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Showing posts with the label Business

My advisor helped me leave my estate to my cat.

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This is a true story, from a lady who was in my office witnessing a client signing her Will.   It is also an example of the unlicensed practice of law.   I am both an attorney and an insurance agent. I have two (2) licenses. One (1) was hard to get. One (1) wasn’t. Guess which one (1) fits each category.   There is a lot of argument in the insurance and financial world about helping clients draft their Wills, Trusts and Powers of Attorney while getting paid to do so. Why?  Money .   Tennessee defines the practice of law as: As used in this chapter, unless the context otherwise requires: (1) “Law business” means the  advising or counseling for valuable consideration  of any person as to any secular law,  the drawing or the procuring of or assisting in the drawing for valuable consideration of any paper,   document or instrument affecting or relating to secular rights, the doing of any act for valuable consideration in a representative capacity,  obtaining or tendin

The shadow of expungement

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Recently a question was asked regarding expungement (expunction) of criminal records.  This reminded me of a scenario I've seen a few times that might be helpful to someone here. I have seen expungement (expunction) leave a “shadow” on a person's record. Here's the scenarios I've seen:  The “conviction” was expunged, but the arrest record with the police department wasn’t included in the destruction of the file. The arrest warrant was missed whenever the court expunged the conviction.  Since the entire court file gets destroyed, the arresting agency, which keeps its own records, has no order to show that the arrest should be removed from the record.  That scenario created a real issue for the individual since the file was destroyed with the court but not the arrest with the police department.  I’ve also seen one (1) conviction get expunged, but a companion conviction not be expunged. In that instance the companion sentence referred to the now expunged case.  My preferen

Perfection is the Enemy of Success

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I'm currently reading (listening to) Finish, Give Yourself the Gift of Done by Jon Acuff.  Stacey Brown Randall recommended it.  (That's Stacey with an "e".)  It is such a great book. So often, our Perfectionism is the enemy to our achieving our goals.  For example, I have been trying to blog for a while now.  Everything has gotten in the way.  So often, if I can't get it perfect, I don't even take a step toward getting it done. How often does that happen to you?  How many more goals could you finish if you just started?  How successful would you be if you just took a step? I remember the day when someone in my family said "You see, we are Perfectionists."  It was explained to me like it was a good thing.  Now I know it's simply the enemy to progress.  In that same period in my life, I can remember trying to play baseball.  I remember standing over home plate and trying to make the perfect swing at the perfect pitch.  What happened?  The perfect

Succession Planning

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Do you have your own business?  It's great, isn't it?  Making all those decisions.  Having to buy the staples and copier.  And your delightful relationship with your silent partner, the IRS. Once all the euphoria of the above has passed, what's your succession plan?   How's the business going to pass along to other generations?  If you drop dead or are disabled, will your family have to clean up the mess?  If you are in a business with others, what's the succession look like? Most business succession plans include some sort of buy-out .  Normally, no one really thinks about this after the initial attorney drafts it.  How would you fund the buy-out?  Are you going to sell business assets?  Are you going to run a business with someone's widow, child, or girlfriend?  Or, is their life insurance on the business owners to fund it? Have I blogged on this before?  Yes .  Does it bear repeating? Yes . If you are in a small business with others and can't answer my qu

Business Operating Agreement Concerns

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When you started your business, you generated an Operating Agreement or some similar document. The document looked all nice and legal at the time. You signed it and moved on. The business had very little worth at the time, so you didn't pay much attention. Now, you are years into the business and you haven't given this document another thought. As you have aged and the business or partnership grew, you start to think about the agreement. In most Operating / Partnership Agreements there is a "Buy-Sell Clause" that is triggered by death or disability . When you started the business, those issues didn't matter. Now, they do.  What if? Do you have the capital to fund a buyout of your partner(s)? Do you like the idea of owning a business with your partner's wife and her new husband?   Wouldn't you like a source to fund this part of the agreement? Maybe it's time to take a second look at that document and figure out a way to fund it for pennies on t