Ashley Nichols True Planning With Ash

We are hiring! This should mean everything to a business owner. You have put a lot of hard work, energy, time, sacrifice, into building your business so it should be imperative that you hire the right people to help run and grow your business. And just as important as it is to hire the right people, it’s important that you value those people and treat them how you’d want them to treat your business. Voluntary benefits are one way to create value for your employees in the work place! Contact me if you’d like to learn more.

The first step to knowing your money is getting organized. Money can be stressful but it doesn’t have to be! I take the time to learn not only my clients’ needs but also their wants and their goals. Together we create a clear path to help you on your financial journey. When you’re in alignment your life flows.

Do you feel out of touch with your money? It’s coming in but you don’t know what to do with it. Or perhaps you’re too afraid to do anything with it. I can help you understand what your relationship with money is and why you have the beliefs and habits that you do. I help you to create a very clear pathway to know your money and reach your goals. Love, Ash 🤍

Helping executive women align their finances with their goals 🤍

If we’re being honest, most of us don’t think about life insurance. Especially when we’re young, don’t have any kids, don’t own property, etc. And even more never consider disability insurance. Why? Well for one, it’s not talked about and most aren’t educated on it. And two, accidents don’t happen to us, they happen to other people….right? Unfortunately, that’s the reality of how most think. What I would like to change is our thinking around this.

We are not promised our health, accidents and catastrophic events can’t be predicted, we know we will die, however we don’t know when. Because of these uncertainties we need to start being proactive and not reactive.

Why are all the things listed above important and/or required but when it comes to protecting yourself, we push it to the side?

Business Owners! Starting a business should include estate planning!

Common things that are missed when starting a business:

1. Buy-Sell Agreement- in the event of a death, disability, incarceration, bankruptcy, etc. what agreement is in place to keep the business going, protect the owner’s heirs, if a partnership, how will the transfer of ownership be handled?
2. The funding of a buy-sell agreement- where are the funds coming from if a partner needs to buy out the shares or interest of one of the owners? How will your debts in the business be paid, will your heirs have to funds to continue the business, etc.
3. Special Planning Considerations- 1. Estate reduction (gift of business ownership), 2. Estate liquidity (avoid a forced sale of business), 3. Estate equalization (not all family members know how to run the business or want to), 4. Income for surviving spouse (can spouse run the business), 5. Business succession- who is taking over when you exit, 6. Key person (making sure the people who are key to making the business run are taken care of)
4. Setting up a trust for estate taxes
5. Life insurance- the earlier the better

Speak with a financial professional, educate yourself, and be proactive. This is for educational purposes only. Each individual situation is different. Please consult with a financial professional.

Ashley Nichols

According to various financial websites, these banks fall, consistently within the top 10 high yield savings accounts that pay the highest average percentage yield (APY).

With the highest on the list at 4.85% APY compared to the National average yield for traditional savings accounts at .24% APY, according to bankrates May 3 weekly survey of institutions.

According to Forbes, nearly half (48%) of Americans have opened high-yield savings accounts. However, when you look at the average savings by age, Gen Z (73%) and millennials (59%) are more likely to have opened one. Even more interesting is that 65% of those who earned $150,000 or more have opened a high-yield savings account, compared to just 17% of those earning under 30,000.

The most popular reason for not opening one include the perception that opening an account would be too complicated and time consuming (24%) and not wanting to open an account with an online only bank (23%). Most high yield savings accounts can be opened in 15 minutes or less which suggests a lack of awareness around the application and account opening process.

Why is this important? High yield savings accounts give you an advantage and opportunity to maximize your savings. You should strive to create a 6 month reserve of all fixed expenses that you put away in case of emergencies. You want these funds to be readily available and not at risk to market fluctuations.

Additionally, if you have short, mid or long term goals that you have been saving for and are unwilling to risk loss and need the funds to be readily available. High yield savings accounts are a great option to build interest.

