We have discussed, repeatedly, the need for you to have your ducks in a row as far as personal legal documents are concerned.  By now you should have completed your personal Power of Attorney, Living Will, medical directives, and wills or trusts.  If you are a business owner there is another area that also needs consideration.
       Do you have a plan in place for what will happen to your business if you are no longer able to manage it for whatever reason?  Many people assume that someone in their family will take over.  This, however, is not often a good plan; in fact it is not a plan at all.  Some children are not prepared or do not want to carry on in your stead.  We have all seen cases where the heirs were so unprepared that the business ceased to exist very quickly.  You can't, necessarily, expect them to have the enthusiasm that you have. 
       Even if you are lucky to have an heir who is as enthusiastic as you about your business it is wise to have a plan in place that gives them direction when they take over.  In time they will, of course, change your plans to match their own goals, but in the meantime you can do them a great favor by having a plan in place.
       If you aren't lucky enough to have an enthusiastic heir you need to have an exit plan in place.  Do you want the business sold?  How do you want the proceeds distributed?  Do you want to honor specific loyal employees with legacies? Maybe your employees will want to buy the business and continue it as you would have.
       After discussing your plans with your family and employees you may need to get your attorney involved in the process; there are going to be contracts and legal details that require some expertise to execute. Trying to do everything on your own could lead to problems down the road; missing documents could create chaos.
       The purpose of all this planning is to guarantee your wishes are honored and reduce the stress on your family and employees that is sure to occur at transition time.                       Whether you want your business to continue or not, it is important to have plans in place for this transition.  This is the only way you can maximize the end result if you are not able to handle the changes yourself. 

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Your Taxes Aren't Done, Yet

       Hooray for you!  You have endured another chaotic tax season. However, you aren't done yet. We suggest that you take a look at your latest form and make folders for each category of you deductions. These could be charities, office supplies, education, or any other groups that suit your lifestyle.

       Next year when it is time to do your taxes, you will have all the parts of the puzzle sorted and easy to find. Just total up each folder and enter the total in the proper blank.  Presto, you are done in no time; and with none of the chaos or stress you have suffered in the past.

       Quicken or Quickbooks will do this job for you, if you are diligent about entering the data and you have a significant amount of information these tools make it easy.  If your taxes are simpiler, a stack of envelopes may do your job.

       Whatever system you choose, having a system will make tax time much easier to face.

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