Commercial Insurance Services

: : Louis Santelli, CPCU, CIC, Managing Director, Commercial Insurance Services
631.923.1595 ext. 330
G.R. Reid Insurance Services, LLC


Never Cut Corners When it Comes to Safety in The Workplace

Some employees are happy to take chances when it comes to safety. They take needless risks in an effort to save time or cut their work load. In reality, all they're doing is subjecting themselves and others to hazards that could cause a serious injury. Workers form bad habits when they repeatedly perform their jobs in an unsafe way and don't get injured. They become convinced that because of their skills they are incapable of being hurt. It's this attitude that usually ends up doing them in, because they take even more chances until eventually a serious accident does occur. Unfortunately, that one accident can turn out to be fatal.

Most of a chance-taker's careless acts can be broken down into one of the following categories:

• Failing to follow proper job procedure
• Cleaning, oiling, adjusting, or repairing equipment that is moving, electrically energized, or pressurized
• Failing to use available personal protective equipment such as gloves, goggles, and hard hats
• Failing to wear safe personal attire
• Failing to secure or warn about hazards
• Using equipment improperly
• Making safety devices inoperable
• Operating or working at unsafe speeds
• Taking an unsafe position or posture
• Placing, mixing, or combining tools and materials unsafely
• Using tools or equipment known to be unsafe
• Engaging in horseplay

Although OSHA does not cite employees for safety violations, each employee is obliged to comply with all applicable OSHA standards, rules, regulations, and orders. Employee responsibilities and rights in states with their own occupational safety and health programs are generally the same as for workers in states covered by Federal OSHA.

Employees should follow these guidelines:

• Read OSHA notices at the jobsite
• Comply with all applicable OSHA standards
• Follow all lawful employer health and safety rules and regulations, and wear or use prescribed protective equipment while working
• Report hazardous conditions to a supervisor
• Report any job-related injury or illness to the employer, and seek treatment promptly
• Exercise these rights in a responsible manner

If you are working with a risk-taker, ask him to stop and consider what jeopardy he is putting himself and others in. Then buddy up with him to find a safer way to perform the task. Remember, unsafe actions don't result in saving time if a worker gets injured in the process. 

Financial Services News

G.R. Reid Consulting Services, LLC


Retirement
A Recent Survey Revealed That Many Affluent Retirees Would Go About Saving for Retirement Differently If They Had To Do It Again.

Most notably, these wealthy retirees expressed a desire for more professional help in preparing for retirement. In fact, 55% of survey respondents regretted that they didn’t start talking to a financial professional earlier.1 Savvy investors can learn from the mistakes of others. With the uncertainty surrounding income taxes, capital gains taxes, and the estate tax, the value of a professional opinion may be more important now than ever.

Retirement Wake-Up Call
According to the survey, the most recent recession gave many affluent retirees pause to reconsider their approach to retirement. About half of the retired respondents wish they had spent more time thinking specifically about the lifestyle they wanted in retirement. Furthermore, they recommended that those nearing retirement take the time to consider exactly how they would like to live out their later years. 2

Have You Thought About Your Ideal Retirement Lifestyle?
Think about the specifics. Will it be in the same house and town? What activities will fill your days? Golf? Travel? Now consider what it’s going to take financially to get you there. A review of your situation can help connect the dots between your current situation and the retirement lifestyle you desire. About half of the retirees surveyed said they wish they had concentrated more on “the numbers.” 3 A focus on the details of preparing for retirement can be an eye-opening exercise.
Remember also that retirement planning is not a fix-it-and-forget-it proposition. It might be appropriate to take a second look periodically as life changes could necessitate modifications to a retirement strategy. How has your vision of retirement changed over the years? Is it time to run “the numbers” again?

You’ve Already Gone Pro
What’s the takeaway from all of this, given that you are already working with a financial professional? There is no assurance that working with a professional will improve your investment results. But by focusing on your overall objectives, a financial professional can provide education, identify strategies for taking control of many situations, and help you consider options that could have a substantial effect on your long-term financial goals.

Please call G.R. Reid Consulting LLC for a retirement evaluation, 631-923-1595.


