Tips for a Business Owner's Estate Plan

You've worked hard day in and day out for your business. You've poured your heart and soul into it, as well. It's important that someone you trust is left in charge of your venture when you pass away. A plan should be established as to who will take over the business you've worked hard for. Our Lake of the Ozarks attorney can help create an estate plan for your business. Our team can help ensure your legal bases are covered when it comes to your business after you pass. Below you can find some tips to help when creating an estate plan for your business.

Estate Plan Tips for Business Owners:

TIP #1: Create a will.

A will is helpful no matter what type of business you own. This type of documentation can help you dictate exactly what you want to take place after your death. Usually, businesses with no will in place will be passed to close family members. Save your employees and family members the effort and name your successor in a will.

TIP #2: Consider a succession plan.

A succession plan can help your successor navigate their new role. A solid plan contains the name of the successor, a training plan, and how your successor will be taking control of the business. This plan is a good roadmap for whoever you choose to take over your venture. Whether you pass away, retire, or are unable to work for another reason, a succession plan can help your successor navigate their new role.

TIP #3: Think about future taxes.

Estate taxes can be a hefty burden should the original owner pass. Once a business owner passes, the tax may be due soon thereafter. As a business owner, there are ways to minimize the tax burden on your successor.

TIP #4: Purchase life insurance.

A life insurance plan can help to cover the financial burden of a loved one passing. A business owner should consider buying a life insurance policy to benefit their business, as well. A partner or your successor may even be named the beneficiary of your policy, to make the transition smooth.

TIP #5: Organize your records.

It's important that your records are easy to find. In the event of your passing, these documents should be well organized and in a convenient location. Someone will need to locate these documents in order for your wishes to be carried out. Consider keeping insurance information, your estate plan, financial information, and other information for your successor together in one place.

Potential Risks for a Business with no Estate Plan:

• Higher taxes
• Dispute between heirs
• Division of assets based on legal requirements

While it is typically unpleasant to plan and even think about the plan you will need to have in place, it's an important step in owning a business. There can be negative consequences if you do not have a plan in place. Get ahead of the situation and plan on your succession for the sake of your business and/or your family. If you don't have a plan in place, give Gibbons Law Firm a call today. Your initial consultation with our business lawyer at the Lake of the Ozarks is free!

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Questions to Ask Your Personal Injury Attorney

Personal injury cases, like most legal problems, can be stressful for all parties involved. If you've been hurt due to someone else's' negligence, your side of the case should be represented. With medical bills, doctors appointments, and the potential for lost wages, a personal injury can cause stress in multiple areas of your life. From financial burdens to emotional trauma, your personal injury can weigh heavily on you. Having a professional personal injury attorney in Lake Ozark, MO can help you navigate the legal aspect of your case.

Here at Gibbons Law Firm, we know this is a challenging time. An experienced lawyer near the Lake of the Ozarks can give you the legal support you need to work through your case. If you are searching for a personal injury attorney at the Lake of the Ozarks, you should ask questions to find the right one. Take a look below to learn about a few of the questions you should inquire about.

Question 1: What is your experience with personal injury cases?

Gibbons Law Firm has been involved in many personal injury cases. The ins and outs of this type of trial can be complex to navigate on your own. There are various types of personal injury lawsuits and it's important to find the right attorney for you.

Question 2: How much do your services cost?

Before hiring a lawyer, it's important to know about the cost structure. Inquire about the pricing when you are searching for the right lawyer for you. Gibbons Law Firm generally represents such clients on a contingency fee basis and receives compensation only when the case is resolved.

Question 3: How involved should I be in the case?

Different lawyers have various policies on client involvement in the case. Since it is your case, it's important that your side is heard. Share your information with your lawyer and ask what else they may need from you to get a better idea of your involvement.

Question 4: What does your client load look like?

When searching for the right lawyer, it can be helpful to get an idea of their current client load. Ensure they have enough time and resources to dedicate to helping with your case.

Question 5: What sets your law firm apart?

Don't be afraid to cut to the chase and ask how the lawyer you are interested in is different from others. Any experienced lawyer near the Lake of the Ozarks will have no issues answering this question - after all they know best how they are unique!

Now that you have learned WHAT to ask your personal injury lawyer in mid-MO, you are ready to start asking. It's important to take time to find the right lawyer for your legal needs. As always, your first consultation with Gibbons Law Firm is free. Contact us today to share information about your case AND ask any questions you may have! We look forward to hearing from you!

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Top 5 Legal Tips to Help Protect Your Small Business

Your small business is important to you and your family. With any business, there are some legal risks you may face. Preparation and prevention can help to protect your small business from possible legal issues. With your business taking up most of your time, don't spend unnecessary time in the courtroom. Try to prevent potential legal issues with the right preparation for your small business. Below are some top legal tips to help protect your small business at the Lake of the Ozarks.

