You need to have an advocate!

You need to have an advocate!

Here’s a story and why you need allies in life and your business. When my father was in the hospital for a kidney transplant and died due to complications, I told my mother not to pay “any” bills till we were able to review them. My dad spent the last 21 days in a hospital, and was billed 500K. The hospital sent my mother a bill for 93K dollars. We can say we were in shock, since my father had health and supplemental insurance.

I spoke to one of my clients with Your Local City, Lynn and Harry Shank. They are with Texas Assurance Care, and they have been handling my mother’s assets and investments. The first thing they told me after I explained what was going on, was for her to send them the invoice and all paper work that the hospital received for payment from the insurance company.

They knew something was wrong, and reviewed how the invoice was keyed into the system and rekeyed into the hospital system. There is some method where accounts payable and accounts receivables are key. Is it for efficiency? Is it that each system doesn’t understand the nomenclature of the other? Or is it to cause confusion for the client?

Because of the hard work from Lynn and Harry, that bill of 93K went down to $5.50.

I’m not kidding in the least bit. Lynn and Harry always say, their clients are lifelong clients and that they are advocates to their clients.

My amazement and disgust of this type of insurance practice has be speechless.

Protect your self.

Call Lynn and Harry for your investment and retirement needs. They deal in Long Term Care and Annuities, so that your estate is at minimum risk and that you keep as much of your assets as possible. They have become good reliable friends and really have been there for my family at my greatest need.

Texas Assurance Care

Lynn and Harry Shank

512-343-5400

txassurancecare.com

Michael Hofmann

CTO Your Local City

Business Valuations “What is a business worth”

Determining the value of a business is the first step in the process of selling or buying a business. The value of a business is related to the risk involved. The ability to generate an income stream and the value of the tangible

 

An expert valuation report is based on the standard valuation mythology, combined with knowledge and of the valuation expert. The specific purpose for the valuation and size of the business will determine the scope of the report and the depth of the research required.

 

Here are the basic factors that influence the value of the business.

 

• Value of the hard assets
• Recast cash flow analysis: normalize earnings
• Review factors that can impact future earnings
• Calculate and apply external factors discount
• Analyze intangible values

 

The final step of the valuation reports is to make sure the suggested price for the business passes the sanity test:

 

• Will the income cover dept to service?
• Will the cash flow provide the new owner with a reasonable salary?
• Can the cash flow provide for future equipment requirements?
• Will the cash flow provide for future fluctuation in the business Cycle?

 

Caring For Your Parents

Many boomers today have, or will, take on the responsibility of caring for their parents (or grandparents in my case) as they age.  There are several options for your loved one when he/she starts needing help.  The first step should be taken before such need arises.  Find out the names of her doctors, legal and other professionals, medications, where to find important documents, and if there is a will.  By observing and through conversation, you can determine which option is the most appropriate.  Behavior changes, changes in cleanliness, missed appointments, late bills, and other physical and emotional changes are all signs that a change needs to be made. 

Most people would prefer to stay in their home, with full or part-time help as needed.  If your loved one is staying at home, take extra safety measures.  Install help-bars in the bathrooms, secure rugs, and purchase a med-alert device.  In this situation, the role of the family caregiver is to visit often, monitor medications, help with bills and daily chores, run errands, and schedule professionals to help. 

If this becomes no longer possible, the choices available, based on need and financial situation are, move in with son or daughter, independent living (retirement) communities, assisted living facilities, nursing home or smaller residential care home, and Alzheimer’s care homes.  Your doctor or other health care professional will help with assessments to determine the level of care needed.

Whether or not they have long term care insurance may influence the decision as well.  Medicaid has strict guidelines for eligibility and Medicare does not cover long term care. 

If your loved one must move to another community or facility, help them decide what treasures and photos to take.  Visit often, bring gifts, go on outings, and encourage them to participate in activities.  Maintaining a friendly, yet professional, relationship with staff is important, as well.

Usually the caretaking responsibility falls with the nearest child or family member.  Realize that this is a stressful job and be willing to ask for help.  Siblings living farther away can help with paperwork, information gathering, finding professionals to help, and most importantly, support.

There are many emotional issues involved in these decisions and changes.  Loss of independence and control over their life can be frustrating for your loved one.  Moving to a smaller place and losing valuable mementos is sad.  Old sibling rivalries may resurface among the children, regardless of who is the main caretaker.  Parents and caregivers may simply feel overwhelmed by all the choices, changes and responsibilities. 

Pastors, or other spiritual leaders, therapists, and doctors are good resources.  Local home health care or hospice agencies and support groups are also there to help.  Consider hiring a professional organizer to help with the moving, monitoring and scheduling responsibilities. 

If you regard your role of caretaker as a privilege, a chance to become closer to your relative on a new level, the daily duties somehow seem easier.  Remember, you are doing a very important, loving task.

Lori Thompson is a Professional Organizer offering all or space by space organizing of home, office, garage, and storage.  Thanks to the blessing of caring for her grandmother while she was in an assisted living facility, she has experience and a passion for working with the elderly, as well.  You can reach her at lori@quality-life-solutions.net or (512) 863-6558.