Aging in America: Stuck in the middle

CBS’s Sunday Morning had a very thoughtful piece on Aging in America. The point of discussion was parents who run out of money before they die and the impact of the life change that this situation brings to the whole family.

I overheard the piece this morning and thought it worthy of further discussion. Tonight I am just putting the link here for those who missed it. We’ll discuss the impacts here further at a later date.

Aging in America: Stuck in the middle

http://www.cbsnews.com/news/aging-in-america-stuck-in-the-middle

Given that it is Sunday and the rituals of football have finished playing out, I can’t help myself from commenting on the Washington Redskins. For those of you hiding off the grid and away from televisions, you don’t know that the team’s third string quarterback, Colt McCoy came off the bench in the second half and played well enough to engineer a team win. Mr. McCoy is a graduate of the University of Texas, as am I. His doing well created a nice warm spot in my heart as I like to see all of my fellow alums do well — even those who play for the Pittsburgh Steelers.

But what I really loved about the day was the reaction of someone in the Washington media who immediately tweeted the following.

“Bench him immediately and trade him for two second round draft picks!”

It just reminded me of the old story of the journalists in the Ivory Tower who watched the battle rage down below and then rode down the hill to shoot the wounded!

Every one have a great week and, as always,

Good luck and good hunting!

 

Randy

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The Fisher Law Office is known for its experience in estate planning, probate administration, asset protection, and business development. Annapolis attorney Randall D. Fisher has practiced for over 20 years, maintains the highest peer review rating for ethics (AV Preeminent) by Martindale-Hubbell, and is a sucker for long walks on the fairways.

Find out how to reach Randy via TheFisherLawOffice.com or find him at Facebook.com/FisherLawOffice, on Twitter @thefisherlawoffice, or at LinkedIn.com/in/FisherLawOffice.

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Odenton Town Center Tax Increment Financing District

On Tuesday morning, West Anne Arundel County Chamber of Commerce CEO Claire Louder and several members of the Chamber attended the County Council Work Session at which two pieces of legislation affecting the Odenton Town Center were discussed. The first creates a tax increment financing (TIF) district that coincides with the Odenton Town Center boundaries. A TIF district allows increases in property taxes associated with development to be captured in a designated fund to finance needed infrastructure in an area – it does not involve any increase in tax rates for property owners beyond what they would ordinarily pay. Among the projects expected to be funded through the Odenton TIF are the garages at the MARC station, central to moving the long-planned transit oriented development there forward, road improvements, particularly in the Core and along MD170 and MD175, and possibly some pedestrian improvements. A final list of projects has not yet been identified.

The second bill is a necessary companion to the first. County law currently precludes property in a TIF district from taking advantage of county revitalization district incentives. As several property owners have developed their plans in the long-neglected North Odenton Commercial Revitalization District (fondly referred to as Boomtown) based on receiving revitalization tax incentives, it would be unconscionable to pull them midstream. The proposed legislation exempts Odenton from the preclusion of using the revitalization tax incentives in a TIF zone.

Why it matters: The heart of the Odenton Town Center is the development at the MARC station – it creates synergy with all the other development occurring in the area. Without its construction, there is not enough density to support the commercial development envisioned for Odenton. The MARC garages are a “public good” encouraging more people to ride the trains, and as such should be funded at least partially by public money, but those funds have not been forthcoming over the many years this project has been in the works. Without public funding, in this case tied to the successful development of Odenton, the transit oriented development is not financially feasible – the site does not support the level of commercial development that would be necessary to construct the garages privately.

For more information on the proposed TIF legislation and its impact, read Claire Louder’s Capital editorial Finally a Development District for Odenton.

Until then, good luck and good hunting.

Randy

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Related articles

The Fisher Law Office is known for its experience in estate planning, probate administration, asset protection, and business development. Annapolis attorney Randall D. Fisher has practiced for over 20 years, maintains the highest peer review rating for ethics (AV Preeminent) by Martindale-Hubbell, and is a sucker for long walks on the fairways.

