Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

What To Note While Shipping To China

With a lot of players entering the international logistics market, shipping to countries that are located thousands of miles away from you, has become a hassle-free task today. Gone are the days, when you had to wait for relatives or strangers from a particular country to pass on things to your near and dear ones staying there. With international logistics becoming highly cost-effective as well, you can use them for your business and personal purposes quite easily. One of the hot shipping destinations is China. It is one of those economies that has been growing at an exponential rate. Hundreds of thousands of items worth millions of dollars get shipped to China on a daily basis. Here are some of the important processes that are involved while sending goods/shipment to this country.

1. Customs clearance/paperwork

When you want to send anything to China, you should be aware of the custom laws and regulations prevailing in that country. Items, whose values are quite low (approximately lesser than 500Yuan)are free from customs duty. If you are sending items that are worth more than this value, you need to pay the required customs fee and submit all relevant paperwork, so that your shipment doesn’t get rejected. Chinese laws are quite strict when it comes to documentation. You should have a checklist of the requirements and plan accordingly, so that you don’t miss out on anything.

2. Method of packing

Whenever you ship anything to China or any other country, you need to take extra care while packing your products. Fragile items should be covered in cardboard boxes that are well corrugated so that they are well-protected against abrasions and friction. All the items should be sealed to avoid leakages, breakages, spillage and other related mishaps. Your shipments involve a lot of investment; therefore, it is only natural that you take enough care in ensuring that they reach their destination safely and perfectly.

3. Banned items

This is one of the most important points that you need to keep in mind when you are shipping anything to China. Every country has different laws related to the list of prohibited items. You should be fully aware of the rules that stop you from taking certain items into Chinese territory, so that your package is not confiscated at the time of security checks. Prohibited items mostly related to food, electronics and other materials like wood, cane, bamboo etc. Under each category, you should know the list of items that are allowed or disallowed, permitted weight and other aspects, in order to get your shipments cleared without any hassles.

4. Service provider

This is the first step that you need to follow when you decide to send your shipment to China. Choose a service provider who is highly reputed in the world of international logistics and who has enough experience in this field. When you choose the right company, you will be given professional guidance about the items that can and cannot be shipped to a particular destination, saving you lot of time and embarrassment.

Why Does a Magician Wear a Tux?

This wonderful question has rarely bothered magicians for decades. It should. Some possible answers might include:

He is getting married today.
He just got off work as a waiter.
He is going to the prom.

Wait! The man is about to do magic. Surely anyone doing great magic wears a tux. It logically follows that a person dressed in attire not worn generally by the public in nearly sixty years must be a well trained and entertaining artist.

I encounter responses such as:

“People won’t know we’re magicians if don’t wear our uniform,” bemoan penguin-like prestidigitators.

“Real magicians must wear tuxes,” cries the part-time professional in his ill fitting and second hand attire.

The question of what magicians should wear has been around for more than a century. The correct answer has been around just as long. Unfortunately, many magicians don’t get it.

Jean Robert-Houdin, the father of modern magic, looked around at how his fellow magicians dressed. The common uniform for a “real magician” was to dress up like a wizard complete with a conical hat. Robert-Houdin chose to view magic as an art. He devised many wonderful effects. He would go out on a bare stage to present his magic dressed in formal evening attire. The attire was appropriate and commonly worn for evening theatrical productions. Instead of dressing in way completely different from his audience, Robert-Houdin dressed just like his audience.

The point being made is simple. If you want magic to be viewed as a fine art, take your performance and dress seriously. Let the quality of your magic performance speak to the level of your magic artistry. If you want to be a magic clown, then dress like a penguin.

What about Lance Burton? Great question, thanks for asking. Lance’s performing personality makes wearing a tuxedo appropriate for his performance. Mr. Burton consciously links back to magic’s historical roots. Figuratively speaking, he wears the mantel of magic passed down through the ages. He portrays the great magician out of our past. Lance performs classical magic effects while donning the classical magical attire.

This is completely different from the approach of 99.998% of the other magicians wearing tuxes. Most part-time professional magicians wear a tux without regard to their performing personality. The key to what to wear is your performing personality. Begin with the assumption that a tux is not an option. Examine the key elements of your performing personality that you want to communicate to your audience. Tailor your dress to consciously communicate those key elements.

