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Expert Advice for a Georgia Resident's
Assets, Wills, Businesses, and Estates

The Hokey Pokey and Your Financial Power of Attorney

SignatureDid you hear what happened when the composer of the Hokey Pokey died? They had a terrible time getting his body into the casket. Supposedly they put his right leg in and . . .

But we digress from a more serious topic: what the Hokey Pokey has to do with the document used when someone’s disabled.

Y’see, the dance worked best when people followed its directions. You did what it told you to do, which was simple. Nobody bumped into anybody else and the dance worked.

Where this is going: we review lots of Financial Powers of Attorney each year. We find that so many of them are missing a simple but required part. Not having this part in the document means the FPOA may be worthless – an impressive-looking document that is only good to ignite kindling. [Read more…]

Buying or Selling a Business isn’t like Buying or Selling a Candy Bar

KeysSome people think that buying a business is a cinch, as easy as buying a candy bar.  It’s not. You can’t say, “Here’s X dollars; give me your computer and the key to the office (or to the truck, or whatever); and go enjoy the rest of your life.”

It’s the same if you want to sell a business. You can’t say, “Pay me X dollars right now, I’ll hand you this key and the computer, and then I’m outta here.”

You want a clean purchase and sale, right? Without any bad after-effects. So figure on resolving a bunch of matters up front. [Read more…]

Who Will Make Your Financial Decisions if You are Unable to Make Them Yourself?

What good is having access to a safe deposit box if you don’t have the key and you’re not ont he signature card?

What if someone asked you to drive his car in an emergency but he didn’t give you the car keys?

What if a relative wanted you to handle financial matters for her, but the authorization she signed for you didn’t work?

In each case, you’re holding a firecracker but you’re missing the fuse. You have only half of what you need to do the job. Without the activation half — the “Launch Code” — you’re stuck where you are, and so is the person you’re supposed to be helping.

So, you can have very important-looking papers which authorize you to act if someone else is disabled. They have familiar titles, like “Financial Power of Attorney” or “Living Will.” They read right: you are to collect the income, pay the bills and do all the financial chores for that person. [Read more…]

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