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GOOD EVENING AND WELCOME TO GOOD EVENING AND WELCOME TO LIFE AHEAD RIGHT HERE ON PBS.

THIRTY NINE I'M THE HOST OF THE SHOW SANDY THOMPSON BUT YOU'RE OUR VIEWERS AND THAT'S WHAT'S MOST IMPORTANT WE HAVE TO ATTORNEYS WITH US THIS EVENING.

OUR MAIN TOPIC WILL BE LEGAL ISSUES FOR BUSINESS OWNERS BUT WE CAN EXPAND BEYOND THAT IN TERMS OF BUSINESS AND WE WANT TO TRY TO ANSWER YOUR QUESTIONS AS WELL SO YOU CAN GIVE US A CALL HERE AT NINE SIX NINE TWENTY SEVEN TWENTY AND WE'LL HAVE OUR EXPERT LEGAL ADVICE HERE TO ANSWER YOUR QUESTION.

ALL RIGHT.

LET ME INTRODUCE YOU.

WELL, I GUESS I DON'T REALLY NEED TO AT THE TOP OF THE SCREEN HEIDI ADAIR AND HEIDI HEIDI'S BEEN WITH US MANY TIMES HERE ON LIFE AHEAD.

HEIDI, NICE TO SEE YOU BACK AGAIN.

HI, SANDY.

THANK YOU.

GOOD TO SEE YOU AS WELL.

THANK YOU.

AND ONE OF THESE DAYS WE'RE GOING TO GET YOU RIGHT OUT HERE ON THE SOFA AGAIN AND WE'LL ALL BE TOGETHER IN THE MEANWHILE, I WANT TO INTRODUCE TO YOU A NEW ATTORNEY TO THE FIRM AND THAT IS AMY THOMPSON, HER FIRST TIME ON THIS SHOW.

AMY, I'M SURE HEIDI TOLD YOU THIS IS A LOT OF FUN AND WE HAVE SOME GREAT VIEWERS.

YES, SHE DID AND I'M LOOKING FORWARD TO IT.

THANK YOU.

GOOD.

ALL RIGHT, HEIDI, LET'S START WITH YOU.

YOU SELECTED OUR TOPIC FOR TONIGHT ABOUT ISSUES FOR BUSINESS OWNERS AND AS FAR AS ESTATE PLANNING AND BUSINESSES INVOLVED, WHAT ARE SOME OF THE MAIN BUSINESS ISSUES THAT PEOPLE MIGHT FACE LEGALLY?

WELL, BUSINESS OWNERS HAVE ALL THE SAME ISSUES THAT THAT EVERYBODY ELSE HAS THAT WE COVER FREQUENTLY ON THE SHOW ABOUT NEEDING A WILL AND A POWER OF ATTORNEY AND THOSE TYPES OF DOCUMENTS.

BUT THEY ALSO NEED TO THINK ABOUT WHAT IS GOING TO HAPPEN TO MY BUSINESS IF I PASS AWAY OR GET SICK.

A LOT OF TIMES PEOPLE THINK IN TERMS OF DEATH THEY DON'T CONSIDER THE FACT THAT THEY MAY BECOME ILL AND UNABLE TO RUN THE BUSINESS AND THEY NEED TO THINK ABOUT HOW IS IT GOING TO GO ON IF I JUST DON'T SHOW UP TO WORK SOME DAY BECAUSE IT CAN HAPPEN AS QUICKLY AS THAT AND YOU JUST NEED TO HAVE A PLAN IN PLACE FOR IF THAT DAY COMES AND YOU HAVE TO FACE THAT BUT IT CAN CONTINUE AND IN THIS YEAR AND ERA THAT WE'RE HAVING HERE WITH A PANDEMIC, YOU JUST NEVER KNOW WHAT'S GOING TO HAPPEN AND WHEN YOU MIGHT BE INCAPACITATED FOR A WHILE.

AMY, LET'S TALK ABOUT SOME PARTICULAR SITUATIONS.

LET'S SAY THAT YOU HAVE A BUSINESS AND YOU HAVE SOME CUSTOMERS THAT HAVE NOT PAID THEIR BILLS.

WHAT ARE THE OPTIONS TO TRY TO RECOVER THAT MONEY FOR THEM FROM THEM?

WELL WELL AND THAT'S SORT OF PIGGYBACKING.

HEIDI SAID ONE OF THE THINGS YOU NEED TO THINK ABOUT IS NOT JUST WHAT YOUR SUCCESSION PLAN IS BUT HOW DO I MAKE SURE THAT THE MONEY THAT I'M OWED IS COMING INTO MY BUSINESS SO THAT I HAVE IT FOR MYSELF AND FOR FUTURE GENERATIONS AND THERE'S SEVERAL DIFFERENT WAYS YOU CAN SPEND A DEMAND LETTER CALL.

