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How to "creditor-proof" yourself

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One bad decision could destroy years of hard work. Don't allow this to happen.  It isn't bad luck, if you decide to allow yourself to remain vulnerable when you have a choice. I am not saying that you will never be sued or even sequestrated but these events should not take away everything that you have built up.  I have seen so many examples where one bad decision or one unpredictable event (think Covid) destroys a business that has taken years to build.  The owner being entirely invested in his/her business and totally reliant on that income is left destitute. It is possible to retain your house, your car, your furniture, your sentimental treasures ... and your PRIDE ... even as your Creditors circle, sue and try to sell your stuff.  It is not easy or quick but it is possible. Back in the 90's, I was introduced to a book by Peter Carruthers called Crashproof your business.  Times change and, of course, the law changes but the fundamental principals that Peter wrote about o

Do YOU want to leave a LEGACY?

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How to preserve your Legacy! Most of us would like to leave the world in a better place when we depart. The reality is that very few of us will affect planetary change. However, we can still leave our spouse and children in a better position by ensuring that our financial legacy is passed on to them (or to other friends/relatives or charities). This is less likely to happen if we allow over 50% of our estate to be lost in fees and taxes. Even if you are comfortable in allowing such erosion of your wealth, there may be significant unintended hardship for your spouse and children.   Firstly, your assets will be frozen and if they want to access your funds, they will be unable to do so. Secondly, the fees and taxes are payable by your estate. You may have many assets (movable or immovable) but not much liquidity (cash). The result is that despite being "wealthy", your spouse/child will have to sell these assets to pay the fees and taxes. This often results in assets being sold

PROPERTY TRANSFERS: Expectations vs Reality

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When buying or selling property, this can be an exciting time but it can also be nerve wracking or frustrating. Frustration is usually borne out of unrealistic expectations.  The reality regarding the timelines or costs or both are often glossed over by estate agents in an attempt to secure the sale.  Here is a very brief list of realities! TIMELINE The timeline is dependent upon so many interconnected parties and events that a fixed timeline is impossible to predict.  This is a very rough guide.   If the Purchaser requires finance, there is usually a fixed time for them to secure "approval in principal".  This is usually between 14 and 60 days, depending on the nature of the contract. However, approval in principal does not mean that the Bank has finalised its processes. There may be a myriad of information and documentation that the Bank requires before it is ready to proceed. In an example, from personal experience, an approved set of building plans was required as a condi

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!