As an entrepreneur, you need to ensure that you have more control of your finances.
The timing of this article couldn’t have been better. After months of procrastinating Simon and I are finally getting arround to reviewing our insurances and other associated documents
No-one likes having to discuss let alone plan for the ‘nasties’ that may happen in life.
But, I have heard too many horror stories where families haven’t talked about protecting assets and things have gone wrong and the fallout has been horrendous for those left behind to sort out the mess.
It isn’t easy, particulary where there are businesses involved, and blended families. We ended up resorting to using a whiteboard and going over as many different scenarios aswe could think of to make sure we had the right protection in the right place.
But it is more than just making sure that we know how everything fits together and what goes where, it is also really important to have someone else knowing the plan so they can assist in administering it all.
My recommendation, if you haven’t looked at your asset protection plan for a few years, pull it out, review everything from your will to your trust to your insurances and make sure that in the event of anything going wrong, those left behind are at least financially protected.