THAT'S PROBABLY WHAT A LOT OF BUSINESSES DO.

THERE IS AN OPTION THAT YOU CAN FILE A LAWSUIT AND THAT COULD BE EITHER IN SMALL CLAIMS COURT OR SUPERIOR COURT TO TRY AND COLLECT ON THAT TOO.

OH REALLY?

I MEAN LIKE A BILL OWED TO YOU AS A BUSINESS CAN GO TO SMALL CLAIMS COURT, HUH?

RIGHT.

SO YOU CAN YOU KNOW, THERE'S DIFFERENT STEPS YOU HAVE TO TAKE BUT YOU CAN ABSOLUTELY FILE SUIT SOMETIMES THE IDEA OF HEARING THE WORD LAWSUIT CAN MAKE PEOPLE UNCOMFORTABLE AND THAT MIGHT GET THEM TO PAY SOMETIMES IT MAKES IT MAKES THEM NERVOUS ENOUGH.

SOMETIMES YOU HAVE TO GO THE ENTIRE WAY THROUGH BUT THERE'S DEFINITELY THAT IS AN OPTION.

WELL, THAT'S ALWAYS GOOD TO KNOW THAT THERE ARE SOME OPTIONS IF SOMEONE IF YOU HAVE A BUSINESS AND SOMEONE OWES YOU SOME MONEY HEIDI.

WE TALKED ABOUT JUST A FEW MINUTES AGO ABOUT PLANNING AHEAD IN CASE YOU GET SICK OR INCAPACITATED.

WHAT IS A SUCCESSION PLAN AND WHO SHOULD THAT INCLUDE?

HOW DO WE GO ABOUT SETTING UP OK SO A SUCCESSION PLAN CAN BE AS SIMPLE AS YOU GETTING OUT?

I WAS GOING TO SAY A PIECE OF PAPER BUT IN THIS DAY AND AGE IT'S PULLING UP YOUR BLANK COMPUTER SCREEN AND TYPING OUT KEY FACTS THAT YOU THINK SOMEBODY NEEDS TO KNOW IF YOU DON'T SHOW UP AT YOUR BUSINESS SUCH AS WHAT'S THE PASSWORD TO MY DIFFERENT BANK ACCOUNTS OR HOW DO I GET INTO A SAFE WHERE ARE MY IMPORTANT FILES KEPT OR IT CAN BE FOR PEOPLE WHO HAVE LARGE BUSINESSES THEY MAY ACTUALLY NEED TO ASSEMBLE A TEAM OF PEOPLE AND NORMALLY YOU MIGHT SEE AN ACCOUNTANT ON THE TEAM, A FINANCIAL PLANNER, AN ATTORNEY, A BANKER, AN INSURANCE ADVISER.

SO IT CAN BE QUITE AN ELABORATE PROJECT OR IT CAN BE JUST A SMALL PROJECT.

IF YOU HAVE A SMALL BUSINESS WITH A FEW EMPLOYEES YOU MAY BE ABLE TO PLAN IT OUT FAIRLY EFFECTIVELY ON YOUR OWN.

IS IT COMMON FOR PEOPLE TO APPOINT SOMEBODY IN THEIR FAMILY OR ONE OF THEIR EMPLOYEES IN THAT SUCCESSION PLAN HEIDI?

YES, THAT'S YES.

AND THAT'S SOMETHING THAT SOMEBODY NEEDS TO WEIGH OUT.

IS THERE A FAMILY MEMBER THAT'S EQUIPPED TO RUN THE BUSINESS OR MAYBE THE FAMILY MEMBER HAS NEVER WORKED THERE BEFORE AND IF THAT'S YOUR THINKING, YOU BETTER START GETTING THEM INVOLVED WHILE YOU'RE THERE AND ABLE TO TRAIN THEM ON THE IMPORTANT ASPECTS OF THE BUSINESS OR IT MAY BE THAT THERE'S A TEAM OF EMPLOYEES OR ONE PARTICULAR EMPLOYEE WHO WOULD BE VERY GOOD RUNNING YOUR BUSINESS, WHO'S KNOWLEDGEABLE AT IT, WHO HAS ALL THOSE SAME BUSINESS CHARACTERISTICS THAT YOU DO THAT YOU THINK YOU COULD ENTRUST WITH IT.

ANOTHER PERSON THAT YOU SOMETIMES SEE IS THAT THE PERSON REALLY FEELS THAT THERE'S NOBODY THAT THEY CAN IDENTIFY TO RUN IT AND IT MAY BE JUST THAT THERE HAS TO BE A PLAN TO SELL THE BUSINESS AND ALREADY HAVE THAT IN PLACE BECAUSE WHEN PEOPLE ARE EXPERIENCING DELAY TRYING TO FIGURE THINGS OUT WHAT TO DO, THE VALUE OF YOUR BUSINESS CAN DECLINE WHILE PEOPLE ARE TRYING TO FIGURE OUT WHAT HOW DO WE EVEN GET INTO THE COMPUTERS OR WHO'S THE BANKER THAT DELAY CAN REALLY IMPACT THE VALUE OF WHAT YOU'RE GOING TO GET FOR YOUR BUSINESS.

