First and foremost, planning is valuable because it works to provide some semblance of control and security for your future. By making a plan, you have an idea about what might happen going forward. From a cost-benefit approach, planning often helps reduce risk and liability. When done properly, your plans are created to help make them clear to others, reducing the chance for misunderstanding. This is often beneficial when thinking of litigation and how to avoid it. Some time and effort on the outset can often help you avoid complicated and costly litigation down the road.
One common area of planning occurs in the personal realm. This is when we often see estate planning come up. This planning helps to set out what your final wishes for the disposition of your property may be, and also determines who gets what. After a lifetime of work to accumulate your assets, the last thing you likely want is to have no real control over the distribution of those assets. This is also important because it allows you to have a final say in any philanthropic measures that you might want to support after your passing.
A second area of personal planning that is getting popular as members of the baby boom generation age and retire is elder law planning. This is a multi-faceted planning approach that works to help make sure seniors’ wishes are met, while at the same time making plans to move forward into a future that is often filled with exceedingly high medical costs. By properly planning for this reality, an individual might avoid liquidating everything to fund their future care and still be able to transfer some possessions and wealth on to the next generation.
The other most common area of planning work Harvest Legal routinely works with is business planning. From startup to success or liquidation, careful planning is necessary to maximize the financial situation of your business. Harvest Legal works to come alongside business operators at all stages of the business life cycle and work to make sure the business is on the most solid footing planning-wise. We want to help make sure the desires of the company’s ownership are clear, to avoid conflict whenever possible.
While not always fun to deal with, proper planning in our personal and business lives is necessary to succeed. Harvest Legal is here to partner with you to help make the best plans possible in a way that respects your wishes and your budget.