{"id":963,"date":"2017-09-21T15:59:11","date_gmt":"2017-09-21T15:59:11","guid":{"rendered":"https:\/\/barthattorneys.com\/?p=963"},"modified":"2019-01-31T18:40:11","modified_gmt":"2019-01-31T18:40:11","slug":"entrepreneurs-neglect-this","status":"publish","type":"post","link":"https:\/\/barthattorneys.com\/entrepreneurs-neglect-this\/","title":{"rendered":"Entrepreneurs Neglect This\u2026"},"content":{"rendered":"

The entrepreneurial spirit is alive and well today. I was just talking with my dentist the other day and asking about his family. His oldest kid who is just out of college has \u201can incredible app\u201d he is developing and hoping to sell for gobs of money. Let\u2019s see how that goes…<\/span><\/p>\n

I spend a lot of time in Silicon Valley and San Francisco and it\u2019s out of control what\u2019s going on there with entrepreneurs of all shapes and sizes – those places are alive with activity. Quick peek at a hot spot for a lot of those entrepreneurs – <\/span>Cafe Trieste <\/span><\/i>in North Beach<\/span> –<\/span><\/i> happens to be one of my favorites:<\/span><\/p>\n

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And our founder Harry Barth recently spoke to the <\/span>Entrepreneurs Organization<\/i><\/b> at the UC Irvine Innovation Center – what an amazing group of people.<\/span><\/p>\n

Entrepreneurs are builders. They have a vision and spend hours and hours cranking away on that vision. And most of these visionaries understand the fragility of their endeavors, but these industry leaders tend to ignore really critical issues. Businesses of all sizes fail constantly in our country and for reasons you might not be aware of. <\/span><\/p>\n

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Your entire family\u2019s well-being can depend on the success of a business and that business can be exposed to unnecessary risk if you don\u2019t prepare the proper personal documents. I am speaking of the important components that make up your estate plan (coupled with your business planning).<\/span><\/p>\n

As your business grows, proper personal planning becomes essential and not something to kick to the curb. Get this, 80% of business entrepreneurs don\u2019t have a financial power of attorney in place. The power of attorney is the person you pick who can make important financial decisions for you in the event of incapacitation. Decisions about your business AND your personal affairs – paying rent, handling company contracts, tax issues, stock transactions, insurance and a lot more. This is an issue of business survival!<\/span><\/p>\n

Here\u2019s another unreal stat – 65% of entrepreneurs have ZERO estate planning in place. Nothing! Then life throws a curve-ball and families and businesses get nailed. The solution is a proper estate plan.<\/span><\/p>\n

You are breaking your back at work. Maybe sacrificing family life and other personal relationships. Then you pass away unexpectedly or have to deal with an unforeseen illness. Nobody ever wants to think about these things, but \u201clife happens.\u201d And if this is a scene that plays out and you have no planning or outdated planning, what happens? Nobody knows and it becomes messy and financially and emotionally draining to figure it out.<\/span><\/p>\n

This is incredible\u2026 What about your business partner(s). Do they have their own planning in place? If they don\u2019t, <\/span>YOUR FAMILY<\/b> could be negatively impacted by your partner\u2019s lack of planning. You both own an asset together and how would it work out if that asset became embroiled in a family fight over assets? Not good. Or worse, what if your business partner(s) are exposed to a creditor attack that has nothing to do with your business? And that creditor is coming after their assets which includes <\/span>YOUR BUSINESS!!<\/b><\/p>\n

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Let\u2019s just agree that an estate plan is important. Especially so for owners. The foundation of your estate plan is your living trust. Without this your assets go through probate and a stranger then starts making decisions about your personal and business life. Nobody wants that. Setting this up ensures your property will go to a trustee who carries out your wishes rather than through the court system.<\/span><\/p>\n

The theme here? Take control of your planning today. If you don\u2019t have anything in place, build it now. If your current planning does not include asset protection integration, then look into this ASAP. <\/span><\/p>\n

Take advantage of our complimentary results driven planning assessment by clicking below to pick a day and time for us to call you.<\/span><\/p>\n

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The entrepreneurial […]<\/p>\n","protected":false},"author":77,"featured_media":906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/posts\/963"}],"collection":[{"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/comments?post=963"}],"version-history":[{"count":0,"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/posts\/963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/media\/906"}],"wp:attachment":[{"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/media?parent=963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/categories?post=963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/barthattorneys.com\/wp-json\/wp\/v2\/tags?post=963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}