SO YOU NEED TO DECIDE WHILE YOU'RE HEALTHY AND DOING WELL.

THE SUCCESSION PLAN IF THERE'S GOING TO BE SOMEONE THAT YOU MIGHT WANT TO APPOINT TO BE YOUR SUCCESSOR OR IF YOU WANT TO HAVE THE BUSINESS SOLD YOU SHOULD BEGIN THAT AT LEAST PLAN FOR THAT HEIDI.

DOES THIS HAVE TO BE DONE LEGALLY?

DO YOU HAVE TO NAME THESE PEOPLE LEGALLY?

WELL, SOMETIMES THERE ARE CONTRACTS THAT YOU WANT TO DO.

SO IF YOU'VE IDENTIFIED SOME EMPLOYEES THAT YOU WANT TO HELP YOU, YOU MIGHT WANT TO GET THEM INVOLVED WITH A CONTRA ACT SO THAT THEY DON'T PANIC IF YOU DON'T SHOW UP FOR WORK ONE DAY AND NOT KNOW WHAT'S GOING ON.

SO IF THEY COULD BE PARTY TO A CONTRACT WHERE THEY KNOW EXACTLY WHAT THEIR PAY IS GOING TO LOOK LIKE, WHAT THE TRANSITION PLAN LOOKS LIKE, THAT CAN BE GOOD AND AND LAWYERS CAN HELP YOU DRAW THOSE TYPES OF CONTRACTS.

I SAY OK, ALL RIGHT GOOD GOOD ADVICE TO YOU, AMY AND OUR DISCUSSION OF WHAT IFS IF YOU WILL SAY YOU ARE THIS BUSINESS AND SOMEBODY OWES YOU MONEY IS A LAWSUIT THE ONLY WAY TO GO?

AND IF YOU DO CHOOSE TO FILE A CLAIM AGAINST THEM, DO YOU HAVE TO GO TO COURT KNOW A LOSS IS NOT NECESSARILY THE ONLY OPTION DEPENDING YOU KNOW, SOMETIMES HEIDI WAS TALKING ABOUT VALUE FOR EXAMPLE.

A LOT OF TIMES BUSINESSES THEY GET SO WRAPPED UP IN THE SUCCESS OF THEIR COMPANY AND THE NEW BUSINESS COMING IN THAT ONE PIECE OF THE COMPANY THAT SOMETIMES IS OVERLOOKED IS MAKING SURE THAT THOSE RECEIVABLES ARE COLLECTED.

AND SO JUST LIKE HEIDI TALKED ABOUT THE VALUE OF THE BUSINESS AND AND MOVING ON THINGS AS SOON AS YOU CAN, THE THE FASTER YOU CAN MOVE TO TRY AND COLLECT ON A SERVICE OR A PRODUCT THAT WAS SOLD, THE MORE LIKELY YOU ARE TO BE ABLE TO COLLECT ON IT AND A LAWSUIT IS ONE OF THOSE OPTIONS THAT YOU CAN FILE IF THE TOTAL AMOUNT THAT YOU'RE PURSUING THAT IS OWED TO YOU IS LESS THAN EIGHT THOUSAND DOLLARS, IT CAN BE FILED IN SMALL CLAIMS COURT.

OK, YOU CAN YOU COULD HIRE AN ATTORNEY TO REPRESENT THE BUSINESS SO THAT THE BUSINESS OWNER OR REPRESENTATIVES DON'T NECESSARILY HAVE TO BE PRESENT AT COURT IF IF THINGS PROGRESSED WHERE IT GOES ALL THE WAY TO THE END AND YOU HAVE TO GO BEFORE A JUDGE, IT IS POSSIBLE THAT IT MAY MAKE SENSE FOR THE BUSINESS OWNER TO APPEAR JUST SO THAT THEY CAN SPEAK ON BEHALF OF IT.

BUT MORE TIMES THAN NOT MOST OF THE WORK CAN GET HANDLED THROUGH AN ATTORNEY OR COLLECTING WHERE THE BUSINESS OWNER THEMSELVES WON'T NECESSARILY HAVE TO GET INVOLVED.

OK, SO THEN OR YOU'RE SAYING IT'S LIKELY TO BE SETTLED BEFORE YOU WOULD HAVE TO GO TO COURT THEN?

AMY IT ALL DEPENDS.

