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MAGELLAN LAW PROTECTOR
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MAY 2019
3 BIG MISCONCEPTIONS THAT LEAVE PEOPLE EXPOSED TO FINANCIAL LOSS
I f you caught last month’s edition, you know I’ve decided to dedicate this newsletter to exposing the various “shiny objects” sold to people that just don’t work. To continue exposing myths in the industry, this month, I’d like to address three of the most commonly held beliefs about asset protection that often leave people exposed to financial loss. INSURANCE CAN BE USED AS A CURE-ALL TO PROTECT WEALTH Most people don’t realize that insurance is only one part of an asset protection plan; it also includes smart contracts and legal entities. While securing solid insurance protection is imperative, you must remember that insurance companies are out to make a profit and will try to use any means necessary to avoid a payout. “Ensuring that you have a robust plan that sidesteps widespread, incorrect asset protection notions ... is the best way to shield your accumulated assets and wealth.” For example, one of these means is through exclusions written into insurance contracts that set limits on when the insurance company is responsible when something goes awry. ASSET PROTECTION MISCONCEPTION NO. 1:
ASSET PROTECTION MISCONCEPTION NO. 2: A PROTECTION PLAN CAN BE ARRANGED AT A LATER DATE A great number of people push setting up an asset protection plan to the proverbial back burner, often leaving it there until it’s too late. While this is easy to do, delaying the process can be particularly detrimental to someone who waits until after a lawsuit has been filed against them, since it is illegal to transfer assets after legal action has been taken against someone.
For example, during a lawsuit, if the other side can prove that you billed personal expenses to a business account, your business assets will be exposed to the person filing the suit. Ensuring that you have a robust plan that sidesteps widespread, incorrect asset protection notions, like the three mentioned above, is the best way to shield your accumulated assets and wealth. If you have questions about creating a plan that won’t leave you exposed to financial loss, don’t hesitate to give me a call today!
The best course of action is to get in touch with a professional way before a lawsuit comes along, as having a thorough protection strategy in place could help save thousands — even millions — in the case of a lawsuit.
ASSET PROTECTION MISCONCEPTION NO. 3:
ASSETS ARE PROTECTED VIA LEGAL ENTITIES LIKE LLCS, TRUSTS, AND CORPORATIONS The process of forming a legal entity comes with its own set of rules that, if broken, could equate to a world of trouble in the case of a lawsuit. For instance, if you’ve formed an LLC, you need to ensure that you keep business and personal transactions separate.
–Paul Deloughery, Esq.
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IN HONOR OF MOTHER’S DAY
ON BEING AN OUTSIDER
C elebrations of mothers and motherhood can be traced back to the ancient Greeks and Romans, who often held festivals in honor of the mother goddesses Rhea and Cybele. As traditions have shifted toward more modern celebrations surrounding this holiday, family members will often try to find meaningful ways to show their mothers love and appreciation. To that end, what better way to demonstrate my appreciation of my own mom than by featuring her here in the newsletter? My mom was a pioneer in her time, serving as one of the very first nursing professors in the country. Nowadays, nursing is treated as a serious profession and generally given the respect it deserves. However, this was not the case in the 1960s when my mom tried to become a nursing professor. There simply were no doctoral-level nursing programs at the time. So, my mom did the next best thing and received a double Ph.D. in other areas (political science and social psychiatry). As a result, she also founded the graduate nursing program at UCLA, giving future students with similar dreams the option to achieve them with much more ease. I believe contemporary beliefs about women’s roles in the workforce stem partly from pioneers like my mother. Whenever I’m asked to describe her, I say she was either cutting-edge or an outsider among outsiders. Regardless of which description is more accurate, I think I ended up inheriting both character traits.
younger years. I grew up in the town of Winona, Minnesota, and I was an avid bagpipe player. Of course, since Winona was so small (with a population of 25,000), I was the only bagpiper in the area. But that wasn’t enough for me. I needed to honor my step-dad’s Irish heritage by wearing a kilt, and since the saffron color has deep roots in Irish tradition, I walked around all summer wearing an orange one (instead of the tartan-plaid pattern most people think of bagpipers wearing). Ever since my early bagpiping days, I’ve continued to push the envelope. One of my most recent examples of doing so occurred when I decided to experiment with the idea of making my law firm completely virtual. I got rid of all my office furniture, all my desktop computers, and our huge, granite, conference- room table. I decided to embrace the advantages of technology and undertake all client meetings and interactions electronically. In the end, I only had two clients who loved the change, while everyone else preferred that I revert back to in-person meetings so they could talk to me face to face. Ironically, I had to move back into my original office and buy new conference tables and furniture to fill it. While I will always follow in my mom’s footsteps to be both cutting-edge and an outsider, with this particular technological venture, I learned a great lesson: While technological innovations are helpful, many people desire a human connection. As your lawyer, I’m happy to fulfill that role.
