Most of our clients already have in place durable Powers of Attorney that are intended to help during periods of disability, but for many of our clients, these durable Powers of Attorney will not be enough.

For those who operate businesses, there should be a succession plan in place in the event that you cannot come back to work for some reason. Your representative under a Power of Attorney is usually someone that you trust, but not necessarily someone who is going to know what is going on strategically and tactically with your business.

For this reason, it makes sense to have a comprehensive disability protection plan, so that your business can continue to run much more efficiently than it otherwise might, if you are not there to take care of things yourself.

A disability could also be very harmful to the business operations of clients who own significant investments in real estate. Who will handle those things that are normally handled by the owner: ensuring that capital improvements are made, that tenants’ needs are satisfied, and that cash flow continues? A good disability protection plan is going to ensure that the real estate continues to be developed, owned, or managed with the least amount of disruption possible.

Another area where disability can have a negative impact is on investments. Many people think that if something should happen to them, the investments will just continue without problems. However, in volatile markets or for investors who are active traders, a disability may leave someone else in control of the investment portfolio that doesn’t have a firm grasp on the overall investment strategy and risk tolerances. This can lead to disastrous investment results.

There are, of course, many other instances where disability can have an impact, and where a good solid plan can be instrumental to the client’s continued success. An important part of the integrated planning process will be to identify dangers and opportunities with regard to disability protection, and to make sure that you and your family have a solid disability protection plan in place.

This is an area where we can help you make a difference.

If you have questions,  click here to have our office call to set up a time to discuss this with you.

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