03 Nov Review, Reflection and Business Planning
During the last few weeks of the year I like to spend some time reflecting on the year, giving thanks for people and opportunities, and making decisions on how to best serve my clients in the coming year. You’ll find my business planning checklist below.
As part of that process, I encourage you to take time for review and reflection as well. If you have estate planning documents – do you know where those documents are, and have you reviewed them in the last few years? With life changes such as marriages, divorce, moves, additional or growing children, and unfortunately the passing of loved ones, it is important to review your existing plan documents. This can be adding a codicil to a will, amending a revocable trust, revoking or changing a power of attorney, etc. It is also an opportune time to review your accounts and insurance policies not only to make sure you have the coverage and policies in place that you want but also that your beneficiaries are correctly identified.
If you haven’t created any of these documents yet, please consider checking that off your list.
Below is a sample list of items to review or consider.
Estate Planning
- Know location of existing documents
- Review documents for changes
- Personal Representatives/Trustees/Power of Attorney
- Guardians for minor children
- Property changes
- Deed changes
- If you have a revocable Trust, have you correctly transferred property and assets into the name of the Trust?
- Accounts and Insurance Policies
- Review coverage and beneficiaries
If you have a business, have you met your business planning goals for the year, and what changes do you want to make? What would happen to your business if something happened to you? Have you reviewed your contracts with vendors and customers? Do you have employee policies in place? An ongoing relationship with an attorney can help you plan to meet your goals, make changes, review and update your documents or draft new ones, and plan for the future. Below is a sample list of business planning items to review or consider.
Business Planning
- File annual paperwork for corporate structures
- Review or create corporate structure and keep records updated
- Revise or create contracts with vendors, customers, clients
- Revise or create employee handbooks and policies
- Review your insurance policies
- End of year bookkeeping and tax planning
Maybe you have a dream about starting a business or buying a business? An attorney can help you work through those steps even when you are in the planning phase. Some considerations are pros and cons to the distinct types of corporate entities, operating documents, and licenses that may be needed.
Planning Ahead for 2018
In 2018, I plan to expand my work with business owners and am able to offer affordable and flexible options for ongoing legal services. I take a proactive approach with my clients to solve problems, minimize risks, and find the best method to resolve disputes for clients. I also have a large network of other trusted professionals I can connect with clients to meet other needs, such as insurance, accountants, realtors, administrative support, and more.
I also plan to continue providing free speaking engagements on topics such as estate planning, business legal services, and mediation/alternative dispute resolution.
I am blessed with wonderful family, friends, and clients. Wherever you are in life, I would encourage you to take some time to review your plans and goals. I would love to help you in that process.
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