American Business Brokers - March 2023

IT’S TIME TO PLAN FOR THEM LIKE ONE! When you create an estate plan and begin to review it, are you sure you’ve planned for everything? While it’s vital that you assign a beneficiary and powers of attorney, outline how you want your assets and property to be divided, plan for young children, and state any other wishes, be sure you’re also thinking about your pets. Your Pets Are Like Family

DECIDE WHO WILL CARE FOR YOUR PET. The first thing you want to do is appoint a pet caregiver. It’s important to note that you want to pick someone (or an organization) to care for your pet according to your wishes. While you may have family or friends with pets of their own, look at how they care for them. Even if they are great pet owners, they may care for their animals differently than you want your pet treated. ORGANIZE YOUR FINANCES. You want to leave enough money to last for the rest of your pet’s life. This includes food, vet appointments, emergencies, supplies, and other expenses. To calculate these funds, consider how much you spend to care for your animals now. Then multiply that by how long your pet is likely to live. Be sure to add additional money as a cushion for any sudden expenses. APPOINT A TRUSTEE. Once you’ve created your estate plan for your animals, pick a trustee to manage the money for your pet. This person will ensure your wishes are followed, and the pet caregiver is caring for your pet accordingly. It’s recommended not to have the same person as your trustee and caregiver — it could create a conflict of interest. Your animals are like family to you; now is the time to plan for them like one! If you have questions about estate planning for your furry friends or want to start planning for your pets today, call your estate planning attorney to get started.

When most people think about planning for their four-legged friends, they mainly think about who will care for them after they pass away — but there’s much more to consider. What will happen to your furry friends if you become sick or injured or move into an assisted living facility and cannot care for them? While some pet owners may create a pet trust, that only goes into effect when you pass away. Therefore, it’s essential that you estate plan for your four-legged family members. Here are three things you should do.

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communicating, and I had to become the mediator between the two to start talking again to finish the transaction. The seller’s siblings were not involved in the business due to domestic issues but had the authority to sign closing documents and refused to sign, delaying the closing. The seller and family members refused to communicate, and I had to negotiate between parties to get the keys and other documents needed to close on time.

different closing statements before the seller got their money, but the buyer is now operating the business and the seller hasn’t been paid. One of the seller’s stores was leased, and the landlord refused to sign documents. The transaction closed, but the seller was short $1 million at closing while negotiating with the landlord. The title company discovered an easement that runs through the middle of one of the stores, and we had to call a special city council meeting to get the easement vacated before we could close in one week.

An asteroid hit one of the properties being sold and delayed the closing. (I threw this one in even though it hasn’t happened yet, but I am waiting for it to happen.)

My point in sharing this information is that selling is hard, but can be much harder without knowing the process and being prepared for what may happen. Attorneys are needed to prepare and complete the paperwork, but they are not trained or experienced in what I just described — just as I am not trained as an attorney to prepare the correct paperwork to complete the transaction.

The title company could not get the closing statement correct, and it took 13

So, as the Boy Scouts motto says, be prepared. The best way I know is to make sure you




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