I KNOW THAT SENTENCER LAWYERS LIKE TO GIVE IT DEPENDS BUT SOME BUSINESS OWNERS SAY YOU KNOW WHAT, I DON'T NECESSARILY WANT TO TAKE THIS ALL THE WAY AND I DON'T WANT TO HAVE TO GO BEFORE A JUDGE AND I'M WILLING TO SETTLE FOR A LESSER AMOUNT.

THERE IS GRAY FLEXIBILITY IN THAT.

LIKEWISE THOUGH, THERE'S ALSO YOU CAN BE VERY FIRM AND SAY NO, I WANT TO RIDE THIS OUT UNTIL I GET ONE HUNDRED PERCENT OF WHAT IS TO ME AND WHAT IS OWED TO YOU IS GOING TO COME DOWN TO WHAT IS IN YOUR PAPERWORK OF THE SERVICE THAT WAS PROVIDED OR THE PRODUCT THAT WAS SOLD TO YOUR TO YOUR RIGHT.

SO I MEAN NOT NOT WHAT YOU THINK IT'S WORTH BUT WHAT DOCUMENTATION WILL SHOW.

CORRECT?

SOMETIMES THERE'S A PRESUMPTION TO THAT SAY YOU HIRE AN ATTORNEY AND I'M AUTOMATICALLY GOING TO GET MY ATTORNEY FEES COVERED.

IT'S REALLY IMPORTANT JUST LIKE SUCCESSION PLANNING TO REVIEW YOUR DOCUMENTS THAT YOU HAVE A CUSTOMER SIGN OR INVOICE TO MAKE SURE THAT THERE'S GOOD LANGUAGE IN THERE THAT THAT WHAT WHAT YOU FEEL YOU'RE ENTITLED TO IN A COURT OR LEGAL YOU WOULD BE YOU WOULD BE ENTITLED TO OK. ALL RIGHT.

THAT MAKES SENSE.

DO WANT TO REMIND ALL OF YOUR VIEWERS THAT YOU CAN GIVE US A CALL HERE AT NINE SIX NINE TWENTY SEVEN TWENTY AND HEIDI AND AMY CAN HEAR YOU AS WELL SO WE'LL BE ABLE TO GIVE YOU SOME LEGAL ADVICE.

HEIDI, BACK TO YOU.

LET'S TALK MONEY CASH WHAT DO WE NEED TO KNOW FROM A CASH PERSPECTIVE IN TERMS OF DECIDING WHAT WILL HAPPEN TO OUR BUSINESS OR WHAT WE SHOULD LEGALLY HAVE READY SO YOU NEED TO THINK ABOUT YOUR CASH FLOW POSITION WITH YOUR BUSINESS SO IF YOU SUDDENLY WEREN'T THERE AND A LOT OF TIMES THE BUSINESS OWNER IS THE PERSON REALITY OF THE BUSINESS.

THEY'RE THE PERSON WHO'S OUT AS AMY DESCRIBED, CHASING THE NEW BUSINESS, GETTING NEW WORK IN THE DOOR AND IF ALL OF A SUDDEN THAT PERSON YOU ARE NOT THERE TO DO THAT, HOW LONG COULD YOUR COMPANY GO WITH THE CASH THAT THAT IS THERE AND AVAILABLE?

SO THAT'S SOMETHING TO THINK ABOUT AND TRY TO BUILD YOURSELF SOME LEEWAY, SOME CUSHION SO THERE IS CASH THERE NOW SOMETIMES PEOPLE SOMETIMES BUSINESSES RELY ON WHAT'S CALLED A LINE OF CREDIT WITH A BANK WHERE AS THEY NEED MONEY THEY CAN DRAW ON THAT WITH VERY LITTLE HOOPS TO JUMP THROUGH.

THEY CAN JUST BASICALLY WRITE A CHECK FROM THE BANK AND GET A BIT OF A LOAN.

MAYBE YOU WANT TO TALK TO YOUR BANKER TO SAY IF YOU'VE GOT WORD THAT I WAS ILL OR IF I HAD DIED WITH YOU ALL OF A SUDDEN RESCIND THE LINE OF CREDIT, WHAT DO I NEED TO DO TO MAKE SURE THAT THAT LINE OF CREDIT IS AVAILABLE IF SOMETHING WOULD HAPPEN TO ME SO THEN ANOTHER OR GO EXCUSE ME HEIDI JUST TO CLARIFY THAT SO IF YOU NAME SOMEONE AND ARRANGE FOR SOMEONE TO STEP OVER AND TAKE CARE OF THE BUSINESS WHETHER IT'S TEMPORARILY WHILE YOU'RE ILL OR PERMANENTLY, THEN YOU WANT TO GIVE THAT NAME TO THE BANK AND SAY GIVE MY LINE OF CREDIT TO THIS PERSON.

WELL, GIVE THEM SIGNING AUTHORITY FOR THE BUSINESS SO THAT IT'S A SEAMLESS TRANSITION .

