Dillon Law PC

My father told me long ago walk towards where everyone else is running from. Pretty solid observation. It seems like Congress is running from planning past the end of the 2012 election cycle, so maybe walking towards more detailed planning is in order. Maybe it is part of the DNA of being an Iowa Ag Attorney, but the idea of waiting until the last minute does not appeal to me. Some planning that we should all consider include:

1. How much insurance do I need to replace my buildings (house, sheds, bins)… really…. The 1982 Grain bin actual cash value will not pour the cement on a replacement bin if a straight line wind takes it down.

2. How much life insurance do I need to cover my debt and the void in earnings left by my untimely departure. Am an still "sexy" enough to even get term at reasonable rates? The basic idea on term insurance is that insurance companies rent the polices to you for a set period of time. And just like landlords, they prefer young, fit renters with no drama or history of family trouble. The older you get, the higher the rent you are going to have to pay.

3. Are all my assets covered that I want covered? Have I compared what the insurance company  thinks I have with what I know I have? Are they valued correctly?

4. When was the last time I looked at my estate plan, does it reflect what I really want to happen?

5. Agreements with partners. If you signed up for an LLC with your brother five years ago when you were both single and had no kids, have the buy sell agreements you had in place kept up with changes in your life and your partners?

6. If i was disabled, how would I cash flow my life style and the life style of my  kids?

Just some items to think about, failure to plan leaves to bankruptcy, excess taxes and trouble. Run the facts of your operation over with your lawyer, you may find his  professional paranoia can find, fix or prevent problems for you before they start.