For my first #TechStackFriday, I’m diving into digital estate planning solutions—a space that’s exploding with innovation and capital.

Full disclosure: I’m a Wealth.com subscriber, but I’ve tested or demoed multiple platforms in this category.

Five Use Cases Where These Platforms Excel:

1. Democratizing access - Providing free planning documents to those who can’t afford traditional legal services (FreeWill in my opinion are the best in this arena)

2. Closing the coverage gap - Ensuring every client has minimum essentials: powers of attorney, financial POA, and advance health directives

3. Visual estate mapping - Creating clear representations of executors, beneficiaries, and estate structure—whether built on-platform or imported

4. Secure document hub - Centralized, permissioned storage that advisors and designated parties can access

5. Starting conversations - Most importantly, these tools get clients talking about #EstatePlanning when they might otherwise avoid it

Five Situations That Still Require Legal Counsel:

1. Complex estates - When asset structures go beyond straightforward (I’m looking at you, irrevocable trusts)

2. Taxable estates - Tax implications require estate tax specialists

3. Irrevocable trusts - These need to be bulletproof; DIY won’t cut it

4. Special needs planning - As James Watkins, III JD, CFP Board Emeritus™, AWMA® noted, testamentary special needs trusts and planning require specialized knowledge

5. DIY-averse clients - Some people simply aren’t comfortable with self-service solutions

The Market Speaks Volumes:

The money flowing into this #WealthTech sector tells you everything about where it’s headed:

• Vanilla: $35M Series B

• Wealth.com : $30M Series A

• Trust & Will : $25M+ Series C

Do You Need an Estate Plan?:

An estate plan isn’t optional anymore—it’s necessary for everyone.

Special Thanks:

Over the past two years, I’ve been fortunate to connect with brilliant minds across the estate planning wealth tech ecosystem. From SaaS product deep-dives to discussions that almost had me signing my first NDA—thank you all.

• EncorEstate Plans - Matt Morris

• Wealth.com - Anne Rhodes Danny Lohrfink

• Trust & Will - Andres Mazabel

• Vanilla

• FreeWill - David Tanti

• Snug - Scott Cary

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If you’ve ever wondered what the beginning of a podcast looks like, here it is. This is a setup and test run of Rachel Stewart’s new podcast, ‘Inside Rachel’s Head’ (working title). Enjoy.

P.S. When you’re lighting is terrible the output is terrible and near impossible to fix in post production. Pro-tip get your lighting correct the first time.

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On this Veterans Day, I want to give thanks to my dad, uncles, and cousin whom all served with honor in the United States military.

My mom shared a story with me one day about my dad.  My mother, an immigrant, a mom, a wife, with a degree in Public Health and a nursing degree, decides with a friend one day to go to the Air Force recruiter.  She comes home to tell my dad about her decision and in true Carver Taitt fashion, his response is I signed up for the Army.  

That’s my dad, a dive in with reckless disregard that served him well whether it was jumping out of a plane, donning a gas mask and going into a smoke filled roll, or doing training exercises in the Alaskan wilderness in sub -50 degree weather.

Youth spent bouncing around the globe from Germany to Alaska.  I grew up in the 80s, knee high to a soldier.  

Dad’s home.  My older brother and I would rush to meet him and each grab a boot.  The black kiwi polished boots scuffed from work with the length of the boot that went on forever in my eyes.  Actually, just past the calf.  Undoing the laces and loosening the boots for the epic struggle about to begin. One grabs the heel, the other pries the top open, pulling repeatedly.  Children are not the most efficient at removing army boots.  The easiest part? Really long socks. We’d laugh about his feet looking rough, but now I know his feet and body abuse were what provided for his family.  

Back and forth across the pond, I went to elementary school at the now-shuttered Fort McClellan, Alabama, army base.  In those days, regulations were relaxed, such as returning home before the sunlight was replaced by iridescent lights 15 feet above.  

During the summer my mom would take us to visit dad at work.  Frequently, my brother and I would run up to him, and he’d get into push up position, so we could both hop on his back.  Proper formation, even with a 6 & 9-year-old draped laying in various positions, no curve in his back, locked arms, chest straight and touching the ground.  