LET THEM KNOW THAT PERSON SO THAT THAT THE BANKER DOESN'T PANIC IF YOU'RE NOT THERE BECAUSE A BANK CAN CALL A LINE OF CREDIT OR THEY'RE GOING TO SAY CIRCUMSTANCES HAVE CHANGED AND WE'RE NOT GOING TO LET YOU USE ANY MORE MONEY FROM IT.

SO YOU WANT TO MAKE SURE YOU'RE IN A COMFORTABLE POSITION WITH THE BANKER?

YEAH, THAT MAKES SENSE.

THAT MAKES SENSE.

OK, AMY, BACK TO YOU WITH SOME LIKE WHAT QUESTIONS SAY THAT YOU A BUSINESS OWES YOU SOME MONEY OR WHATEVER AND WE TALKED ABOUT THE POSSIBILITY OF A LAWSUIT OR WHETHER OR NOT YOU'D HAVE TO GO TO COURT.

CAN YOU TAKE OUT OR LEAN ON OUR HOME OR AS A WAY OF GETTING BACK YOUR MONEY SO A LOT OF TIMES PEOPLE WILL THINK I YOU KNOW, I YOU KNOW, I'M A I PROVIDED A SERVICE AND I'M OWE THIS MONEY AND THEY HAVE VEHICLES OR THEY HAVE A HOUSE LIKE YOU SAID AND I SHOULD BE ABLE TO GET A LOAN ON THAT IF THERE'S A JUDGMENT.

SO WHEN YOU FILE A CLAIM SMALL LET'S SAY YOU FILE IN SMALL CLAIMS COURT BECAUSE YOUR TOTAL AMOUNT ERODES LESS THAN EIGHT THOUSAND DOLLARS IF THE GOAL BY FILING THAT SUIT WOULD BE TO OBTAIN JUDGMENT AND THAT ESSENTIALLY IS AN ORDER FROM THE COURT.

IT SAYS BUSINESS YOU WE HAVE WE AGREE WITH YOU THE DEFENDANT IS OWES YOU THIS MONEY AND SO WE'RE GOING TO GIVE YOU A JUDGMENT THAT LEGALLY GIVES YOU THE ABILITY TO TO COLLECT THAT MONEY.

OK, A JUDGMENT WILL ATTACH TO PROPERTY THAT IS OWNED BY THAT INDIVIDUAL.

SO IF IT'S AN INDIVIDUAL AND THEY OWN THEIR HOME, IT WILL TADJO.

AND ONE THING TO CONSIDER IS IF THAT PERSON HAS A FIRST MORTGAGE OR A SECOND MORTGAGE, OTHER LEANS AHEAD OF BAD.

WE'RE ALREADY IN PLACE AT THE TIME THAT YOUR JUDGMENT WAS OBTAINED YOU'RE GOING TO GET IN LINE BEHIND THOSE BUT YOU YOU DO HAVE A LIEN.

YOU WOULD HAVE THE ABILITY TO COLLECT ON THAT AND AT THAT POINT YOU'D WANT TO WEIGH WEIGH WHAT THE OVERALL COST MIGHT BE TO PURSUE THAT LINE BECAUSE IT WOULD GENERALLY BE THROUGH A FORECLOSURE ACTION.

OK, SO IF YOU ARE WE TALKING TO AMY THEN ABOUT ANY ASSETS THAT THEY HAVE, WHETHER IT'S THE HOME, A CAR OR OTHER ASSETS LIKE THAT, REALLY THE ONLY OTHER ASSETS THAT YOU WOULD BE ABLE TO COLLECT ON WOULD BE IF YOU TOOK A LEADING POSITION AT THE TIME THAT YOU EXECUTED AN AGREEMENT SO LET'S SAY I'M TRYING TO THINK OF YOU KNOW, THIS IS COMPLETELY HYPOTHETICAL BUT YOU GO TO THE STORE A LAWN CARE SERVICE AND YOU BUY A LAWN MOWER AND FOR SOME REASON YOU SIGN AN AGREEMENT AND IT SAYS I AGREE THAT I'M GOING TO PAY FINANCING FOR THIS MOWER AND IF I DON'T IF I DEFAULT ON THAT THE BUSINESS GETS THE MOWER BACK THE LAWN MOWER BACK IN THAT CASE, YES, YOU CAN COLLECT BUT JUST TO WALK INTO SOMEONE'S HOME OR TO SAY YOU HAVE THE RIGHT TO A VEHICLE FOR EXAMPLE, IF YOU DON'T HAVE LEGAL DOCUMENTATION THAT SAYS YOU HAVE POSITION ON THAT YOU'RE NOT YOU'RE NOT GOING TO HAVE THAT ABILITY TO COLLECT THAT I SAY OK. ALL RIGHT, HEIDI, BACK TO YOU A MINUTE AND YOU MENTIONED EARLIER IN THE SHOW SOMETHING ABOUT WILLS AND POWER OF ATTORNEY FOR BUSINESS.