This isn’t to say you should put all of your savings in a high yield savings account. It is important to diversify and allocate savings accordingly in relation to your goals and needs. Each Individual situation varies and it’s best to speak with a financial representative to go over what your financial picture looks like and how best to strategize to help you attain your goals.

According to various financial websites, these banks fall, consistently within the top 10 high yield savings accounts that pay the highest average percentage yield (APY).

With the highest on the list at 4.85% APY compared to the National average yield for traditional savings accounts at .24% APY, according to bankrates May 3 weekly survey of institutions.

According to Forbes, nearly half (48%) of Americans have opened high-yield savings accounts. However, when you look at the average savings by age, Gen Z (73%) and millennials (59%) are more likely to have opened one. Even more interesting is that 65% of those who earned $150,000 or more have opened a high-yield savings account, compared to just 17% of those earning under 30,000.

The most popular reason for not opening one include the perception that opening an account would be too complicated and time consuming (24%) and not wanting to open an account with an online only bank (23%). Most high yield savings accounts can be opened in 15 minutes or less which suggests a lack of awareness around the application and account opening process.

Why is this important? High yield savings accounts give you an advantage and opportunity to maximize your savings. You should strive to create a 6 month reserve of all fixed expenses that you put away in case of emergencies. You want these funds to be readily available and not at risk to market fluctuations.

Additionally, if you have short, mid or long term goals that you have been saving for and are unwilling to risk loss and need the funds to be readily available. High yield savings accounts are a great option to build interest.

This isn’t to say you should put all of your savings in a high yield savings account. It is important to diversify and allocate savings accordingly in relation to your goals and needs. Each Individual situation varies and it’s best to speak with a financial representative to go over what your financial picture looks like and how best to strategize to help you attain your goals.

According to various financial websites, these banks fall, consistently within the top 10 high yield savings accounts that pay the highest average percentage yield (APY).

With the highest on the list at 4.85% APY compared to the National average yield for traditional savings accounts at .24% APY, according to bankrates May 3 weekly survey of institutions.

According to Forbes, nearly half (48%) of Americans have opened high-yield savings accounts. However, when you look at the average savings by age, Gen Z (73%) and millennials (59%) are more likely to have opened one. Even more interesting is that 65% of those who earned $150,000 or more have opened a high-yield savings account, compared to just 17% of those earning under 30,000.

The most popular reason for not opening one include the perception that opening an account would be too complicated and time consuming (24%) and not wanting to open an account with an online only bank (23%). Most high yield savings accounts can be opened in 15 minutes or less which suggests a lack of awareness around the application and account opening process.

Why is this important? High yield savings accounts give you an advantage and opportunity to maximize your savings. You should strive to create a 6 month reserve of all fixed expenses that you put away in case of emergencies. You want these funds to be readily available and not at risk to market fluctuations.

Additionally, if you have short, mid or long term goals that you have been saving for and are unwilling to risk loss and need the funds to be readily available. High yield savings accounts are a great option to build interest.

This isn’t to say you should put all of your savings in a high yield savings account. It is important to diversify and allocate savings accordingly in relation to your goals and needs. Each Individual situation varies and it’s best to speak with a financial representative to go over what your financial picture looks like and how best to strategize to help you attain your goals.

Ashley Nichols

No matter what you choose as a business owner in how you want to transfer your business, you have to have a plan in place.

Factors I consider:
1. What kind of business is it?
2. Is it closely held? Meaning a small amount of owners, family, etc.
3. Is there a ready buyer or market for the business if the owner wanted to sell?
4. Substantial owner participation? Operations of the business?
5. Will the owner have sufficient income for themselves and/or their family once they sell?
6. Income replacement? Has that been thought about?
7. If transferring to a family member, can that member run the business or ready to run the business?
8. Finding strategies to transform the business value into financial security for the owner

Problems that present when there is a lack of planning :
1. Loss of income
2. Loss of control
3. Loss of business value

Business continuation planning is essential to protect, preserve, and control the outcome.

