Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away from Austin Estate Planning Lawyer Liz Nielsen

Small Business Owner

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including your business and your estate plan — is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

Husband with Alzheimer’s Proposed to Wife of 38 Years, and They Married Again. From Austin Texas Estate Planning Lawyer Liz Nielsen.

Austin Probate

Michael Joyce has Alzheimer’s and suffers from memory loss. The disease had progressed so much that he forgot he was married to his wife, Linda Joyce, of 38 years. However, he had not forgotten that he was in love with her. Recently, Michael asked Linda to marry him, again. Instead of telling him they were already married, Linda said “Of course I will.” To her surprise, the next morning Michael woke up and asked, “So, when are we doing this?”

Are Payable-On-Death Accounts Right For You? from Austin Estate Planning Lawyer Liz Nielsen

Payable-On-Death Accounts

A payable-on-death account, also called a POD account or sometimes a transfer-on-death (TOD) account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost.

Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture.