Monday, September 16, 2013
There are four " D words" that people try to avoid: divorce, disability, drugs, and death. Financial advisors are preparing succession plans all the time, but typically they are not anticipating the four D words in that planning. Advisors providing structured business planning should plan for these issues ahead of time before they become personal. Policies should be set to address all of these issues so that none becomes a problem. Not planning for these things can leave a business in shambles, and people with nothing.
See Karen Demasters, Few Advisors Deal With Four D's, Financial Advisor Magazine, Aug. 29, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.