1) Document, Document, Document

EVERYTHING should be in writing when it comes to your business. Any activities - like hiring, firing, accounting information, and all internal discussions - should be documented in detail. This documentation can help to prove your side of a case, should you need it. It can also be helpful to keep this documentation well organized. This can save you time, should you need to locate and present your documents.

2) Equal Treatment of Employees

A number of small businesses lean on friends and family to help make their venture a success. Even though this is usually beneficial for both parties involved, it's important to keep your relationship professional. Complete all processes with friends and/or family members in the same regard you would a new employee. It's best to keep your business life professional and ensure your employees are on the same page. This can also make things easier to handle should the working relationship come to an end.

3) Present Clear Expectations

Ensure ALL of your employees and/or business partners are clear on your working relationship and all expectations required. Before you hire someone, be sure they know what the position requires and what you expect from them. Many new employees will realize the position is not for them after they have been hired. This can help to avoid a high turn around if you are upfront from the beginning of the hiring process. Hiring and firing require a lot of paperwork, therefore you can make it easier on yourself if you present the ins and outs of the position you are wishing to fill.

4) Guard Your Trade Secrets

Your intellectual property is what sets your business apart. It's important to safeguard your trademarks, copyrights, and other trade secrets. Ensure your intellectual property is properly protected. A new employee should sign a confidentiality agreement to help legally protect your business information.

5) Hire an Experienced Lawyer

There are a number of legal tips to help you protect your small business. Even with these precautions in place, a legal situation may still arise. An experienced lawyer can help represent your business when it is needed. Since you spend most of your time focusing on the ins and outs of your business, let our law firm help save you time!

Now that you've learned more about the ways you can protect your small business, you're ready to protect your venture. Our law firm at the Lake of the Ozarks can help you implement these legal protections that your business may need. While taking the above steps, Gibbons Law Firm can help prepare you to keep your business out of legal turmoil. Your initial consultation with our law firm is ALWAYS free! We look forward to helping to protect your small business venture at the Lake!

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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What to do if Involved in a Car Accident

Have you been involved in an accident? You aren't alone - in the United States about six million car accidents happen each year. One in three of these accidents involved a personal injury. Whether it's the driver or passengers in a vehicle involved, injuring a person in a car accident in mid-Missouri can lead to a legal situation. There are certain things you can do if you are involved in an accident which leads to personal injury near the Lake of the Ozarks. Our personal injury lawyer in Lake Ozark, MO is here for you! Take a look below to see what you should do, if you find yourself in a similar situation.

Create a Safe Environment

If you are able, it's best to move vehicles off the roadway. This can help prevent more vehicles getting involved in the incident. If you are unable to move the vehicles, try to make the scene as visible as possible. Flashers, a flare, and/or cones are a great way to grab the attention of other drivers to help ensure they can see you. Once emergency responders arrive, they can help direct traffic around the scene, as well.

Check on Other Parties

As soon as possible, make sure everyone in your vehicle is ok. Next check on occupants in the other vehicles. If anyone is injured, call 911 right away. The faster medical help arrives, the better.

Call the Police

It's a good idea to call the police if you are involved in an accident. You may need to file a police report to help with your insurance claim and to help present your case in court if personal injuries occur.

Get Information

You should obtain the name, address, and phone number of everyone involved in the accident. Insurance information should also be gathered. If the police are involved, they may gather this same information, as well. Witness information can be gathered as well. This can help prove what happened if that information is needed.

Document, Document, Document

If you are able, take pictures of the accident and any damage. Try to photograph any physical injuries, as well. Don't interfere with existing police investigations while capturing this evidence. If you are unable to capture images at the scene of the accident, get photo evidence as soon as possible afterward. This picture-proof can help to represent your case and assist with insurance claims.

Seek Medical Attention

If medical help is needed after the incident, seek it as soon as possible. Keep any medical documents and/or bills that help with your treatment. This is all evidence that may be required if your case goes to court. Your financial obligations may be covered if someone else is proven to be at fault for the accident. It's best to keep good records of medical treatments required.

Consult an Attorney

Protect your rights by contacting your trusted lawyer near the Lake of the Ozarks. Your attorney can help provide sound legal advice on how you should move forward, after your vehicle accident. Whether you are at fault or a victim in the car wreck, it's best to seek legal help to better navigate the process.

If you are involved in a vehicle accident, it's important to know your rights. Whether you have been injured or injured someone else in the accident, our Lake of the Ozarks law firm is here for you. Here at Gibbons Law Firm, we can help you navigate through the personal injury legal process. Your first consultation with our personal injury lawyer at the Lake of the Ozarks is always FREE!

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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