Plan Protect Preserve
Helping Georgia Families Plan For The Future
Legal Services With Compassion
It is almost Christmas and we are so thankful to all our clients that have placed their trust in our firm to handle their legal matters!
We look forward to growing the practice in 2019 and assisting more families in the community with their estate planning needs! Also, we will be launching our estate planning seminars in January 2019. This will be a wonderful opportunity to learn valuable information about estate planning in a group or individual setting. An update on the seminar schedule will be forwarded in the next newsletter.
This newsletter will focus on business owners; entrepreneurship is such a fulfilling yet demanding endeavor. Entrepreneurs wear so many hats in their businesses and can plan for whatever may come but sometimes life can really throw a wrench in your plans which is why incapacity planning is so important.
If you are an entrepreneur or planning on starting your own business soon this newsletter is for you! Keep these things in mind and when you are ready to plan for the future of your business don't hesitate to contact our office!
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Passing Along a Benefit, Not a Burden
Why Incapacity Planning for Business Owners is an Indispensable Component of Your Plan
Most business owners have their estate planning prepared because they are worried about what will happen to their business after they are dead. However, proper estate planning has the added benefit of allowing you to make plans for what will happen if you are incapacitated or needing to be away from your business for an extended period of time.
As the owner, you are responsible for the day-to-day operations of your business. This is a full-time responsibility. But what will happen if you can’t be there all the time? You don’t necessarily have to be in a coma to be unable to participate in your business. You could be on an extended vacation or have a medical diagnosis that requires you to take several months away for treatment or recovery. During this time, your business needs to continue on so that you and your employees can continue to take home money.
It is important to think ahead about who will be in charge of the day-to-day operations because a ship without a captain can be dangerous. Not only does this individual need to understand the business, he or she needs to have the respect of your employees and be confident in making tough decisions in your absence. Without this planning, everyone could jump to the conclusion that he or she is in charge, or alternatively, no one will step up, resulting in chaos either way.
If you have family members working in your business, it is also important to explain to them what will happen in your absence and who will be in charge so that someone does not assume they are in charge just because they are family. Importantly, remember that just because your family is involved with your business does not mean that he or she is the best choice to succeed you.
We can help you develop a plan to keep your business running while you are away. From choosing the right individual to putting processes in place for your incapacity, we are here to help.
Thompson Mungo Firm
You can easily schedule a call or a meeting with our calendar!
Email: tanieka@ttlawllc.com
Website: ttlawllc.com
Location: 390 Racetrack Road, McDonough, GA 30252
Phone: 678.855.6002
Facebook: https://www.facebook.com/millennialestateplanning/
Twitter: @FirmMungo