As a business owner, you may find yourself on the wrong end of a lawsuit at some point. While certain types of business are more susceptible to lawsuits than others (doctors, dentists, lawyers, medical companies, trucking companies, and oil companies), any business could be sued for a multitude of reasons. Hopefully, before a lawsuit happens, you have done some business protection planning (something any of our attorneys can help you with) to structure your business entity, your business assets, and your personal assets so that they have any available protections. You have hopefully also began an asset protection trust program for yourself and your spouse so that in the event of a crippling lawsuit or legal battle, you have resources available that are protected from creditors.
Often when people purchase a life insurance policy, they fill out the paperwork at the beginning (which includes an initial beneficiary designation) and then simply pay the premiums and do nothing else. However, most often people do not realize that they make a bad choice for beneficiaries at the beginning or fail to update the beneficiaries when needed. At Wiley Law, LLC, we review our client’s designations to ensure they will work properly with any planning put in place. Here a 5 common mistakes when designated beneficiaries.
Matthew A. Wiley, of Wiley Law, LLC has been selected as a special guest speaker at an upcoming seminar “Making the Right Moves for the Future.”
The first question asked by many individuals regarding estate and asset planning is “Do I even need a will or an estate plan?” Any attorney worth his salt should answer a quick “YES!” to this question. If they don’t, you should probably consider visiting another attorney. Whether you need an estate plan is a very different question than how extensive of a plan you need or what planning you can afford. Even young individuals should consider putting basic disability or medical documents in effect (check out this article).