An amazing place to grow up. This community was self-contained, all classmates’ parents worked same company. There were undoubtedly class distinctions, but I was too young to grasp that my father saluting your father signified his subordinate status and vice versa.  

Looking back, I have no complaints.  However, the sacrifices one makes for a career are not always obvious.  For instance:

Lawsuit Fort McClellan Alabama. Settle with Anniston Gadsden for any damage while we were on the base. 

“Potential Exposure at Fort McClellan”

Not being a fatalist, but there was a thyroid cancer diagnosis ten years ago. Everyone wanted answers: where, when, why.  Hmm, maybe Monsanto.  Maybe not. 

Before September 11th, I was unfamiliar with phrases like “thank you for your service,” “thank you for serving so we don’t have to,” “let me pay for your meal,” or “take our vacant seat in first class.”

For words unspoken. You represent what many Americans have forgotten about the American dream.  An immigrant to this country at 15, working multiple jobs reminiscent of Homer Simpson, becoming a citizen, joining the military of your adopted home, serving your country while never forgetting the one you came from. You married wonderfully, raised three boys, and now have grandkids and great-grandkids.  

All while still feeling the aftereffects of your service thirty years later.   It’s called service-connected disability. If you ever encounter that phrase, offer them an extra thanks for putting their time and body on the line to keep the American dream alive for everyone else. 

2:00 minutes left in the Rams vs Lions game.  Lions are down 3, and I’m fighting sleep to see who wins.  The Lions are driving down the field.   I’m rooting for the Lions wide-out St. Brown (who’s been quiet all game) to catch a touchdown pass for the win. 

Why am I so invested?  Because I’m a Lions fan? Because I hate the Rams? Because I was in Detroit last month?   None of the above.  My brother needed the Lions to make a clean sweep of his bets for the day. 

My thoughts on sports gambling are complex.  In the DSM-5 (diagnostic and statistical manual of mental disorders) sandwiched between substance-related and addictive disorders and neurocognitive disorders lies gambling disorder.  Experts classify it as a non-substance-related disorder.  Mesolimbic dopamine rushes through a gambler’s system, and sometimes, it occurs whether they are winning or losing.  Two worst-case scenario cases are Shohei Otani’s interpreter stealing $16 million dollars from him and the case of Jacksonville Jaguar's financial manager stealing $22 million dollars and losing $20 million alone on a fan duel.

For those that further bemoan the evils of sports gambling, think about who your starting quarterback is in your or your partner’s fantasy football team this week.  Fantasy sports generated $8.88 billion dollars in 2021.  That figure was driven by over 50 million players as of 2022.  In 2023, sports bookmaking generated revenue of $10.9 billion.  That amount puts it ahead of the NBA, which had $10.6 billion in revenue for 2023. 

For every bet placed, interest in a game will increase.  Whether it’s total combined score, first fumble, or longest punt return, gambling provides enticement to watch and a method to increase interest in various outcomes.  Increased interest drives increased revenue.  There is no direct evidence that, since the 2018 Supreme Court decision to usher in the legalization of sports, gambling has resulted in more fans of sporting events.  Although advertising was down to $210 for 2023, it is up tenfold from around $20 million in 2019.  

Meanwhile, back to the game:

 Montgomery with the one-yard rush for the overtime win.  Lions win, and so does my brother.  

If you suspect someone you know has a gambling problem, here are two resources that you can turn to:

 National Council on Problem Gambling (NCPG) call 1-800-gambler

National Problem Gambling Helpline Network: ncpgambling.org/chat or call 800-522-4700 24/7

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Savings.com did a study and found that 47% of parents were still supporting their adult children financially. This is only a small cross section of the monetary entanglements that exist between people. Have you reached the point in your life where you let people fail or succeed without involving your own money?

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You are free to keep all things money close to the vest. Oversharing with financial matters can be treacherous. However, there are scenarios where sharing the right amount of information is key. Additionally, asking questions about money topics you're unsure of can help you navigate unfamiliar situations. Think of every person you know without access to a retirement account at work. The right person could have directed them to an I.R.A.; no employer input is was needed.