Another factor to consider is whether you want to stand out or blend with your audience. Let’s say you want to blend with your audience. This is common approach for the restaurant or corporate magician. What will your audience be wearing? Try to dress a little above your audience.

Let’s say you want to stand out. Find ways to contrast with your audience that communicates positively to your performing personality.

For example, assume your performing personality is that odd middle aged uncle that all the kids love but make parents roll their eyes. You know the type, every family has one. His style sense will be decades out of style but he will be clueless that he isn’t the hippest guy around. If that is your chosen performing personality, then the performer’s style will match the outfit. The point again is that the outfit chosen by the magician must relate to performing personality.

Let’s get back to the original question. Why do magicians wear tuxes?

Nobody knows including the magicians. Know your performing personality. Select your dress to complement your venue and performing personality. Treat your magic performance like the artistic performance you want it to be.

Copyright © 2005 J.L. Siefers, All rights reserved.

J.L. Siefers has been performing great magic for years. He has written extensively on many topics in magic. He has shown hundreds of people how to successfully learn to do great magic tricks.

Pop Music Producer Roadblocks to Success

Wannabe producers always have at least one fatal flaw. Now the flaw varies from person to person, but they basically fall under 3 categories. So to lets list out the rules to keep you in the game.

People Skills

Lets start with the granddaddy. This is a people biz hombre. You deal with people all the time, whether it be label execs, engineers, or the talent you are producing.

Because of this critical point your people skills will make or break your career. This may seem overrated if you come from the school of thought that says, “if I get a single it will be enough.” Honestly, maybe. But your success is so much more likely if you treat people in a way that makes them feel good.

That is what brings Rick Ruben success in this industry. That man is unquestionably the biggest thing on the scene. He has hits in all genres from Rap, to Country and people want to work with the cat because he makes them feel good, and alive.

Do you do this?

If not maybe its time to learn. Go get a copy of How To Win Friends And Influence People by Dale Carnegie. It could be a career changing book

Overshadowing

The second mistake that many produces make is to cast a looming shadow over an entire project. This is usually because the producer is a control freak. This type of producer has their fingerprints all over an album, and the artist feels suffocated by their presence.

Music is supposed to be an outflow of a vision. A song comes to life out of an artist, if they feel stifled by an overbearing oppressive regime you are not going to get the best production out of them. That is the truth.

Now, that does not mean that a good producer cannot point out flaws and errors, it just means that it should be done in a way that makes the talent want to change, not hole up and die.

Work on allowing the artist to breathe. Give them space to be an artist, but yet keep the project moving forward. Its tough, but hey that’s your job.

Limited Chops

The last area that hang up wannabe producers is a limited pallet of chops. This shows up in the inability to get the sounds, beats, or vocal takes because of lack of knowledge. A know-it-all attitude is a sure way to shoot yourself in the foot.

Visual Arts-As Old as Civilization

For as long as man has been alive, he has observed the aesthetics and beauty of life. It seems that it is innate in us to create and change and this has been demonstrated throughout the ages. Even the cave man recreated his vision and told a story via stonewalls.

All art is a communication! The artist is creating his/her vision via any artistic outlet such as drawing, painting, sculptures, photography, graphic design or filmmaking etc.

It’s any art we see! The natural landscape is a powerful tool artists have used throughout time. We seem to want to recreate what we are looking at and at the same time change it to put our own nuances and character into it.

Art is not limited to drawing, painting, sculptures etc. There are the living visual arts such as the painstaking shaping of the Bonsai tree or creating the next beautiful hybrid rose. We started with the incredibly gorgeous vintage rose and now we literally have hundreds of different kinds of roses in various sizes, colors and fragrance.

Dancing, figure skating, gymnastics, ballet, and even acting are also considered visual art forms.

You are basically taking something that has been done before, or a piece of life, and are making it new by changing or adding your own character to the piece. That’s all imagination is!

Just in the 20th century alone we have created new forms of art such as art nouveau, pop art, ethnic art to name a few. The subject of art is so vast that there is literally no ceiling to creativity and that is what makes this subject so incredibly interesting.