DO YOU HAVE TO HAVE A POWER OF ATTORNEY AND DOES YOUR BUSINESS HAVE TO HAVE A WILL AND IF SO, HOW BIG OF A BUSINESS ARE WE TALKING?

WELL, OK, SO I MAY HAVE SPOKEN IN A CONFUSING MANNER ON THAT A BUSINESS DOESN'T HAVE A WILL OR POWER OF ATTORNEYS AND WHO IS THE BUSINESS OWNER?

IT'S THE OWNER THAT HAS IT AND SO THE OWNER MAY SAY TO THEMSELVES WELL I WANT MY WIFE TO BE MY POWER OF ATTORNEY.

OK, BIVALVES BUT I WANT MY BUSINESS PARTNER TO BE MY POWER OF ATTORNEY OVER MY SHARES, MY BUSINESS.

SO YOU HAVE TO JUST THINK OF THOSE THINGS, OK?

ALL RIGHT.

THAT MAKES SENSE.

WE'RE GOING TO GET A QUESTION IN THIS EVENING HERE.

THIS IS FROM ROB.

OK, HERE WE GO ROB SAYS AS A NEW BUSINESS OWNER, HOW SHOULD I PREPARE FOR SLIP AND FALLS ON OR AROUND MY PROPERTY?

HA BECAUSE THAT'S A SITUATION THAT'S KIND OF REALISTIC ACTUALLY.

WHICH ONE OF YOU WOULD LIKE TO ADDRESS THAT IF IF THERE WAS A PROPERTY ACCIDENT?

HOW ABOUT IF I SAY A LITTLE BIT AMY I'LL START OFF I WOULD SUGGEST THAT YOU MAKE SURE THAT YOU HAVE CORPORATE LIABILITY PROTECTION WHERE THAT YOUR BUSINESS IS EITHER IN THE FORM OF AN LLC OR AN S CORPORATION SO THAT THAT HELPS IF SOMEBODY GETS INJURED ON THE PROPERTY AND IT'S OWNED BY YOUR BUSINESS THEN THEY CAN ONLY GET TO THE BUSINESS ASSETS.

THEY CAN'T GET TO YOUR PERSONAL ASSETS.

THEN YOU WANT TO MAKE SURE THAT YOU HAVE PROPER INSURANCE COVERAGE.

SO YOU'RE GOING TO WANT TO TALK TO YOUR INSURANCE AGENT TO MAKE SURE THAT YOU'VE GOT THE PROPER COVERAGE FOR THAT TYPE OF OF INCIDENT AND THEN YOU NEED TO MAKE SURE YOU TAKE REASONABLE PRECAUTIONS TO KEEP THINGS SAFE .

YOU AREN'T GENERALLY HELD LIABLE FOR THINGS THAT ARE JUST COMPLETELY OFF THE WALL THAT COULD NOT HAVE BEEN ANTICIPATED BY SOMEBODY.

SO PLAN ON JUST CONDUCTING YOURSELF IN A REASONABLE MANNER.

I CAN RECALL KNOWING SOMEBODY ONCE WHO ACTUALLY THERE THE HEEL OF THEIR SHOE WENT INTO A HOLE IN THE SIDEWALK RIGHT OUTSIDE OF THE BUILDING BECAUSE THEY HAD REMOVED A SIGN AND THE POST BUT LEFT THIS DEEP HOLE AND IT TURNED OUT I MEAN I DON'T KNOW HOW IT GOES LEGALLY HIDE OR AMY BUT THAT THE BUSINESS WAS RESPONSIBLE FOR MAKING SURE THAT HOLES IN THE SIDEWALK WERE FIXED AND THAT SORT OF THING.

DOES THAT MAKE SENSE, AMY?

WOULD YOU SAY THAT WOULD BE A CORRECT KIND OF AN ISSUE?

YEAH, YOU KNOW, IN THE THREE POINTS THAT HEIDI COVERED I THINK ARE REALLY THE THREE FOCAL POINTS THAT YOU'D WANT TO FOCUS.

LIKE SHE SAID, MAKE SURE YOUR LEGAL ENTITY IS PREPARED AND YOU'RE PROTECTED IN THAT ASPECT .