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For most people, the pain point comes when they see their own families going through a terrible probate.

Suppose privacy is the ultimate intent of the trust when you purchase the property. Anne Rhodes, Chief Legal Officer at Wealth.com told me, "You can form a simple revocable trust to hold the property, but you've got to find a trustee and the name of a trust that do(es not) come back to you." A deed must be recorded following the transfer of your real estate into the trust, but as previously stated, your name does not need to appear on any documents.

A trust also has privacy advantages upon the client’s death; it is a private document that never needs to be filed with the court. One can select a property succession plan using a trust. Wills can state how you want to distribute your property, but they must pass through probate. Once in probate, a document becomes part of the public record. You leave written instructions for the distribution of the property through a trust. This avoids probate, and your trustee will carry out your wishes. Additionally, the best method to leave property directly to a minor is through a trust.

"For most people, the pain point comes when they see their own families going through a terrible probate. That's when they realize how important privacy is and how important a well-written and clear estate plan is," stated Anne Rhodes, CLO at Wealth.com. A key benefit of placing your property in a trust is that the property bypasses the probate process when properly executed. Probate is the court process in which your estate is settled, and the proper distribution of assets is executed. In most states, the duration of the procedure is typically between six and ten months. Consequently, the average probate bill costs between 3 and 7 percent of the estate's value.

If you own real property outside of your home state, like a vacation home or rental property, be sure to place these in a revocable trust so that upon your death, your executor is not forced to open probate in multiple states (the state where you lived at the time of your death, and any states where you own real property). By placing all properties in a trust, those who own property in multiple states can eradicate the need for ancillary probate proceedings in each state where they own property.

Insurance companies are having a difficult time figuring out how to rate homes that are owned by entities or trusts.

Nevertheless, the trust procedure may also contain risks. Documentation must be accessible for the trust to function correctly. It is recommended that multiple persons have a copy of your signed and notarized trust or know its location. The average cost of establishing a trust can range from hundreds to thousands of dollars, depending on its complexity. As previously stated, the cost of probate can range from a few thousand to tens of thousands of dollars.

Joe Boyle, Director of Sales at Fearnow Insurance, noted a possible conflict. "The con is that you may have to buy liability separately. Your homeowner's insurance typically comes with liability. When your home is owned by a Trust or LLC, you will most likely will have to purchase your liability insurance through another company. This increases the cost of homeownership. Some carriers will list the trust as an additional interest but not an additional insured. There are still others who will do both. It's a tricky thing. Insurance companies are having a difficult time figuring out how to rate homes that are owned by entities or trusts."

I concluded the discussion by asking Anne Rhodes, CLO at Wealth.com, about the disadvantages of depositing property in a trust. She mentioned "non-U.S. property" while stating that there weren't many. “Do not put it in (a) US trust without speaking to a lawyer from the country where that property is located.” Countries like China and Mexico have property laws that make it impossible to hold their real property in a US trust.

That's a lot to digest, but putting the property in a trust is the simple part. The creation of the trust will be accompanied by a schedule detailing all its current assets. The title to the property will be transferred to the trust, making the trust the new owner and the trustee the new custodian. Depending on your state, you will use either a quitclaim deed or a transfer deed to convey the property's ownership to the trust. The Garn-St Germain Act of 1982 prohibits a lender from requiring a mortgage repayment if the property is your residence, as the property transfer into a trust you own is permitted. The local government's reassessment of the property should fall into the same category as your trust. Contacting your homeowner's insurance provider, mortgage holder, title company, and local government before or shortly after transferring your property to the trust can prevent future complications.

You can create a trust on your own, but you should consult with an attorney if you have a complex estate or properties in multiple states or countries. There are three components to a trust. Name of the Trust, Date of the Trust, and Trustee's Name; if anonymity is desired, omit your own name. Also, sign and notarize all documents; it lessens the opportunity for a disgruntled individual to question the validity of documents discovered stuffed in a couch or filing cabinet.

