicas por usted. El poder de decisión de su agente de atención médica puede ser limitado o general. Las preferencias médicas específicas, como las órdenes de “No resucitar”, también se incluyen en una directiva avanzada.

Por mucho que tratemos de planificar con anticipación las emergencias, las situaciones imprevistas son inevitables. Al comenzar una nueva vida juntos, usted y su cónyuge deben priorizar su enfoque del bienestar financiero y médico; Estas decisiones importantes no pueden dejarse a la suerte. Aquellos con fincas pequeñas tienen la capacidad de crecer y mantener activos en los próximos años y sentirse cómodos al saber que tienen el control.

La información de este artículo se ofrece solo con fines educativos y no constituye asesoramiento jurídico. Para obtener ayuda específica, consulte con un abogado autorizado en su jurisdicción.

Tener un profesional de planificación patrimonial no solo ofrece una comunicación y una dirección claras, sino que también brinda tranquilidad. Un plan de sucesión es una herramienta crucial para ayudarlo a alcanzar sus metas, tanto individuales como compartidas. Si desea obtener ayuda con la planificación patrimonial en Maryland o tiene preguntas sobre su situación, lo invitamos a contactarnos en las Oficinas Legales de Elsa W. Smith, LLC. 410-995-7719

Articles, Estate Planning

I am a newlywed with few assets. How can estate planning help me?

A marriage is a bond between two people who have pledged to face life together. If you have recently committed to spending the rest of your life with your spouse, there is no better time than now to establish an estate plan.

While preparing for the future can be intimidating, estate planning can ease much of this uncertainty. Newlyweds share a joint effort toward growth and stability, and estate planning is an extension of this aim. Regardless of income, asset value, or homeowner status, newlyweds are in a highly favorable position when it comes to building an estate plan. Where do you begin?

It is helpful to think of estate planning as a way to protect your assets, possessions, and medical preferences. As such, spouses can share this responsibility even if they have few assets or do not own property. A common misconception is that estate planning only encompasses real estate. However, this is not the case. Your estate includes (but is not limited to): motor vehicles, prized personal possessions, heirlooms, and investment accounts.

Newlyweds can begin (or update) their estate plan by having an attorney prepare the following:

Will

A well-crafted will can be a source of relief for surviving spouse, family, and loved ones. It includes the decedent’s wishes for the management and administration of their estate. Married couples often combine assets, which can change the nature of an individual’s pre-existing will.

If you have children or plan to have children, a will is a vital avenue for protecting your legacy. Inheritance and guardianship preferences can also be outlined in your will.

Those who have a will and are not yet married, but are planning to be married soon, are highly encouraged to revise their will after marriage. A change in marital status is just one of the significant life events that justify a will revision. Other significant life events include changes in residency, career, and homeowner status.

Power of Attorney

Having a Power of Attorney document in place allows you to appoint an agent to make legal, financial and personal decisions on your behalf in the event that you cannot make these decisions for yourself. Choosing an agent may take some deliberation and discussion with your spouse and the person you decide to appoint. For this reason, it is crucial to start the estate planning process sooner rather than later.

Advance Directive

Advance directives are also important regardless of the size of your estate. In this document, you may choose a healthcare agent to make medical decisions for you. The decision-making power of your healthcare agent can be limited or general. Specific medical preferences, such as “Do Not Resuscitate” orders, are also included in an advance directive.

As much as we try to plan ahead for emergencies, unforeseen situations are inevitable. In starting a new life together, you and your spouse should prioritize your approach to financial and medical well-being; these major decisions cannot be left to fate. Those with small estates have the ability to grow and maintain assets in the years to come and take comfort in knowing they are in control.