Mountain Views News          Saturday, July 5, 2014

B3

 

BUSINESS NEWS & TRENDS

 Mountain Views News Saturday, July 5, 2014 

FAMILY MATTERS By Marc Garlett


IT’S ALL ABOUT APPROVAL

These days, a buyer's biggest concern shouldn't be so much about finding the lowest interest rate, 
but finding a lender who will approve their application. There are three basic types of mortgage 
providers, each regulated by a different agency, and following different disclosure laws.

Banks: generally employ their own underwriters and provide loans with their own money. They 
often have mortgage products matched to particular situations, such as manufactured homes or 
new construction. Minimum credit score requirements will vary from bank to bank.

Brokers: work on a commission and make a little more than bankers, but their business is highly 
regulated and transparent. They prepare your application file and present it to banks or investors. 
Involving a third party can take more time, of course, and since they have higher credit score 
requirements and fees, don't shop at a broker if your score is below 620.

Correspondents: draw from their own credit lines and sell your mortgage shortly before closing. 
Since their ability to lend depends on their own credit, it's possible for closing to be delayed if they 
are processing more loans than they have funds to cover. That doesn't mean you can't still get 
good terms, however.

You need to assess your financial position and your needs, and speak with your real estate agent 
about which type of lender best suits your situation.

PLANNING, POSTING, PARTICIPATION 
AND PERSISTENCE

Planning, Posting, Participation and Persistence are 
the 4P’s for social media marketing.

Plan 

Think about your message, its purpose, its call to action, its value. Create a simple calendar and jot 
down when and how often you will post and check in. Just like you need to regularly check your 
phone messages and email, you also need to check your Social Media activity. There are free tools like 
Hootsuite and Nutshell Mail that allow you to look at all your social media tools in one place.

Post

If your last post was six month’s ago, the perception is your business no longer exists. Ouch! Social 
Media loves fresh content. Frequent posts create content that can help a prospective customer who 
may be searching for you online, to find your products and services. We suggest posting 3-5 times 
a week. You can schedule posts in Facebook and you can also use Hootsuite to schedule on Twitter, 
LinkedIn and Facebook.

Build a system. We think one of the best practices is to feed your Facebook or Twitter posts right into 
your website. It is an easy way to freshen up your web site and let your visitors see what is happening 
with your company. Our mantra is Post once, populate many. Create a system that will become your 
online marketing machine and it will save you time.

Participation

It’s important to engage with your audience. That not only means posting regularly, but also listening 
to them and responding and commenting on their posts. Let your audience know you care about 
them with active listening.

Persistence

There are no silver bullets. Simply having an account on Facebook, Twitter or any of the other Social 
Media tools will not make you millions over night. You’ll find you will get more out of social media 
if you roll up your sleeves and keep at it. Try new things, repurposing content that has value, build 
relationships and get to know others better by listening to them.

About MJ: MJ and her brother David own HUTdogs, a creative services business that specializes 
in Internet Marketing strategies. They are known for providing valuable information at their Social 
Media and Email Marketing classes. “Like” them on Facebook for trending news in social media, 
internet marketing and other helpful tips, www.facebook.com/hutdogs.

Sign up for their upcoming classes and presentations at: www.hutdogs.com/workshops/schedule 


WILL THE INHERITANCE YOU LEAVE BE 

A BLESSING OR AN ALBATROSS?

 Rock musician Sting recently announced 
that his children will not inherit his estimated 
$300 million fortune, saying these riches are 
“albatrosses around their necks.”

 The product of a British working class 
background, Sting is currently one of the world’s 
wealthiest musicians, but says he will not be 
passing that fortune on to his six children. In an 
interview with the Daily Mail, Sting said,

 “I told them there won’t be much money left 
because we are spending it! We have a lot of 
commitments. What comes in we spend, and there 
isn’t much left. I certainly don’t want to leave them 
trust funds that are albatrosses round their necks. 
They have to work. All my kids know that and they 
rarely ask me for anything, which I really respect 
and appreciate.”

 While this may sound a bit harsh, Sting’s 
concerns about inherited wealth are not 
uncommon among parents (wealthy or not) who 
wrestle with whether bestowing wealth upon their 
children or grandchildren will be a blessing or a 
curse.

 Fortunately, for parents and grandparents 
with these concerns, estate planning does offer a 
valuable tool: a Wealth Creation trust, prepared 
using incentive provisions.

 A Wealth Creation Trust with incentive 
provisions allows you to pass along your 
values along with your wealth by attaching 
incentives to the distribution of your assets. For 
example, if grandparents want to pass on wealth 
to grandchildren but want to be sure those 
grandchildren get a good education so they know 
how to handle their inheritance wisely, they 
can set up a Wealth Creation Trust that names 
scholastic circumstances under which the assets 
will be distributed.

 If your desire is to nurture your children’s 
entrepreneurial spirit, you can establish a Wealth 
Creation Trust to provide funding for a business 
startup, which allows you to foster that spirit while 
passing on your values regarding the benefits of 
hard work.

 While most parents want to leave something 
behind for their children, passing along a solid set 
of values as well as inherited wealth is generally 
the desired outcome. A Wealth Creation Trust 
allows parents and grandparents to accomplish 
this worthy goal.

 If the idea behind a Wealth Creation Trust 
resonates with you, call our office to schedule a 
time for us to sit down and talk about a Family 
Wealth Planning Session, where we can identify 
the best ways to ensure you leave a legacy of love, 
values, and financial security for your family. Call 
626.355.4000 today or visit www.GarlettLaw.com 
for more information.

 

Marc, a local attorney, father, and Court Appointed 
Special Advocate for Children is on a mission to help 
parents protect what they love most. His office is 
located at 49 S. Baldwin Ave., Ste. G, Sierra Madre, 
CA 91024.

 
* thecreative entrepreneurby Lori Koop, Business Coach 
Be the boss of you.
Start your own business.
Learn how...
www.LORiKOOP.com
Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com