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Before I dive into the story, I need you to be forewarned. We are talking about Memorial Day, which means you may feel the sacrifice of people who allow the world, the government, and the people within to exist harm free.

From 1964 through 1972, during the Vietnam War, 2.7 million Americans boarded planes and dispatched abroad. In the end, 50,000+ Americans flew back across the world in body bags, to be interned on American soil. These medals belonged to Private First Class, 3rd Marine Division, 3rd Battalion, 3rd Marines, L Company, Terry Lee Charles.

Two years before the 26th Amendment reduced the voting age from 21 to 18, 19-year-old Terry Lee Charles enlisted in the Marine Corps. Within six months, he boarded a plane to Vietnam. His DD1300 (Report of Casualty Form) will explain what happens after ten days in country: “Died 19Sep69 in Quang Tai Province (01) Republic of Vietnam as a result of multiple fragmentation wounds from hostile mortar fire while participating in action against hostile forces during an operation.” PFC Terry Lee Charles, 20 years old, killed in action (KIA) on September 19, 1969, in South Vietnam, Quang Tri. He left behind no spouse or children, but family, friends, and a “now” grateful country that loved him.

Being told the story of a 20-year-old being KIA, while we both celebrated our 20th birthdays in college, was harrowing. People overuse the word sacrifice, and it comes in many forms. However, some sacrifice exists on a different plane. On this Memorial Day, let us not forget the lives that people gave up. Whether conscripted or volunteered to serve, regardless of race, nationality, or religion, they honored our country by serving. This year, try to opt for a genuine gesture of appreciation, instead of empty platitudes of thank you for your service. Pause and honor those who sacrificed for freedom, and remember their comrades and families that remain.

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Learning never ceases, even on days like this. I’ll leave you with a few of the new gems of wisdom I absorbed. 

1. Maverick and Goose did not look like the first Top Gun winners. In 1949, the U.S. Air Force in Las Vegas held the first Top Gun.  It was called the Continental Air Gunnery Meet.  1969 was the beginning of the US Navy Top Gun School.  The 332nd Fighter Group, also known as the Tuskegee Airmen, composed of a team of four, were the first victors.  They defeated other Air Force groups to win first place with a superior showing in the propeller plane category.  72 years later, in 2021, they formally recognized the Tuskegee Airmen as the winners of a ceremony at the Air, Space, and Cyber Conference in National Harbor, Maryland.   

2. Formerly enslaved people founded Mound Bayou, Mississippi, in 1887.  The welcome sign to the town states, “Mound Bayou, Mississippi.  The Oldest U.S. All-Black Municipality. Founded by formerly enslaved people in 1887.  Incorporated in 1898.”  5880.00 purchased 840 acres (about the area of Central Park in New York City) that have survived as a predominantly black town until the present.   

3. Executive Order 9981, signed in 1948, ordered the desegregation of the military.  Starting in 1775, black men fought in segregated units, and President Harry S. Truman enshrined equality with a stroke of his pen 173 years later.  In 1953, they disbanded the last all-black unit and achieved full integration. 

4. In 1866, a woman named William Cathay posed as a man to join the Civil War.  Her name was Cathay Williams, and she later donned male attire again to join the famed 38th Infantry Regiment, better known as the Buffalo Soldiers.  Historians believe she was the only black woman to serve in the regiment.  

5. During World War II, the army tasked the 6888 with a mission to break the logjam of undelivered mail to the troops.  855 women made up most of the black all-female battalion.  The army tasked the 6888 with a mission to break the logjam of undelivered mail to the troops. The all-volunteer force, which served in Europe, divided into four postal companies to fix the backlog of 17 million undelivered mail pieces. 

Black history is US history.  In school, from the first grade to AP US History in the 11th grade, what they teach you can kindly describe as hollow.  There was an entire European history class that we took.  I highlighted these five stories I learned about not in school but as a 44-year-old.  I was sitting in a conference room at my alma mater, from which I graduated almost 24 years ago.  So, I will say this:

America, do better with your history.  We have woven a unique tapestry to become America as we presently exist.  All three groups - immigrants, enslaved people, and natives - contributed to the founding of this nation. 

