The brilliant young
entrepreneur was so energetic and talented that you felt almost
inadequate just by talking to him. Although married with children, he was the
type of person that was so charismatic, women were drawn to him and men wanted
to be his friend. Not only did he excel at
several high risk business ventures, he also enjoyed a number of high risk
sports. Unfortunately, the result of one of those sporting adventures
was a traumatic brain injury that left him in a coma.
Strangely, the fact that he did
not die put his affairs into disarray. The business floundered and
his family was put into a panic…..You see, his estate
plan provided for transition of his company and protection of his family
upon death but his planning did not anticipate the possibility of his own incapacity. This was especially unfortunate because proper planning could have
protected his business, provided for his family, and even made sure that he
received better and more comfortable care during his time of incapacity.
It is not widely enough known that you do not necessarily have to use a
Trust to accomplish these ends. You do not even need to anticipate death to make use of an Estate Plan. Ask if your estate planning lawyer knows how to help you protect your business and family in the event of incapacity with a “Springing Contingent
Power of Attorney” and pass this word along to any entrepreneur who needs to know that estate plans are for the
living.
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