MAKE SURE YOUR INSURANCE COVERAGE IS GOOD IF YOU'RE A SMALL BUSINESS OWNER AND YOU'RE GOING TO BE A YOU NEED SOME FINANCING AND YOU'RE GOING TO GO TO YOUR LOCAL BANK A LOT OF TIMES THEY MAY ACTUALLY HAVE PARTICULAR REQUIREMENTS ON INSURANCE SO THAT WOULD SORT HELP GIVE YOU A THRESHOLD OR YOUR AGENT OF COURSE IS GOING TO BE VERY EXPERIENCED IN THAT AND THAT IT IS JUST MAKING SURE THAT YOUR YOUR CAREFUL IN THE SURROUNDINGS OF YOUR BUSINESS THE ENTRANCE IF IT'S EXAMPLE SNOWING FOR EXAMPLE, MAKE SURE THAT YOU'RE PROPERLY TREATING THAT OR HAVING THAT PROPERLY TREATED BY SOMEONE SO THAT IT'S CARED FOR AND JUST ESSENTIALLY TRYING TO MAKE SURE THAT THERE ISN'T YOU'RE ELIMINATING ANY POTENTIAL PITFALLS AND IT MIGHT LOOK BETTER TO SNOW AND ICE ON THE SIDEWALK.

SO THAT'S RIGHT.

MAKE SURE AS WE CLEARED AMY I WANT TO GO BACK TO THIS QUESTION AGAIN AND BY THE WAY, I WANT TO REMIND THE REST OF YOU WE HAVE ABOUT EIGHT MINUTES LEFT IN THE SHOW SO YOU STILL HAVE TIME TO CALL IN.

AMY, HERE'S THE DEAL.

LET'S SAY YOU'RE AND I KEEP GOING BACK TO YOU WITH WITH THESE MONEY QUESTIONS.

SAY SOMEBODY OWES YOU MONEY, A CUSTOMER OWES YOU MONEY.

BUT WHAT IF THEY HAVE CLAIMED BANKRUPTCY?

ARE YOU EVER GOING TO RECOVER YOUR MONEY?

WELL, IT DEPENDS IF SOMEONE FILES BANKRUPTCY IT DOESN'T MEAN THAT YOU'RE AUTOMATICALLY UNABLE TO COLLECT LONG TERM FILING BANKRUPTCY WILL PUT IN PLACE WHAT'S CALLED A STAY WHEN SOMEONE DEALS BANKRUPTCY.

CORRECT AS A WHY OR WHEN WHEN SOMEONE FILES BANKRUPTCY AND SAY YOU HIRE AN ATTORNEY TO HELP THEM THROUGH THAT PROCESS, ONE OF THE FIRST THINGS THEY'RE GOING TO DO IS THEY'RE GOING TO WRITE DOWN A LIST OF EVERY PERSON OR BUSINESS THEY OWE MONEY TO AND THEY FILE BANKRUPTCY.

THERE IS AUTOMATICALLY A STAY THAT SAYS THIS PERSON IS FILE BANKRUPTCY.

YOU CANNOT CONTINUE TO PURSUE THIS DEBT AT THIS POINT BECAUSE THEY'VE INCLUDED IT THERE ARE SOME POTENTIAL PROTECTIONS AT THAT POINT YOU CAN GO IN AND FILE WHAT'S CALLED A CLAIM SO YOU COULD GO INTO THE BANKRUPTCY AND FILE AND SAY OK, I KNOW YOU'RE FILING BANKRUPTCY BUT I HAVE MONEY THAT IS OWED TO ME AND I WANT MY NAME IN THE POT SO THAT IF ANY ASSETS ARE DISCOVERED I CAN GET PAID A PORTION OF THAT IF IT BUT LIKE I WAS GOING TO SAY EARLIER, JUST BECAUSE THEY FILE DOESN'T MEAN THAT IT'S GOING TO BE FINAL.

SO IT'S POSSIBLE THAT SOMEONE FILES BANKRUPTCY AND FOR WHATEVER REASON THEY DON'T FOLLOW THROUGH WITH IT AND IT'S JUST MISSED IF A BANKRUPTCY CASE IS DISMISSED IT MEANS THAT IT WASN'T FINALIZED, IT WASN'T CLOSED.

IT DIDN'T CONCLUDE.

AND IN THAT CASE, ONCE A BANKRUPTCY IS DISMISSED, YOU CAN CONTINUE TO PURSUE THE MONEY THAT'S OWED TO YOU.

IS THAT YOU PURSUED IT BEFORE?

I'M SURE THAT THAT'S PROBABLY A COMMON THING.

I MEAN, YOU KNOW, SOMEBODY SEEKING PAYMENT ONE WAY OR ANOTHER.

RIGHT.

LET'S GO BACK TO YOU AND I THINK WE HAVE ABOUT MAYBE FOUR MINUTES.

NOPE, THREE MINUTES LEFT SO WE'RE GETTING SHORT ON TIME, HEIDI.

I KNOW YOU ALWAYS LIKE TO REMIND PEOPLE ABOUT REVIEWING THEIR ESTATE AS A BUSINESS.

HOW OFTEN SHOULD I REVIEW THOSE PLANS?