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In a 2021 study by Statista, most respondents spent around four hours on their smartphones daily. Following that logic, many people spend half as much time on their phones as they do sleeping daily. Being able to access their phone after they depart is essential. 

The two major cellular or mobile phone ecosystems are Android, with 70.77% of the market share globally as of August 2024, and Apple IOS at 28.8%. There are ways to access a deceased user's accounts; with Google accounts and for Apple. Accessing the documents of a deceased individual may be a time-sensitive matter. Death certificates, state-issued identification cards, and a will are not always available. There is no guarantee that anyone other than the person who opened the account has a legal right to share access to its contents. 

However, a better solution exists. We will go over how to set up access to both Google and Apple accounts and how to share that information.   

Apple IOS Legacy Contact 

Gated memories of pictures, notes, emails, or sentimental videos behind a locked iPad or iPhone password can be devastating. Close your eyes and envision wanting to view a loved one’s final selfies. Imagine the relief when someone confirms as a legacy contact and can access the device. The legacy contact option will be available on all current versions of iOS. 

Legacy Contact Setup Process: 

• Click on the Settings Icon (Gear Wheel) 

• Click on your name in the first option 

• Click on Password & Security in the second option 

• Scroll down and choose Legacy Contact second from the last option 

• Click on Add Legacy Contact, and it will pull up your contact list 

• Under the Legacy Contact option, you can only select people who also use iOS devices 

• If your legacy contact doesn't have an Apple device, you must provide them with a copy of your access key.   

Here, you can add people you trust to access your account.  

Choose carefully; after your death, the person you add can access all your stored data, e.g., photos, notes, emails, documents, and any personal information stored in your iCloud.   

• They will need your access key and death certificate to access your account. 

Google Inactive Account Manager: 

In 2022, 28% of all email users worldwide used Gmail. When an account becomes inactive, Google’s inactive account manager provides a robust selection of options. This approach is more complex than Apple’s but offers greater control over who can access your account.  

• Go to Inactive Account Manager myaccount.google.com/inactive 

• Click start, and it will first ask how before the plan should go into effect. 

• The options are 3, 6, 12, and 18 months. 

• You verify your phone number and email address and recover your email.  

• You can add a person you want to notify on the next page. The maximum amount is 10.  

• You then choose what to share with each of your trusted contacts. There are 57 options, including your YouTube, calendar, Gmail, and contacts. You can select all, or you can pick and choose which options to share. 

• The next option will include confirming the person to notify, with the ability to add a phone number and a personal message.  

• The next page lets you list up to ten people who Google should notify that your account has become dormant. For each person, you can specify precisely which apps they should have access to, ranging from your calendar and contacts to your Google account and purchases. Let them have access to all your apps. 

• The final option is to decide if you want to delete your inactive Google account. This will notify your contacts that they have three months to back up any data they want to preserve.   

• There is a confirmation page reviewing your chosen options.   

Estate planning is an act of love and selflessness. In moments of stress and grief, proper planning allows for a respite. Thorough documentation is one of the most caring undertakings you can do. Spending fifteen minutes to set up your legacy contacts can guarantee that at least part of your digital life can continue or end on your terms. Please add a copy of your iOS access key and your Google confirmation plan. The more information you arm your beneficiaries with, the better it is for them. 

Expanding further on that last point. Besides your iOS and Google information, other digital assets may need to be addressed in your will or estate plan. Creating an inventory list and specific instructions for all things digital, including websites, logins and passwords, and recurring memberships, will be invaluable. Consider using a digital vault service to store your information and/or a password manager. This can be a crucial step in speeding up the process of settling an estate.

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Here is my inaugural comic strip for “Ladder or Shovel,” which shares the same name as my Substack. I hope to illustrate my thoughts, opinions, and experiences to help you see money like I do. Maybe you’ll even learn a thing or three.