Find out how to reach Randy via TheFisherLawOffice.com or find him at Facebook.com/FisherLawOffice, on Twitter @thefisherlawoffice, or at LinkedIn.com/in/FisherLawOffice.

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Maryland’s House of Cards may crumble under (state) taxes

House of Cards, Season 2, premiered February 14, 2014 with tremendous anticipation on the East Coast because it was filmed in and around Baltimore, Annapolis and Washington, D.C. It flooded the area with a fervor of Greed, Politics and Intrigue that hasn’t been seen around here since Bob Woodward was a police beat reporter. But….

Before the lights have quit flickering on the high definition video monitors from the all-night binge watching that many, including me, did, producers of the show have said they may move Season 3 out of Maryland unless the state ups the ante with more tax breaks. Tim Prudente, of the Annapolis Capital, has written about the release and the financials in the link below.

http://www.capitalgazette.com/news/annapolis/annapolis-residents-appear-in-new-house-of-cards-season/article_7acc3500-5375-508b-b61d-61c80f6d79e6.html

There’s a lot at stake in this poker game, both for the people making the series, the people working in or on the series and the State of Maryland. The Maryland Chamber is saying that the Maryland Film Industry has 5,000 jobs that are currently in-state and at risk if concessions aren’t negotiated. But money is money and the State House and Senate will need to see that this somehow hasn’t become a zero-sum game. So it won’t be solved with a wave of a sorcerer’s wand.

There is just something absolutely delicious thinking about Frank Underwood negotiating this, however. You can just see him there thinking about Democracy being so overrated and about to knock on the desk with his ring when the deal’s done. I, for one, am hoping they’ll get one. Because if Maryland won’t, someone else will.

Until then, good luck and good hunting.

Randy

__________________________________________

Related articles

The Fisher Law Office is known for its experience in estate planning, probate administration, asset protection, and business development. Annapolis attorney Randall D. Fisher has practiced for over 20 years, maintains the highest peer review rating for ethics (AV Preeminent) by Martindale-Hubbell, and is a sucker for long walks on the fairways.

Find out how to reach Randy via TheFisherLawOffice.com or find him at Facebook.com/FisherLawOffice, on Twitter @thefisherlawoffice, or at LinkedIn.com/in/FisherLawOffice.

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Plan your New Year’s resolutions while planning your holidays

The issue is how do you grow your business. There is an old adage–if you aren’t moving forward, you are falling behind. It doesn’t matter what race you are running in, growing your business is a necessity for your business’s survival and your economic well-being.

I spent a long night discussing this issue with two close friends. One is a prominent corporate attorney who is looking to expand his growing practice into estate planning and probate work. Another is a stalwart litigator looking to grow into corporate work. In reality, they both are making widgets and they face the same issues.

So what is the answer? How do you grow either your entire business or a segment of that business beyond the bare sustenance level?

All of these ways of growing your business have been successfully used by other businesses and, with some planning and investment, will work for you. Make them your New Year’s resolutions; practice them now and see how you came out a year from January.

1. Penetrate your existing market.

The first thing that comes to mind when thinking of growing your business is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.

2. Ask for referrals.

Getting new customers is another approach to growing your business. One of the easiest way to do this is to ask your current customers for referrals. But notice the verb. Doing a great job and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask your satisfied customer if he knows anyone else who would be interested in your products or services.
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Legacy Lost: The Dwindling Family Inheritance

Ninety percent of family inheritance is often lost within just three generations, according to the Wall Street Journal (Lost Inheritance).  By the end of the second generation — to be clear, that’s after your children have passed away — you can expect 70% to be gone.

This bodes particularly ill for the massive wealth transfer of the baby boomers, who are set to inherit $7.6 trillion — equivalent to the GDP of China — over their lifetimes, mostly in their later years.

(Credit: Wall Street Journal)

Given how the bottom has fallen out of interest rates, the volatility on Wall Street in recent years, and the sluggish recovery of a real estate industry still trying to pick itself up off the mat, it seems there is no shortage of reasons for this generation to be concerned about its financial legacy.  And that’s just the economy.   Continue reading

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