The above information was supplied by Emerald Connect, Inc. All rights reserved © 2011.  This material may not be reproduced without permission.
 1–2 Investment News, January 18, 2010  3 The Wall Street Journal, January 15, 2010
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Unless specifically stated otherwise, the written advice in this memorandum or its attachments is not intended or written to be used for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. Information is time sensitive, educational in nature, and not intended as investment advice or solicitation of any security. The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal income tax penalty. You are encouraged to seek tax or legal advice from an independent professional advisor. G.R. Reid Consulting Services, LLC  is not a registered investment advisor and is independent of American Portfolios Financial Services Inc. and American Portfolios Advisors Inc.

Accounting & Tax News

:: Jason Saladino, CPA, PFS, Partner
631.425.1800 ext. 309
G.R. Reid Associates, LLP

The Benefits of Cost Segregation

Increase Your Return On Investment
Over 300 rulings, letters and IRS Memoranda have provided documentation and significant case law for the support of Cost Segregation Studies. Hospital Corporation of America vs. The Commissioner is one of the landmark decisions which gave support to the way we review and analyze properties to determine the tangible personal property that may qualify for depreciated lives of 5, 7, or 15 years rather than 39 years (if non-residential real property) or 27.5 years (if residential real property).

Even If You Are Presently Depreciating Certain Property In An Accelerated Manner, You May Still Be Leaving Money On The Table.
A cost segregation study is a federal income tax tool that increases your near term cash flow, in the form of a deferral, by utilizing shorter recovery periods to accelerate the return on capital from your investment in property. Whether newly constructed, purchased or renovated, the components of your building may be properly reclassified, through a cost segregation study, into shorter recovery periods for computing depreciation deductions.

Engineering-Based Report
G. R. Reid is aligned with a professionally licensed engineering firm with experience in engineering-related tax services. We meet all of the criteria and qualifications required by the IRS. We are confident in our understanding of the tax ramifications that must be considered when performing cost segregation or energy tax studies as they relate to the issues of recapture, passive activity limitations and the intricate steps involved in 1031 exchanges. We provide the highest quality cost segregation studies, with full audit defense, professional insurance and comprehensive reporting and full warranty of all reports in the event of an IRS audit.

Personal Insurance Services

: : Neal B. Patel, Managing Director,
Personal Insurance Services | G.R. Reid Agency, LLC
631.923.1595 ext. 303

Keep Your Home Safe During Holiday Travel Time

 
Whether you're planning a Caribbean vacation getaway, or a trip to visit relatives for the holidays, keep in mind that an empty house is a tempting target for a burglar. But with a little common sense and some careful planning, you can reduce the possibility that your home will be broken into while you're gone.

Prepare your first line of defense:

• Use sturdy locks on all doors and windows and secure before you leave
  Repair any broken windows or locks. Never operate under the assumption that a burglar won't find the one that's faulty.
  
• Enlist the help of a trusted neighbor
  Tell one neighbor your itinerary and your estimated time of arrival and return. That person should have a key to your front door to periodically check on the house, and a telephone number where you can be reached in an emergency.
  
• Don't broadcast your plans
  Especially in the era of social media, never post your travel plans on Facebook or Twitter. According to a recent article in the New York Times, tech-savvy thieves are taking advantage of the detailed information provided by unsuspecting social media users.
  
• Never let the house appear empty from the street
  Stop your newspaper delivery, and have your neighbor pick up your mail and any packages left on the front porch. Arrange for someone to mow the lawn, rake leaves and clean the yard if you'll be away for an extended period. Ask your neighbor to place garbage cans at the curb on normal pickup days and put them back after the garbage pickup. If you leave your car at home, park it where you normally would. However, be sure your neighbor moves it occasionally so that it appears the car is being driven. If you're driving your car, have your neighbor periodically park in your driveway or in front of your house.
  
• Your home shouldn't seem empty on the inside either
  Plug in timers to turn lights and even a television on and off at appropriate times. Turn the ringer on your telephone down. If a burglar is around, and hears a call that goes unanswered, they'll know you're away. Don't leave a message on your answering machine notifying everyone you're on vacation. Leave your blinds, shades and curtains in a normal position. Don't close them unless you would normally do so while at home.
   
• Don't give thieves alternate ways to enter your home
  Lock garage doors and windows. You should also secure storage sheds, attic entrances and yard gates.
  
• Don't leave valuables in plain sight
  Consider locking valuables in a bank safety deposit box. If you do leave valuables at home, make sure they are engraved. This simple precaution will allow stolen property to be easily identified and returned to you if recovered later.