When I was a kid (in the eighties), silly kids used to say you could dig a hole to China. Determining when to spend, save, or invest money can be difficult. I want you to take a giant step back and think. Are the people who are accompanying you on this journey helping or hurting?

Thought exercise: You have crippling credit card debt, and coincidentally, you get an alert that your credit card has had its limit raised. Shortly after, a friend asks to borrow a couple hundred dollars for their broken-down vehicle. Explaining your debt situation and lack of cash, you are peppered with solutions to the problem afoot. Are the solutions presented going to help you get out of debt? Or are they going to include creative ways that you can loan your friend money? That example is the living example of the ladder-or-shovel analogy. Will the people around you help you climb or dig?

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Modern-day redlining? Maybe, maybe not. I came across a CNN story on the denial rate of black mortgage loan applicants at Navy Federal Credit Union: They are the largest credit union in the country, with $156 billion in assets. They denied 52% of black applicants, compared to 33% of white applicants. Full disclosure: I am a member; thanks, Mom and Dad. They denied the subject of the story due to “excessive obligations about income.” The debt-to income ratio is an underwriting factor in your loan's suitability. If it is too high, you may get denied. For instance, for a conventional FHA loan, the mortgage portion of your debt should not exceed 31% of your monthly debt obligations, and all obligations should not exceed 43%.

There is no concrete explanation, but considering the data points, the optics look skewed towards racial discrimination. Going to the source data, which was the Data Point: 2022 Mortgage Market Activity and Trends (see table 4) Navy Federal has a rejection rate for black applicants that is three times the national average for conventional conforming loans. That decline rate has been increasing over the years (see table 5 CNN graphic below). There are a myriad of factors at play, from automated underwriting to allowing applications that may not have any shot at final approval. 

‘Financial literacy is not a panacea’

I ran a small boutique mortgage brokerage company in the late mid- to late 2000s, up to and through the meltdown. Think about the movie The Big Short, it was that era of housing loans. Being a licensed mortgage broker, I did observe a trend in the number of black customers who came to me for a second opinion after their banks rejected them. Truth be told, this is a complicated issue because even when using four common factors as a control group (income, debt, property value, and down payment), other issues may arise. Creditworthiness stands out as a potential cause for higher rejection. A 2021 study by Shift showed an average credit score by race: Asian (745), White (734), Other (732), Hispanic (701), and Black (677).

Another is the obligatory nature of being a minority and their monetary responsibility to their extended family. According to Pew Research, “Black households were significantly more likely to assist those outside their immediate family (35 percent) than were white (25 percent), Hispanic (24 percent), or other households (27 percent).” This can be a hidden factor because it may not show up on a credit report unless asked directly. It can still affect your ability to repay a loan, even if it is not a defined debt obligation. Financial literacy is not a panacea and may not solve the racial rejection problem in the mortgage and banking industries.

Here are a few tips to avoid denial:

Navy Federal has two types of pre-qualifications. 1) a pre-approval letter that does not require any documents up front, and 2) a verified pre-approval letter that allows you to qualify for a mortgage rate lock after you provide your documented financial information. Widespread implementation of the latter may lead to fewer rejected loans for all applicants. 

o   Familiarize yourself with the 1003 form before applying for a loan.  This is the Uniform Residential Loan Application form that you will fill out when you purchase a home.  Just a note, section 10 has the demographic information for government recording purposes. 

o   Know your credit score ahead of time. Most lenders will use your Fico 8 score, which you can get from Fico.com. 

o   Applying for a mortgage loan will be a hard pull, which will lower your score. However, the free scores that are available may or may not align perfectly with the score they used to qualify.  

o   Once a credit check is done on you, try to avoid new inquiries. Any drop in your score may affect your approval odds or interest rate.

o   Do not increase your debt load. Your debt-to-income (DTI) ratio will determine the amount of money a lender will approve you for. For an FHA loan, your debt-to-income ratio should not exceed 43% total and 31% for the mortgage.

o   Do not switch jobs between the initial application and loan closing. Staying within the same field may be acceptable, but it will trigger a new set of verifications and may affect your loan.  