I’ve always considered myself to be an outsider, too, and the best example I can think of to corroborate that belief comes from my
–Paul Deloughery, Esq.
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LEARNING TO BE GRATEFUL
T eacher Appreciation Week runs from May 6–10 this year, and there are plenty of ways students of all ages can thank their educators for everything they do. Being a teacher isn’t an easy job, and the people who make it their profession are passionate about helping kids learn. Depending on how old your child is, they may need a parent’s help in showing their appreciation. Here are a few ways parents and children can appreciate teachers together. THANK-YOU NOTES This gesture is simple and sweet and can be very thoughtful. Telling a teacher what makes them outstanding can often be just as valuable as a gift. Help your child write an appreciative note and then write one yourself. Teachers often have to maintain the happiness of students, administrators, and parents. Your card could relieve some of the stress of that balancing act and let them know that you acknowledge their efforts.
SHRIMP SAUSAGE SKEWERS Your children spend several hours a day with their teachers, so fostering relationships with them is vital. Use this day to help your children understand the importance of teachers, to teach them the power of gratitude, and to encourage them to show respect for everyone who helps them in life. appreciate their hard work. You could make a favorite dish of yours or try to find a new recipe online. Either way, encourage your child to help you with the process so that the meal is truly a gift from both of you. DONATING SCHOOL SUPPLIES Many teachers use their own money to buy school supplies for their classroom. This is just one of the ways teachers go above and beyond on a daily basis, and buying some extra school supplies can help ease that cost. Take your child shopping with you and help them pick out supplies that you know their teacher will appreciate.
A HOMEMADE MEAL Making a homemade meal (or dessert) shows teachers that you went the extra mile to
WORD SEARCH
INGREDIENTS • 1/2 pound raw shrimp, peeled and deveined • 1/2 pound cooked sausage, cut into 1-inch pieces • 2 zucchini, cut into 1/2-inch cubes • 2 tablespoons extra-virgin olive oil • Wooden skewers, soaked in water for 30 minutes
Creole Seasoning Ingredients • 2 tablespoons paprika • 1/2 tablespoon garlic powder • 1/2 tablespoon onion powder • 1/2 tablespoon cayenne or chili powder • 1/4 tablespoon dried oregano • 1/4 tablespoon dried thyme
INSTRUCTIONS 1. Heat your grill to medium-high.
2. In a bowl, combine all ingredients for creole seasoning. 3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil. 4. Add creole seasoning and mix well until all ingredients are covered. 5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full. 6. Grill skewers until shrimp are well-cooked (6–8 minutes).
GARDEN BLOOMING DAY GEMINI MOTHER MEMORIAL NIGHTINGALE
SPRING CINCO MAYO EMERALD MAY REMEMBER
Inspired by PaleoLeap.com
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INSIDE THIS ISSUE
3 Big Misconceptions That Leave People Exposed to Financial Loss page 1
On Being an Outsider page 2
Teacher Appreciation Week Is Here!
Shrimp Sausage Skewers page 3
The Value of User Reviews and How to Cultivate Them page 4
THE GOOD KIND OF GOSSIP
HOWTO CULTIVATE VALUABLE CUSTOMER REVIEWS
2. OFFER INCENTIVES Give your clients a reason to write reviews. Consider offering incentives like a discount or coupon code, coffee gift card, or an entry to win a contest for an even bigger prize. 3. ASK THE RIGHT QUESTIONS Think of the review process as a conversation rather than a request to be met, and use open-ended questions to start. Before you even request a review, you can ask customers questions like “How was your recent experience with us?” or “How are you liking your product?” That way, you can gauge their satisfaction before they leave any feedback. 4. RESPOND, RESPOND, RESPOND The last thing you want to see is a scathing one-star review. But no matter how hard you work, they are still bound to happen. When you receive one, take the time to respond thoughtfully — without being defensive — and try to come up with a possible solution to the complaint. And be sure to respond to your positive reviews as well. When you show that you engage with all of your customers, prospective ones will be more likely to give you a shot.
When you’re thinking about buying a new product or service, what’s the first step you take? If you turn to the World Wide Web in search of reviews, then you’re in good company. According to a survey conducted by BrightLocal, 85 percent of consumers regard the customer review to be the single most credible and trustworthy source of advertising. That same survey found that 68 percent of customers surveyed were willing to provide feedback for the company. So, how do you get your customers to write the glowing reviews that help close deals? 1. DIVERSIFY YOUR PLATFORMS Don’t rely on customers to go to your website to leave reviews. There are numerous websites you can utilize that make leaving feedback more convenient for your clients. What’s more is that these other platforms are highly trafficked. BrightLocal found that Facebook and Yelp were consumers’ most trusted sources of user reviews in the U.S., but you can also use Google My Business or the Better Business Bureau. Most importantly, be sure you are active on all the platforms you use.
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