Is Estate Planning Only for the Wealthy?
By Catherine Gagnon
When people hear the words estate planning, they often picture sprawling estates, vacation homes, and millions of dollars in assets. That misconception keeps many families from creating a plan that would benefit them.
Estate planning serves anyone who wants to make sure their wishes are carried out. Whether you own a home, have retirement accounts, run a business, or simply want to make life easier for your family, an estate plan can provide clarity and peace of mind.
Without a plan in place, important decisions may be left to the courts or dictated by state law. That can create unnecessary delays, added expenses, potential disputes, and stress for your loved ones during an already difficult time.
A comprehensive estate plan can help you do many things – decide who will receive your assets, name guardians for your minor children, appoint someone to make financial or medical decisions if you become unable to do so, help your family avoid unnecessary complications after you pass away, or protect a family business or prepare for a smooth ownership transition.
While the cost of a comprehensive estate plan depends on the complexity of your situation and assets, the cost alone should not be a deterrent. A lot of things can be achieved with deeds and beneficiary designations, and the attorneys at Tamarisk Legal Advisors will work with your budget to help you achieve your goals.
At Tamarisk Legal Advisors, we believe estate planning is for anyone who wants to protect what matters most. Every family is different, which is why we tailor every estate plan we create to our clients’ unique goals, values, and circumstances.
Why every organization needs a trusted legal advisor
By Phil Harwood
If you’re a business owner – or if you know a business owner – this is for you.
My name is Phil Harwood. I’m an attorney working with small & medium-sized organizations. Every organization needs a trusted legal advisor. Here’s why.
Large organizations have in-house counsel. They employ one or more attorneys on staff as part of their internal legal department. These organizations also work with outside counsel: attorneys working for law firms who support the in-house legal team. This makes sense for these large corporations, family businesses, and non-profits due to the many legal issues that arise on a regular basis.
On the other hand, smaller organizations usually face fewer legal matters and only engage with attorneys when something extraordinary happens, which could be that something bad happened, or it could be that a big opportunity, and associated legal matters, have come along.
The problem with this approach is that the organization is scrambling to find an attorney they trust at the worst possible time – when there is an immediate need or a crisis. We all know that we often don’t make our best decisions under pressure.
A better approach is to develop a relationship with a business attorney when there’s no crisis. This allows for time to build a trusted relationship with the business owner, the leadership team, and often family members, especially if there are plans to involve the next generation in the organization.
Then, when there is a crisis, the known and trusted attorney can step in as an advisor who knows the organization, the owners, the key people, and their family members.
Instead of investing time and energy into finding an attorney willing to jump into a crisis, deciding whether to retain the attorney, and hoping for the best, you can invest time and energy into the matter at hand.
Business attorneys who work with smaller organizations must be mindful of the costs associated with legal work. Big firm attorneys are often too expensive for smaller organizations due to their large overhead and high billable hourly rates.
This is where boutique law firms like Tamarisk Legal Advisors shine. We work with closely held small and medium-sized organizations. We understand what they need and what they don’t need. For example, unlike big firms, we don’t bill extra for simple emails and quick phone calls.
Because of our approach and affordability, our clients don’t hesitate to involve us in all sorts of matters – strategic business decisions, negotiations, partnership issues, entity formation, contract drafting and review, succession planning, selling their businesses, and much more.
And, of course, we’re one of the first advisors to be brought in when something goes bad. Unfortunately, business owners are not immune from bad things happening – distress, divorce, disability, and death – and these can result in a crisis without the right advisors.
Who do you know who owns a business and who would benefit from this message? Please take a moment to share this message with them. This small act of love may be the most important thing you do today.
Now Go Forth.