June 2017 Issue
Providing The Right Direction™ Since 1995
FROM ANTHONY J. MADONIA
Tony MadoniaOne of the few constants these days is change. While time seems at time to stand still, things can change in a nanosecond. We recently had a situation with a client that reminded all of us that we need to be prepared for and respond to change, especially ensuring that we have safeguards in place to protect our loved ones.
As summertime approaches and business dynamics change, this could be a good time to step back and reassess. Our article about Life Insurance below provides insight into what’s important when including Life Insurance as a safeguard for Estate Planning. This could be a good time to reflect, review and reassess.
Many of our clients are in manufacturing and distribution businesses. Others are in businesses that continue to raise the bar on customer service. We are pleased to welcome Lisa Anderson, President of LMA Consulting and leading expert in supply chain management. Her article about the Amazon Effect has takeaways for all of us.
As vacation season starts, we wish you a summer of family and fun. Enjoy the beautiful weather, take time to recharge your batteries and relax with family and friends.
At Anthony J. Madonia & Associates, Ltd., our clients and colleagues are our priority. We are here to support and collaborate to protect your interests. As always, we are focused on Providing the Right Direction. If we can be of any help for your legal or tax needs, please feel free to contact us.
LIFE INSURANCE…ARE YOU PROTECTED?
Life Insurance is used in Estate Planning, Business Planning and Legacy Planning as a means to ensure that a financial safeguard is in place. However, circumstances change: Businesses Grow, Children Become Adults, Partnerships Dissolve, etc.
The question then becomes: What do you know about your life insurance policy?
- Who Owns Your Policy?
- Who Is the Beneficiary to Your Policy?
- What is the Death Benefit Paid by Your Policy?
- What is the Cash Value of Your Policy?
- What is the Cash Value Concept?
- Can You Take Advantage of Premium Financing?
If you can answer these questions, then you are, most likely, proactive in managing your business and personal interests. If you are like most people, you get your insurance policy in place and push it off to the side, thinking that it’s done and settled. That’s far from the case.
You should be reviewing your Life Insurance policy with a professional at least every two years.
If you are in need of a Life Insurance policy review, your Estate Planning professional should be able to review your policy and help you determine whether its protection accomplishes your objectives.
THE AMAZON EFFECT:
Why We Must Pay Attention to Our Customers
by Lisa Anderson, LMA Consulting
Setting the Bar
Two thirds of manufacturers and distributors have customer service gaps when compared to Amazon and mega-distributors like Amazon, according to a research study performed by LMA Consulting Group, Inc. Amazon has created not only a buzz with their innovative service options but they have also raised the bar for service, permanently. If manufacturers and distributors want to maintain their customers, they must pay attention immediately. [READ MORE]
STEPHEN ENGBERG JOINS THE MADONIA TEAM
Stephen N. Engberg, J.D., CPA, has joined the Tax and Estate Planning Practices of Anthony J. Madonia & Associates, Ltd., as Of Counsel to the firm.
Mr. Engberg is an attorney and certified public accountant who has considerable experience in sophisticated tax planning and asset protection. He concentrates in the areas of Corporate Law, Asset Protection Law, Taxation, Estate Planning, Estate Administration and Estate Litigation. Mr. Engberg provides legal counsel on corporate and tax law, with a focus on wealth preservation and estate planning.
With experience ranging from the U.S. Treasury in the Internal Revenue Service and as partner and department head of Tax and Estate Planning in a multi-partner law firm to private practice where he supported business clients and their families, Mr. Engberg bring considerable knowledge to the firm.
Anthony J. Madonia & Associates, Ltd.
Businesses need support and advice. They especially need support in times of exponential growth, during economic challenges, and in transition.
Anthony J. Madonia and Associates, Ltd. is a premier law firm located in vibrant downtown Chicago that focuses on Corporate Law, Mergers & Acquisitions, Taxation and Estate Planning.
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233 S. Wacker Drive, Suite 6825 | Chicago, IL 60606
www.madonia.com
