Coffee Time Minutes - 10th March 2010

Coffee Time – 10th March 2010

Welcome

Welcome to our new visitors.

Apologises

Dean, John, Tony, Sue, Karen

Who we are?

Small and Home Business owners meeting to build relationships from other SBO’s.

What is CT?

Relatively casual meeting group, where you can network, talk about business ideas and strategies, and learn from one another.

Where?

Tuggerah’s Zenith Centre.

When?

At 10.30 am on the 2nd & 4th Wednesdays of the month. Arrival 10.25 am for 10.30 am start. (Runs for about 1 hour)

Raffle?

The raffle is going around. This will go together with today’s collection to the Iris Foundation. So far this year we have raised $141.

Tickets will be $2 each, or three for $5. If you would like to donate a prize to the group for the raffle, please let me know. Other wise I will purchase from the collection of funds and will be worth up to the value of $10 each fortnight. All monies will be donated each month to the charity of choice.

Update:

Steel Magnolias Luncheon – 250 people at Iguana Joes. It was a lovely day.

Youth Connections are looking for employers to have placements for teenagers to do their work experience. If you are interested in having a student come out to your work for a week. Let me know and I will put you in touch with Sandra. Looking for support for May, June, August, October and November.

Expos/Events:

· B2B Festival – Buy Local – Wyong Race Club, 13th May
· May 2010 – Home and Small Business Month
· CCWN Business Expo Extravaganza – Mingara 23rd June

Up Coming Networking:

· Coffee Times 24th March
· Tonight - 10th of March B2B in Newcastle – Maritime Centre – if going along, ring and book in this morning

Education:

BEC courses evening courses (6 – 9pm)
· 10th Mar – Sales and Marketing – Part b
· 16TH Mar – Business Planning Part A
· 23rd Mar – Business Planning Part B

Wins:

Toni – learnt a new technique for helping people, and has picked up some new clients
Simon – business is going well
Iris Foundation – 4th Birthday coming up. Big prizes donated
Rae – has some new staff

Who are you & what do you do: 30 Sec story about you

Tarnia Gurney:
Gurney Financial Services
www.gurneyfinancialservices.com.au

Planningwerx4U
www.planningwerx4u.com.au

John Dosanjh:
Coast Consulting
www.cconsulting.com.au

Natalie Pye:
C & N Freight
www.cnfreight.com

Cheryl Greenwald:
Marriage Celebrant
Email - cellie001@gmail.com

Bev & Dawn:
Iris Foundation
admin@irisfoundation.org.au

Rae Phillips:
Inspire Success
www.inspiresuccess.com.au

Angela Anthony:
Angela Anthony Solicitors
www.angelaanthony.com.au

Simon Cook:
Toshiba and World Pacific Telecommunications
www.toshiba-web.com

Maria:
Herbalist

Anthony Green:
Psoriasis & Skin Clinic
www.psoriasis.com.au

Toni Fountain:
Insight Health – Chiropractor
Website still being built - toni_fountain@rslcom.net.au

Natalie Rodriquez:
Unique Photography
www.uniquephotography.com.au

Brian Maggs:
Management Assistance Australia
Website still to be built – bmaggs@maagroup.com.au

Brija Mira:
Sarah Bevan Family Lawyers
www.sbfamilylawyers.com.au

Toni Oliver:
Toni Oliver Conveyancing
www.tonioliverconveyancing.com.au

Ted O’Shannessy:
Financial Freeway
www.financialfreeway.com.au


Presentation:

Today’s presentation is from Angela Anthony from Angela Anthony Solicitors’ on Estate Planning.

Estate planning is the process of planning for after death.
Planning of your estates future
Will - where your affairs go
Power of Attorney – Act on your decisions
Guardianship – act for you medically
Wills – are where you put can request certain items to go to family.
Need to review your will and estate, especially if blended families, divorced, second and third marriages and children – including adopted, step and half siblings.
If you have a business – you need to state what is to happen
Understand and know of anyone you may think they can challenge your estate
Executor – some one who distributes your estate – make sure it is someone you can trust
Make decisions sooner than later. When older health and mental status can change or decline
Testamentary Trusts – for children so that funds can be managed for them – whether under 18, disabled, addictions, etc.
Wills are set and forget
Change your will when getting married, having children, divorce.
Make sure the right funds go to the right people
Update your beneficiaries on your bank accounts, Superannuation and insurance policies.
If you have no will, the husbands estate passes to the wife
If both pass and no will, then you die “instate” and then the government steps in and sets an executor who will distribute the estate.
Involve your financial planner, and accountant
Discuss with your family
Make sure you do binding nominations with your superannuation and update every 3 years.

Open Discussion on Estate Planning

Hand out from Tarnia of Gurney Financial Services


It is time to get your estate planning in order! Have a look at this checklist, and if you have any questions please contact us.

The 10 Second Insurance Checklist!

1. Does your income protection policy still reflect the income you are currently earning?

2. Will your house insurance pay you enough to rebuild your house?

3. Will your life insurance pay off all your debts and be able to support your dependants if you are no longer around?

4. Has your car been modified in any way?

5. Have you recently installed security devices or extra locking systems on your home that could reduce your premium?

6. Have you changed jobs and not informed your insurance adviser that your new occupation is less risk or no more manual work. These changes could reduce your premiums?

7. Assignment of a personally owned insurance policy into a DIY super fund is not allowed, this ‘in specie’ transfer could render your fund ‘non complying’

8. If you have given up smoking for more than 12 months you could change your policies to non-smoking status and save substantial premiums.


More information on Estate Planning please contact Angela Anthony Solicitors or Tarnia from Gurney Financial Services

Estate Planning

Estate Planning is about making sure your family is provided for and that your assets go where you want them to after you die. If you pass away without a Will your assets will be allocated as per the current legislation, this may not be in line with your wishes.

A good estate plan will:
Ensure that the ownership and control of your assets pass to your intended beneficiaries in the correct proportions;
Minimize tax being imposed on the income and capital gains earned on those assets;
Protect those assets should a beneficiary be involved in any legal difficulties, for example, bankruptcy or divorce.

Essentially, a good estate plan can provide you with peace of mind and minimize potential complications for your beneficiaries.

Firstly, have you accumulated sufficient assets to provide for your family and pay off any debts in the event of your death? If you determine there is a short fall, your financial planner will be able to suggest some ways for you to make up the shortfall.

Consider your estate planning needs, have you thought about who will inherit your assets, which assets they’ll inherit and in what proportions?

If you are injured and unable to control your investments, have you chosen someone to manage your affairs for you whilst you are recuperating? This is known as an Enduring Power of Attorney. It gives another person the legal power to act on someone’s behalf in relation to their financial affairs.

You should review your estate planning needs on a regular basis, and particularly when an important event occurs, such as:
Retirement
Marriage
Divorce
The birth of a child
Death of a relative you have provided for
Commencement of change of employment

Each of these events can be a life changing experience for you and your family and should trigger a consideration of your estate planning needs and objectives. At any stage of your life, estate planning is important and it should be considered and reviewed regularly. Estate planning is an important part of your overall financial plan and it shouldn’t be left until it is too late.

The advice contained herein does not take into account any persons particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product

For more information or any questions – please contact Angela or your solicitor

Raffle Drawn:

Prize donated from: Tarnia Gurney
Amount collected this fortnight: $51
Today’s Winner – Angela Anthony
That is a total of $192 to be donated to the Iris Foundation this quarter. One more collection.

Thank you for coming along today. Feel free to network with your peers.

Our Next Meeting is on the 24th March. We will start at 10.30am sharp.

Our Next Presentation will be by Peter on Back ups and saving data.