For the second in the series of posts answering frequently asked questions about NWA FaithWorks, we take up the topic of what makes NWA FaithWorks unique. Josh Bryant has a saying, "differentiate or die." He didn't coin the phrase - that honor belongs to Jack Trout in his book by the same title. However, the premise is the same. Any business that is not unique in its field and service area is going to have a hard time surviving. There are other incubators here in Northwest Arkansas. What makes NWA FaithWorks different?
Faith-Based. There are few faith-based incubators anywhere in the country, and none of them are based in Northwest Arkansas. NWA FaithWorks is one of the few in the U.S. that are markedly faith-based and designed to help entrepreneurs build and run a business consistent with their faith and as a means of taking the gospel to Northwest Arkansas and the world.
Lawyer Lead. There are also very few incubators lead by attorneys in the U.S., and none of them are based in Northwest Arkansas either. Since it is lawyer lead, those in the program can have all of their legal work done at no fee. Since Josh Bryant is a tax attorney, entrepreneurs in the program have all of their tax work done at no fee as well. In a world that is becoming more regulated and litigious by the minute, it helps to have a lawyer coach you through the startup years of your business. For more on why you should join a lawyer lead incubator, see our previous post.
No Equity. Neither Josh Bryant nor NWA FaithWorks take an equity stake in your business. Many incubators will allow you to enter their program for no fee other than taking an ownership interest in your business. This is your business, so we want you to own it and run it. We won't take an equity stake in your company in exchange for your participation in the program. We have a simple fee that covers everything: utilities, rent, phone, internet, legal work, tax work, access to capital, discipleship, networking, and more. That fee is a flat $400 per month.
Competitor Ban. We will not admit two entrepreneurs to the program that compete with one another. If we get an insurance agent in the program, that will be the only insurance agent we have. When we get a graphic designer, that will be the only graphic designer in the program. Josh Bryant wants your business to succeed, so he will not admit your competitors to the program. This will give you a distinct advantage over your competition.
There are only a few spots left in the incubator. Put in your application today by clicking on the NWA FaithWorks tab above.
It's spring, which means it's tornado time. The year 2018 was no stranger to natural disasters. From multiple earthquakes, back-to-back hurricanes, and raging wildfires, the United States and abroad has suffered some serious natural disasters. These acts of nature can devastate your life and your family. Who knows what 2019 will bring.
In addition to creating a disaster preparedness plan for your family, be sure to protect your legal documents during these events. Below are several tips to follow so that you can ensure your important paperwork is safe if your home is damaged or destroyed in a natural disaster.
1. Make sure to back up electronically. Having an electronic backup, such as a secure cloud storage, can be useful. Electronic versions can serve as a legally valid substitute for a paper copy of your important documents in some circumstances. Josh Bryant keeps electronic copies of all his clients' documents in the event of a disaster or a need to update them.
2. Use a safe box. Whether this is a fire/water resistant one in your home or a safety deposit box at your local bank, using these types of boxes can be an easy precaution to the more minor natural disasters. These types of boxes can protect your important items during a natural disaster so that there is one less thing you need to worry about during a difficult time. Josh Bryant recommends keeping originals in either your home or a safe box and copies elsewhere.
3. Create a “go” bag. This is useful when you are forewarned about a disaster, because a “go” bag can include all of your family documents, financial paperwork, legal documents, vaccination records, immigration and residency documents, among others safe and close to you. In addition to keeping all of your critical documents safe, make sure to have at least one extra copy in an easily accessible, off-site location and keep them in a sealed plastic bag.
After disaster strikes, first focus on your family’s safety. After the immediate aftermath is over be sure to replace any damaged or destroyed paperwork as soon as you can. While there may be other more pressing tasks post-natural disaster, do not neglect replacing these documents as it will be incredibly important later on for you and your family.
Josh Bryant is here to help. If you want to be legally prepared for potential disasters, give him a call today.
Josh Bryant is telling everyone he knows how excited he is about NWA FaithWorks. He always gets the same questions - what will NWA FaithWorks do? What makes it unique? How will it help entrepreneurs? What types of entrepreneurs will it help? These are a few questions we'll answer on the blog over the next week or so. What will NWA FaithWorks do?
Infrastructure. NWA FaithWorks will provide entrepreneurs with the infrastructure they need to get their business going. If they have not formed an LLC or other business organization, Josh Bryant will create that for them. He will help them get their EFTPS and ATAP accounts established. He'll get them set up with accounting software. He'll help them figure out how much to pay themselves and how much to withhold for taxes. NWA FaithWorks will provide the workspace, meeting space, high speed internet, and telephone. In short, all of the infrastructure needed to get a business off the ground is already in place. You just have to go market and do your business.
Discipleship. NWA FaithWorks is an incubator for faith-based small businesses whose owners want to run their business consistent with their values and as a means of bringing glory to God. Josh Bryant is a pastor who led a large discipleship ministry in Northwest Arkansas before returning to the practice of law to help churches and Christian small business owners. Together we'll walk through Scripture, pray together, and sharpen one another on ways we can use the business God gives us to bring Him glory in Northwest Arkansas and around the world. We'll hear from other God-honoring small business owners who are already doing this in their workplaces.
Networking. You've got to get your name out there, so we're going to network like it's going out of style. Josh Bryant will introduce you to several different networking groups in Northwest Arkansas. You'll get the opportunity to meet with like-minded commercial bankers, venture capitalists, private equity investors, and angel investors. This is a great opportunity to meet others who will volunteer to be leveraged by you to grow your business, and turn to in difficult times for encouragement and advice.
Community. We're going to do all of this together. We'll be a small group, and we won't be stepping on each other's toes competing for the same business. You will be the only person in your field in the incubator, but you'll have a community of other entrepreneurs to pray for you and live life with you.