I THINK CLEARLY A BUSINESS OWNER SHOULD BE CHECKING THINGS OUT AND MAKING SURE THAT THE THOUGHTS THAT THEY HAD ABOUT THINGS ARE STILL RELEVANT AND WOULD BE WORKABLE AND EVEN JUST UPDATE THE IMPORTANT THINGS LIKE MAYBE YOU HAVE ACQUIRED A NEW BANKER OR A NEW BANK ACCOUNT.

SO JUST I THINK IT'S A YEARLY UPDATE AND LIKE YOU'VE TOLD US BEFORE, YOU MAKE SURE THAT YOU WRITE DOWN AND PUT SOMEPLACE WHERE THEY WOULD BE ABLE TO FIND YOUR PASSWORDS FOR ACCOUNTS AND DIFFERENT THINGS LIKE THAT.

AMY, REAL QUICK, JUST A VERY QUICK ANSWER HERE.

LET'S SWITCH IT AROUND YOU AREN'T THE CUSTOMER OWING THE BUSINESS MONEY BUT SAY A BUSINESS HAS CLOSED BUT THEY HAVE SOME PROPERTY OF YOURS, MAYBE A COMPUTER THERE FIXING OR JEWELRY OR SOMETHING LIKE THAT.

CAN YOU AS AN INDIVIDUAL GET THAT OR EQUIVALENT VALUE FROM THEM?

YOU CAN FILE THE SAME CLAIM THAT A BUSINESS MIGHT FILE AGAINST YOU.

OK, YOU WOULD HAVE A LEGAL YOU WOULD HAVE A LEGAL ABILITY I MEAN AUTHORITY TO TRY AND PURSUE THAT.

IS THAT A SMALL CLAIMS COURT ISSUE?

YES.

OH YES.

IT WOULD ALSO BE IN SMALL CLAIMS.

OK, HEIDI, I'M GOING TO GIVE YOU THE LAST WORD HERE.

WE HAVE ABOUT ANOTHER MINUTE TO THE SHOW.

WHAT'S THE BEST ADVICE YOU CAN GIVE TO PEOPLE THAT ARE BUSINESS OWNERS OR DEALING WITH A BUSINESS ONE WAY OR ANOTHER THAT WOULD BE HELPFUL TO OUR VIEWERS JUST TO BE PREPARED AND SEEK A TEAM OF PEOPLE TO HELP YOU CONSIDER ISSUES THAT THAT ARE UNRELATED TO FACING THE NEXT CUSTOMER BECAUSE BUSINESS OWNERS LOVE THAT AND A LOT OF TIMES THESE LITTLE DETAILS GET LOST.

SO FORCE YOURSELF TO GET SOMEBODY TO HELP YOU GET INTO THE DETAILS, DETAILS, DETAILS.

AND HEIDI ALWAYS REMINDS US TO MAKE SURE THAT YOU HAVE LOTS OF DOCUMENTATION AND THAT YOU KEEP IT VERY ORGANIZED.

AMY, ANY QUICK LAST WORDS FROM YOU KNOW, I WOULD JUST ECHO HEIDI SENTIMENT.

DON'T DON'T BE TOO PRIDEFUL TO REACH OUT TO PEOPLE THAT DO THIS FOR ON A DAILY BASIS THAT CAN HELP YOU.

RIGHT.

AND THOSE WOULD BE ATTORNEYS MOST LIKELY AND CERTAINLY MAKE SURE YOU GET PROFESSIONAL HELP.

YOU'LL HAVE A BETTER CHANCE OF WINNING YOUR CASE, WHATEVER THAT MIGHT BE.

WELL, ONCE AGAIN I WANT TO THANK HEIDI ADAIR FOR BEING WITH US TONIGHT.

AN ELDER LAW ATTORNEY ALWAYS APPRECIATIVE, HEIDI, TO HAVE YOU WITH US.

AMY THOMPSON, FIRST TIME YOU'RE ON THE AIR HERE AND YOU'VE GIVEN US SUCH VALUABLE INFORMATION NOT ONLY TO ME BUT FOR OUR VIEWERS AS WELL AND WE APPRECIATE YOU THE VIEW I WANT TO TELL YOU THAT WILL BE BACK ON AGAIN NEXT WEDNESDAY NIGHT AT SEVEN THIRTY.

WE'LL HAVE A NEW TOPIC FOR YOU AS WE ALWAYS DO HERE ON LIFE AHEAD.

AND IF YOU'D LIKE TO LOOK AT LOOK AT THIS SHOW AGAIN, IT'LL LATER SEVERAL TIMES HERE THROUGH THE WEEKEND AND YOU CAN JUST CHECK YOUR TV LISTINGS FOR THOSE TIMES.

MEANWHILE, HAVE A GREAT NIGHT.

STAY SAFE AND STAY HEALTHY