Page 6 - Abacoa Community News - June '20

Page 6, Abacoa
How To Protect Your Family

When You And Your Spouse Work In The Same Business

Submitted by Anné power of attorney), or if you do not make this choice yourself, course of treatment is someone you can trust.
Desormier-Cartwright, someone is selected by the probate court in a very public and Having a successful marriage and business takes hard
Esq. costly proceeding. Although your spouse may be the best work. We are here to assist you in making sure that your
You and your spouse positioned person to make decisions about you and your family and business are protected in the event that unforeseen
live together, you work business, he or she needs the appropriate authority to do circumstances befall your family. Give us a call today to
together, and chances are so. Executing a financial power of attorney can facilitate a schedule an appointment.
you spend a lot of your smooth transition during a stressful and emotional time if, for If you have questions about this article or your estate
free time together. Having some reason, you are unable to make decisions for yourself. plan and what documents are necessary schedule a
a successful marriage and This document is incredibly important if only one of you consultation today by calling our office at (561) 694-
business takes a lot of hard is the legal owner of the business. Although the other spouse 7827, Anné Desormier-Cartwright, Esq., Elder & Estate
work and dedication but may be intimately familiar with the operations, without the Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
can also be among the most proper authority, he or she cannot make any decisions that Jupiter, FL 33458.
rewarding things in life. To help keep you on the right track, may be necessary to keep the business going. The content of this article is general and should not be
here are a few tips. ○ Health Care or Medical Power of Attorney: As is relied upon without review of your specific circumstances by
1) Create a budget for your family and your business. the case with financial matters, no one has the authority competent legal counsel. Reliance on the information herein
Money can be a very tense topic even for the average married to make medical decisions for you unless you select them is at your own risk, as it expresses no opinion by the firm on
couple. With a family and a business to run, it is important or they are appointed by the court. If you are unable to your specific circumstances or legal needs. An attorney client
for the two of you to sit down and agree upon a budget for communicate your wishes when an emergency arises, it relationship is not created through the information provided
your family, as well as a budget for your business. By having is important that the person who will be deciding your herein.
open and honest communications about your finances, both
personally and professionally, you can stave off more heated
conversations later. Virtual Happy Hours
2) Keep work at work. While your business is probably
the main source of your income, it is important to create a
boundary between your work lives and your home lives. If … The New Normal?
your business has a physical location outside of your home,
this can be accomplished by establishing a rule that you
and your spouse will only discuss business while you are By Laura Barrio, each person tell us about
at work. If you and your spouse are running a home-based Freelance Writer/ their wine and give us the
business, you can establish “business hours,” and any time Blogger tasting notes.
outside of those hours is personal time when business will In a matter of a few To keep the group
not be discussed. No matter which approach you use, it is weeks our world has manageable I recommend
important that you allocate enough time to accomplish your become very different. no more than 8 to 10
work. Our social norms have all people so that everyone
3) Have your own hobby. Because you probably spend changed! Social gatherings can interact. Larger groups
almost every waking moment together, it is important to with friends and family can make it difficult to
take time to do something that you enjoy alone. This can be are on pause and we are follow conversations.
as simple as carving out time to take a long relaxing bath or left searching for ways to To make the process
joining a group that has outdoor activities. Having your own reinvent our methods of smoother, send an email
hobby allows you to access another part of yourself and take connecting. We need this connection now more than ever. with instructions on how
a break from the usual routine. Studies have also shown that Since we can’t go out to mingle, virtual happy hours have to log into the meeting along with some basic guidelines.
individuals who have hobbies they enjoy tend to have lower been born! Have everyone keep their microphone on mute until they
blood pressure, are less stressed, and are overall happier. What is a virtual happy hour, you may ask … a designated wish to talk. Have the host guide the event so that everyone
4) Have your estate planning prepared or reviewed. host, chooses a platform such as Zoom, Facebook, Google feels included.
Just like any other couple, estate planning is important for Hangout, Skype etc. … and creates an invitee list. Physical distancing does not need to mean we have to
business-owning spouses in order to protect each other and All that is left is to pick a time and send out invitations forego some of our favorite activities. We are creating new
ensure a future that is financially stable and prosperous for to the group to instruct them on how and when to log in. norms!
the family and loved ones you leave behind. When a couple Since our vibe is wine, I am creating a happy hour with We are all in this together! Let’s hang out, drink wine
works in a business together, things can become even more a red wine theme. and connect … in a new way.
complicated, making proper estate planning an even greater I am asking everyone to bring their favorite red and some ~Keep the conversation going and the wine flowing
necessity. Below are some of the basic estate planning tools hors d’oeuvre to the happy hour. During the event, I will have ~Cheers
you need to protect yourself, your family, and your business.
○ Trust: By having a trust, you are able to have your
money, property, and your business owned by an entity
other than yourself. While this may seem scary, in most
circumstances, transferring the ownership does not mean that
you are giving up control. In creating the trust, you can name
yourself as the trustee (the one in charge of managing the
money and property, including the business, in the trust) and
name yourself as the current beneficiary (the person who gets
the enjoyment from the money, property, and business). The
major benefit of having the trust own your money, property,
and business is that when you die, you do not own any of
these things (the trust does), and therefore, they do not have
to go through probate court proceedings. This will save your
family time and money and can keep your personal affairs
private.
In addition to avoiding probate, a trust can give you a
place to write down your instructions for the future of the
business. Who will run the business if you are unable to or
if you die? Is the next generation ready to step up and run
the business? Will everyone participate in the business, or
does money need to be provided to a beneficiary who does
not work in the business?
Lastly, a trust offers additional protection for your
business by allowing you to select an individual to run the
business if you are unable to make decisions for yourself,
thereby allowing for the continuous operation of your
business.
○ Financial Power of Attorney: By default, no one (not
even your spouse) can make decisions for you unless you
formally select someone (through the creation of a financial

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