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Protection Planning is like a Seatbelt – Just CLICK IT.

Home BusinessProtection Planning is like a Seatbelt – Just CLICK IT.
Protection Planning is like a Seatbelt – Just CLICK IT.

Protection Planning is like a Seatbelt – Just CLICK IT.

September 21, 2014 Posted by Don Sweet, Esq. AEP Business, Estate Planning
When we get into a car, we are required by state law to wear a seatbelt.  Government studies have shown that wearing a seatbelt increases the probability of drivers and passengers surviving if not walking away from automobile accidents.  When driving our children, family members, or friends, we will typically alert and remind them to put wear their seat belts.  We do this because it is required by state law, but also because we know the statistics and care about the safety and welfare of passengers in our vehicles.

Protection planning, such as putting proper estate or business planning documents and systems in place, is similar to the wearing of seatbelts.  We know if not explicitly, but intuitively, that if we do not return home, the family will have a greater chance of thriving in life if we put the proper protections in place.

Estate planning documents help determine who will take care of our family members but also how they will be cared for.  Business planning documents, such as buy sell agreements and intra-family business transition planning documents will provide a greater chance of the business continuing into the future if the owner or key players do not make it to the office because of disability or death.

Though a 5 point harness is better than a simple lap belt, something is better than nothing.  The first step is to put in place what is easily available.  Through additional discussions and development, additional layers of protection, aka 5 point harness planning, can be put in place.  But just because a vehicle does not have a 5 point harness does not mean a driver, or their passengers, should forego the laptop seatbelt.

Moral of the story – use what you have.  If you have nothing, put the basic protection planning in place.  If your driving, or your life, requires a 5 point harness, we can put one in place.

Don Sweet is a California attorney in San Mateo who regularly helps clients with their seat belt protection planning and can be reached at 415-746-9542.

 

 

 

 

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About Don Sweet, Esq. AEP

Don Sweet heads the San Francisco office of Rodnunsky & Associates. Don Sweet serves clients through counsel and advocacy. Whether planning an inter-generational wealth transfer strategy, adminstering the details of a trust or defending the rights of a beneficiary, Don’s efforts and focus are client centered. He is determined in pursuing client rights. Understanding the importance of value in professional service relationships, Mr. Sweet delivers creative, realistic and cost-effective solutions. With a deep and varied planning background, he works with those who seek protection of family and wealth in all areas of estate planning. Mr. Sweet holds the Accredited Estate Planner? (AEP) designation from the National Association of Estate Planning Councils. He earned his undergraduate degree from Arizona State University and earned his law degree from Whittier College of Law where he was a member of Law Review. He externed for the Honorable John Ryan, a Federal Bankruptcy Judge and Chief Judge of the U.S. Bankruptcy Appellate Panel for the 9th Circuit. Mr. Sweet has worked with private clients since 1997 and joined the California Bar in 2005.

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