Finally, work with someone you feel comfortable with. There are a lot of mortgage products available, and you need to make sure that you understand and can afford them. Consider a first-time homebuyer class as a primer or a refresher if you are new to home ownership.

Table 4

Table 5

In the interest of fairness here is the generic lackluster response from Navy Federal:

“Navy Federal Credit Union is committed to equal and equitable lending practices and strict adherence to all fair lending laws. Employee training, fair lending statistical testing, third-party evaluations, and compliance reviews are embedded in our lending practices to ensure fairness across the board. CNN’s recent analysis of mortgage lending data does not accurately reflect our practices, and furthermore their mortgage data model does not account for major criteria required by any financial institution to approve a mortgage loan.

As a not for profit, member centric, membership organization, we are focused on expanding awareness and access to homeownership across the country. We are proud of the fact that we provide a higher percentage of mortgage loans to Black applicants than the vast majority of the top 50 mortgage originators nationwide.

Navy Federal has more than 350 branches worldwide with over half of our stateside branches located in minority communities. In addition, we hosted over 600 home-buying education seminars nationwide this year. Navy Federal is a trusted financial partner for all its members and advises each member based on their unique financial needs.”

Navy Federal Credit Union Spokesperson

More thoughts, stories, and articles will be published on the “Introducing Money One Word at a Time” Substack column of Jason Taitt.  You can subscribe here.

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Let’s Start a Business in Florida

I am a massive proponent of self-employment, but it can be treacherous. According to this article by lendingtree, new businesses are prone to failure. Approximately 1 in 5 businesses close doors within a year. At the 10-year mark, the rate jumps to 65.1%. Here is my uncomplicated process for starting a small business in Florida. Contact me for help in any other state. LLCs are only sometimes necessary, but I can do that too.

 Step 1) Identify an area of business you want to pursue. 

Step 2) Pick a name. Workshopping the business name with your friends, family, or team is highly recommended.

Step 3) Next, you will need a federal employment identification number (FEIN). The FEIN or EIN will always be free; never pay for it. You can use the number in place of your social security number for business purposes, applications, etc. For the legal structure, choose sole proprietorship. https://sa.www4.irs.gov/modiein/individual/index.jsp

Step 4) Register a fictitious name for $50.00. You can now use your business name instead of your own. You can use your information; we’re not trying to keep this secret. 

https://dos.myflorida.com/sunbiz/start-business/efile/fl-fictitious-name-registration/

Step 5) Once the fictitious name is approved, search for it on sunbiz.org and open your small business bank account. 

http://dos.sunbiz.org/ficinam.html

Step 6) Choose a bank account that is free of charge. You have yet to make money, so keeping expenses low is vital. Credit unions are a good option for business banking. Truist also has a free business checking account. 

Step 7) Optional Step: Register your new company with your county or city.

Step 8) Start recording all your cash inflows and outflows. Multiple avenues exist to accomplish this, including spreadsheets, paper, and various apps.

Step 9) A simple logo to start www.canva.com, and later, you can get a more advanced logo. 

Step 10) Optional Step: You’ll create a simple Google Business profile ( https://www.google.com/business/ ). This landing page will be the start of your web presence. 

You’re now a business owner. Welcome to the world of 1099 and Schedule C. Now get a good tax preparer ( https://irs.treasury.gov/rpo/rpo.jsf ) or CPA to assist you in keeping the taxing authorities satisfied. 

I wanted to start light and uncontroversial with my public writing debut. In my AFC® (Accredited Financial Counselor) program, I learned about an exercise called the miracle.  I’ve been asking people their thoughts about it. Now I’m wondering if you’d try it. What if you woke up tomorrow and a miracle happened? That miracle is that you’re free from all monetary restrictions and familial obligations.

• I would spend obnoxious amounts of time with my parents, nieces, and nephews.

• I’d write a book on money called “Most People Know Nothing About Money, So Stop Listening To Them!”

• Volunteer time with the differently abled.

• Spend a year shooting portraits of people who don’t feel like anyone sees them.

• Adopt a kiddo.

What would you spend your time and life doing?

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