Preparing for 2006 Getting Your Legal Life In Order
Below is a MRR and PLR article in category Reference Education -> subcategory Legal.
Preparing for 2006: Getting Your Legal Life in Order
As we bid farewell to 2005 and welcome 2006, it's the perfect time to organize your life, especially your legal affairs. Here's how you can ensure everything is in order.
Legal Planning
While it may seem tedious, legal planning is crucial in preventing potential issues. With the new year upon us, it's a good opportunity to reflect on both personal and business matters.
Family Considerations
Evaluate any changes you experienced in 2005. If you got married, remember to update your legal documents, such as changing names and addresses. If your family expanded, consider revising your will or family trust. Additionally, consider plans for aging parents to protect them from potential financial abuse.
Business Reflections
Take a moment to assess your business achievements. Did you reach your 2005 goals? If not, how can you improve in 2006? Be honest with yourself about any weaknesses. Legally, ensure your business documents are current, and confirm annual minutes are filed for your corporation or LLC.
Contracts often need revisions. Initially, both parties are optimistic, but circumstances can change. An oral agreement or handshake doesn’t legally bind you. To avoid complications, make sure any amendments are in writing.
Tax Strategy
April 15th may seem distant, but it will arrive quickly. Most of us feel we pay too much in taxes, so now is the time to act. Consult your CPA for tax planning. Adjustments in revenue collection and distribution can lead to significant savings, but they must be implemented early in the year.
Final Thoughts
As we enter 2006, you likely have resolutions in mind. While organizing your legal affairs might not top your list, it's a crucial step you shouldn't overlook. Take action now to ensure a smooth year ahead.
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