There are only a few spots remaining, so click on the NWA FaithWorks tab above to get your application in before it is too late!
Whether or not you currently have estate planning documents, one important item to add to your calendar is getting an estate plan checkup.
Don’t Have an Estate Plan?
If you don’t already have an estate plan, then getting one in place should be at the top of your to-do list.
Why? Because without an estate plan, you and your property may end up in a court-supervised guardianship if you become incapacitated, and your property and your loved ones may end up in a time-consuming and expensive probate proceedings after you die. Josh Bryant is often asked if a simple will is enough, and while he appreciates the desire to cut costs the possibility of a guardianship or probate is reason enough to have a trust in the vast majority of scenarios.
Worse yet, if you don’t take the time to have any estate planning done, then the state where you live at the time of your death will essentially write one for you. It most likely won’t divvy up your property the way you would have and certainly will not protect your heirs the way you would.
A common misconception is that estate planning is only necessary for wealthy people. But this simply isn’t true – anyone with a bank or retirement account, a home, or a family needs to make a plan for what happens if they become incapacitated or when they die. Of course, the complexity of the plan will vary depending on your circumstances, but all estate plans should be put together with the help of an attorney like Josh Bryant who is experienced with the legal formalities required to create a valid will, trust, health care directive, and power of attorney in Arkansas.
How Old Is Your Estate Plan?
Do you already have an estate plan? If you do, then please pull your documents out of the drawer, dust them off, and look at the date you signed them.
Were your documents signed in the 80s or 90s, or, worse yet, before 1980? If so, please run, don’t walk, to the phone and call estate planning attorney Josh Bryant. Your documents are terribly out of date and need to be updated as soon as possible.
Did you sign your documents between 2000 and 2009? Aside from the federal estate tax exemption jumping from $675,000 to $3,500,000 during that time period, state estate taxes disappeared in many states. Because of the significant changes in federal and state estate taxes, documents from this time period may be out of date and need to be tweaked in some shape or form.
Did you sign your documents between 2010 and 2017? Federal estate taxes, gift taxes, and generation-skipping transfer taxes went through major changes during these years, and “portability” of the federal estate tax exemption between married couples was introduced. Unfortunately, while your estate planning documents may only be a few years old, they very likely do not take advantage of the opportunities made available from recent changes in federal tax laws.
And, it’s not just tax laws that are changing – modifications to state laws governing wills, trusts, health care directives, and powers of attorney may warrant some revisions to your estate planning documents as well. Just this session, the Arkansas General Assembly passed several acts affecting how trusts are treated in Arkansas.
And last but not least, regardless of what year you signed your estate planning documents, think about all of the changes in your life since you signed them. Did you get married or divorced, have a child or two or a grandchild or two, or move to a new state? Did you sell your business, retire, have a significant change in assets, or win the lottery? Any major changes in your family or financial situation will certainly have an affect on your estate plan.
Estate Planning Is Not a One Shot Deal
Estate planning is not a static event that you can grudgingly do once and then forget about it. On the contrary, estate planning is a continuing process, because life is a moving target that is full of constant change: Your estate plan needs to change as your life changes.
Josh Bryant is here to help you navigate the changes that have occurred since you had your estate plan prepared and ensure your wishes are still being carried out as you envisioned. For those needing an estate plan, Josh Bryant is here now and in the future to mold your estate plan as you move through the various stages of life.
So you have done the hard work of establishing an estate plan. Good for you! However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy.
Josh Bryant agrees with the vast majority of estate planners: estate plans should be like living, breathing creations that reflect the changes in your life. Your life can and will change due to new births, children getting older, and other shifts in the family; changes to your investment portfolio, career and business; and changes to your health, where you live, and your core values. Likewise, external events, such as new tax legislation passed in our state or the development of a novel financial instrument, can throw your plan off track or open the door to new opportunities. Josh Bryant stays on top of these new laws and means of investment.
Obviously, you should do due diligence without spending inordinate amounts of time noodling over your plan. To that end, ask yourself the following “stress test” questions to assess whether you need to meet with Josh Bryant to update your approach:
1. When was the last time you updated your will or living trust? Since then, have you had new children or gotten divorced? Have you moved, opened or sold a business, or just changed your mind about the type of legacy you want to leave behind? Especially if big, tangible life events have occurred, strongly consider updating your documents as soon as possible. Also keep in mind that there may have been changes in the law since your last update that could significantly affect the viability of your plan.
2. Who have you named as executor and trustee? If you had to start your planning over from scratch today, would you still name the same people? If not, why not? Did you choose the best person for the job or was your choice based on less relevant factors? Is the person you chose still available to serve in that role?
3. Do you have adequate insurance? Many people do not have enough insurance for themselves or their businesses. They also fail to name contingent beneficiaries. Get your insurance policies in order, and make sure your designations match your estate plan.
4. How much of your property is jointly owned with someone other than your spouse? Jointly owned property has the potential to be double taxed. Take a look at your real property and seek advice on the proper adjustments to make in order to save on taxes when it's really necessary to save on taxes.
5. How's your record keeping? Nothing drives an executor crazy like sloppy record keeping.
6. When was the last time you gave your plan a thorough once-over? Even if nothing “huge” has happened in your life recently, if it’s been over five years since a qualified estate planning attorney has assessed your strategy, schedule a time to meet with Josh Bryant. Identify any issues, and iron out the kinks one at a time.
After going through the “stress test,” if you have any questions, please feel free to give Josh Bryant a call. Estate planning is an ongoing process, and he wants to make sure your wishes withstand the test of time.
Josh Bryant is an attorney, entrepreneur, pastor, and visionary with a heart to see churches, businesses, and families more secure, more effective, and more efficient in fulfilling their mission and bringing glory to God.