Tuesday, February 16, 2016

Estate Planning When You Own a Small Business

So... you have been putting off making (or updating) your will.   This procrastination  can have additional dire consequences if you are a small business owner.  

When we meet with our clients who are considering their estate plan, we always like to discuss the practical aspects of their employment situation to see if there are additional considerations.  Are you an employee?  Are you retired?  No problem. Let's proceed to make an estate plan right now.  Do you own your own business... HOLD UP... let's slow down and go over a few more considerations.

A good estate plan isn't just going to just consider your death, it is also going to consider your incapacity.  Sure, a good will is going to help the situation if you are deceased, but what if you are ill, injured or otherwise unable to speak for yourself? What practical things would need to be taken care of between the time of your death and the probate hearing?   

This is something that should be considered in EVERY case, and it becomes even more crucial if you have your own business.

We encourage our clients to think through their day-to-day life, both at home and office, and consider what would happen if they were not there to take care of things. Does someone have the authority to act on your behalf?   Do they know HOW to do so?   Do they know WHERE to find things? The first time they make a phone call to customer service or try to pay a bill will they find that they don't have the authority or the funds to keep things going?

We can help you by creating powers of attorney, documents in which you can grant the authority to a trusted person to act on your behalf.   We can give you help and ideas on organizing data, passwords, and your financial information.  We can suggest the best ways to speak with your loved ones and your employees so that your business can continue even if you are not there to tend to the details.

"Passionate, Professional & Personal. We Make the Difference." For Over Thirty Years.
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Wednesday, February 10, 2016

Hashtag Legal Information!

Kalish Law is on Twitter.   Follow us! We tweet links to our blog posts and to legal articles, news, and relevant information.  We interact with adoption agencies, government agencies and other law firms and professionals. And occasionally we even have a little fun!


How to Prepare for the Divorce Process

If you suspect that divorce is on the horizon, you may feel overwhelmed.  But you CAN prepare for the process.   

The Client Page of the Journal of the State Bar of Texas features an excellent article this month. According to this article, there are several practical ways to prepare.   

It is advised that you know your financial picture.  Find and copy records, get account information, and other financial documents.  Even if you can't take and copy them, you may be able to snap pictures with your smartphone.   (This is easier said than done for some people- in abusive situations it is common for one spouse to maintain total control over assets. If that is your case, just do the best you can in getting information and remember it may become  lot more difficult to get this information later).    If you or your spouse has separate assets, you should get information about that property as well. You'll need it later on. 

In addition to knowing your financial picture, you should make sure that you behave yourself.  Be careful about your socializing and don't drink or do drugs.  Take a break from social media. 

Take care of yourself. Start new traditions. Respect each other, even when it isn't easy. 

In addition to the suggestions posted in this article, I also recommend tending to your emotional needs by making sure that you have support and someone to talk to,  Consider getting counseling to keep you "on track" and to keep you from becoming physically ill from stress.  It is good to have one or more people who you can talk to who will not judge you but will talk to you honestly about your own behavior.  Defensiveness and blame will just get in the way of your progress. 

Take good care of yourself.  Taking a little time each day to relax isn't wasteful, it is preventative. Do your best to stay physically healthy.

"Passionate, Professional & Personal. We Make the Difference." For Over Thirty Years.
Se habla español