Some planning options can be:
1. Buy-Sell Agreement- written agreement that provides certainty of a sale at an agreed price. Terms are agreed upon. Surviving owners retain control and mgt of the business. Price/formula for determining price. Make sure it’s funded! What does this protect? Death, disability, bankruptcy, if an owner loses a license.
2. Transfer for value
3. Gift/Bequest For a review of current docs or more information feel free to contact me.

No matter what you choose as a business owner in how you want to transfer your business, you have to have a plan in place.

Factors I consider:
1. What kind of business is it?
2. Is it closely held? Meaning a small amount of owners, family, etc.
3. Is there a ready buyer or market for the business if the owner wanted to sell?
4. Substantial owner participation? Operations of the business?
5. Will the owner have sufficient income for themselves and/or their family once they sell?
6. Income replacement? Has that been thought about?
7. If transferring to a family member, can that member run the business or ready to run the business?
8. Finding strategies to transform the business value into financial security for the owner

Problems that present when there is a lack of planning :
1. Loss of income
2. Loss of control
3. Loss of business value

Business continuation planning is essential to protect, preserve, and control the outcome.

Some planning options can be:
1. Buy-Sell Agreement- written agreement that provides certainty of a sale at an agreed price. Terms are agreed upon. Surviving owners retain control and mgt of the business. Price/formula for determining price. Make sure it’s funded! What does this protect? Death, disability, bankruptcy, if an owner loses a license.
2. Transfer for value
3. Gift/Bequest For a review of current docs or more information feel free to contact me.

Ashley Nichols

🤍

Ashley Nichols

Are you wanting to start your own practice or small firm but don’t know where to start? Be proactive! Consider these things way before you pull the trigger and start. Here are some things to consider beforehand. And as always, it’s best to consult with the right professionals as every situation will be a bit different.

Are you wanting to start your own practice or small firm but don’t know where to start? Be proactive! Consider these things way before you pull the trigger and start. Here are some things to consider beforehand. And as always, it’s best to consult with the right professionals as every situation will be a bit different.

Ashley Nichols

What is a buy-sell agreement??

You and your partner(s) are a team and you share a vision of how you want to run the business, where it’s going, and how it’s going to get there.

This agreement will lay out in a legally binding contract, how a partner’s shares of a business may be reassigned if that partner does or leaves the business. They often use life insurance policies to fund the potential buyout in the event of a partners death.

There are 2 common forms of buy-sell agreements.
1. A cross purchase agreement-remaining owners or partners purchase the share of the business that is for sale
2. An entity purchase agreement (redemption agreement)- business entity itself buys the deceased’s share of the business.
The agreement should include: (1) a list of triggering events, including death, permanent disability, bankruptcy, or retirement, etc. (2) list of partners and owners involved and their current equity stakes, (3) a recent valuation of the company, (4) a finding instrument, such as life insurance policies, (5) tax and estate planning considerations for the partners and their surviving beneficiaries.

This is for educational purposes only. Please speak to a financial professional for more information as every situation is different.

What is a buy-sell agreement??

You and your partner(s) are a team and you share a vision of how you want to run the business, where it’s going, and how it’s going to get there.

This agreement will lay out in a legally binding contract, how a partner’s shares of a business may be reassigned if that partner does or leaves the business. They often use life insurance policies to fund the potential buyout in the event of a partners death.

There are 2 common forms of buy-sell agreements.
1. A cross purchase agreement-remaining owners or partners purchase the share of the business that is for sale
2. An entity purchase agreement (redemption agreement)- business entity itself buys the deceased’s share of the business.
The agreement should include: (1) a list of triggering events, including death, permanent disability, bankruptcy, or retirement, etc. (2) list of partners and owners involved and their current equity stakes, (3) a recent valuation of the company, (4) a finding instrument, such as life insurance policies, (5) tax and estate planning considerations for the partners and their surviving beneficiaries.

This is for educational purposes only. Please speak to a financial professional for more information as every situation is different.

Ashley Nichols

How much disability insurance should you have?

Heres a quick and easy guide to help you. Link also in bio for downloadable version. Or you can contact me for a review!

