Plan Ahead and Be Careful

There are a lot of lessons that we try to teach our children. “Yes, Sir,” “No, Sir,” “Thank you,” “You’re welcome,” “Don’t run with scissors, all come to mind.”

A really big lesson in life is to plan ahead. Bears and dogs don’t plan anything; they just react. It is one of the unique characteristics of the human that he or she can actually plan for the future and execute the plan and come out with a result, maybe even the intended result.

In executing the plan, though, another lesson is to be very careful.

I was recently visiting with a client who owns a very large industrial tire sales operation. A few years ago, when the economy collapsed, so did their business. Tires, it seems, are really clothing; or as close to clothes as cars get. They are cosmetic items that people stop buying when the economy goes bad.

Then, when it came back a little bit, a few months ago, the market had changed. Now, all you had to do was read up on your favorite whiz-bang racing skin, click about three keys and the new tires would be on your doorstep two days later. Getting someone to install them might be a problem, but not enough of a problem to prevent them from buying for the best price on Amazon.

My client’s solution? Well, they are old enough to have been through a number of ups and downs. In their mind, from time to time over the years, the economy goes in the tank. So, they keep lots of cash on hand for exactly those times. This time, the cash saw them through the downturn and change in business style until they could launch their own Internet sales effort.

Another client, whom I’ve known for many years, called me two weeks ago to ask if his and his wife’s estate plan were in order? I affirmed that they were and he explained that his wife had been walking along the sidewalk, listening to an audio book on ear buds when she decided to cross the street. She didn’t notice that the light was red and couldn’t hear the car what was right next to her when she stepped off the curb. Because her affairs were completely in order, there was nothing for her husband and her eleven children to do but mourn and comfort each other. There would be no legal complication from her death.

The message is simple: plan ahead and be very, very careful.

Categories: Estate Planning

Meet Our Team

Jessica Wade's Profile Image
Before opening the doors of Wade Law, San Diego attorney Jessica Wade spent almost ten years as a corporate attorney at two large, prominent law firms in Los Angeles and Silicon Valley. Her work centered on tackling complex transactional matters and… Read More
Jay W. Henderson's Profile Image
Jay W. Henderson began practicing law in California in 1971. Now Of Counsel to Wade Law, Jay led our predecessor firm, Jay W. Henderson, Ltd., for over 40 years. Jay attended Church College of Hawaii, Laie, Hawaii from 1959 to 1961, where he studied… Read More
Shuky Ng's Profile Image
Shuky Ng is the Secretary of the firm. Her work includes assisting our attorneys with the preparation of legal documents and business structures. Shuky has lived in San Diego since 2000 and has lived in Montreal, Canada and Hong Kong so she speaks Ca… Read More

Recent News and Publications

May
20
There is an argument that has been raging for about the last twenty years (maybe longer) regarding how arrogant it is to believe that America is unique or that Americans are exceptional. Since we all came here from somewhere else, the reasoning goes,… Read More
Mar
14
I had a middle-aged physician in my office last week. She had just settled a lawsuit that was perfectly defendable, but the insurance company didn’t want to go to trial because it would have been more expensive than just settling the claim. So, she… Read More
Feb
26
I have a friend who is having medical problems, at age 62. At one time very wealthy, he now has no income, but owns a very large and valuable piece of ground in Southern California. Unfortunately, it isn’t of a type that can be turned into cash. Th… Read More

Read More Recent News