Ashley Nichols

May is disability insurance awareness month so I’m getting a head start on creating awareness.

Disability insurance is arguable the most misunderstood of all major insurances. I whole heartedly believe it is my responsibility to alleviate any confusion or misunderstanding behind it and provide as much education around it as I can as to enable you to make the best possible decisions for your life and family.

If you couldn’t work, would you or your family have enough income to meet financial obligations? Many people know the group long term disability (GLTD) benefits made available through an employer benefit package. However, it’s hard enough understanding the terms of the insurance your employer provides but being able to identify the actual portion of income covered by the GLTD benefits, and which benefits are taxable is essential in identifying the gap in your disability income coverage is an even more difficult task.

To put things in perspective, a 35 year old worker with an annual salary of $50,000 who experiences a permanent disability may lose up to $1,500,000 in potential earnings by age 65.

Most common cause of disability:
12% accident/injury
88% illness

Disability claims by diagnosis:
Muscular/connective tissue
Cancer
Injury
Mental disorders
Cardiovascular systems diseases

It is not uncommon for one to become disabled. What may come as a surprise is I many is not only the cause of the disability but the potential financial loss associated I’m with a permanent disability. Educating yourself is a good place to start to help you reduce your own personal risk.

May is disability insurance awareness month so I’m getting a head start on creating awareness.

Disability insurance is arguable the most misunderstood of all major insurances. I whole heartedly believe it is my responsibility to alleviate any confusion or misunderstanding behind it and provide as much education around it as I can as to enable you to make the best possible decisions for your life and family.

If you couldn’t work, would you or your family have enough income to meet financial obligations? Many people know the group long term disability (GLTD) benefits made available through an employer benefit package. However, it’s hard enough understanding the terms of the insurance your employer provides but being able to identify the actual portion of income covered by the GLTD benefits, and which benefits are taxable is essential in identifying the gap in your disability income coverage is an even more difficult task.

To put things in perspective, a 35 year old worker with an annual salary of $50,000 who experiences a permanent disability may lose up to $1,500,000 in potential earnings by age 65.

Most common cause of disability:
12% accident/injury
88% illness

Disability claims by diagnosis:
Muscular/connective tissue
Cancer
Injury
Mental disorders
Cardiovascular systems diseases

It is not uncommon for one to become disabled. What may come as a surprise is I many is not only the cause of the disability but the potential financial loss associated I’m with a permanent disability. Educating yourself is a good place to start to help you reduce your own personal risk.

A disability’s financial impact can be even more disastrous than a premature death. At least we know that death is inevitable, however, a disability is unpredictable and may never occur.

Here are some facts as to why you should educate yourself and know what disability insurance is and what it does:

1. 71% of all Americans live paycheck to paycheck
2. Disability causes nearly 50% of all mortgage foreclosures, 2% are caused by death
3. Close to 90% of disabling accidents and illnesses are not work related
4. Less than half-39%- of the 2.1 million workers who applied for social security disability benefits in 2005 were approved
5. In the US, a disabling injury occurs ever 1 second, a fatal injury occurs every 4
6. 70% of the private sector workforce has no long term disability insurance

So, my question becomes, what would you do if you needed to replace your income but couldn’t continue to do your job? What would you do if you were diagnosed with cancer, a muscular disorder, mental illness, or physical injury during your working years?
Have you considered your options when it comes to income replacement?

I’m happy to answer any questions you may have.

The point is, you are constantly changing your mind. What you want now may not be what you want in the future and what you don’t want now may be the only thing you want in the future. The one thing that should be constant is creating a plan that allows you to change your mind whenever you want. Plan for the known and the unknown 🤍

Ashley Nichols

April is financial literacy month. This is the perfect time to evaluate and ensure you have the proper protection in place and are positioning yourself financially so that you’re not only protecting yourself now, but your future.

Contact me for more information

April is financial literacy month. This is the perfect time to evaluate and ensure you have the proper protection in place and are positioning yourself financially so that you’re not only protecting yourself now, but your future.

Contact me for more information