Is it possible for anyone other than yourself to make sense of your financial matters?

What would you want done should you be incapacitated?

It sounds depressing to think of these questions when you’re still in good health. But getting your affairs in order will give you peace of mind and make things easier for your loved ones at a difficult time.

Here’s how you can get your affairs in order in three easy steps.

1. Round Up Your Important Documents

Unless you plan on sending your loved ones on a wild goose chase, you should gather all your important papers and store them in one place.

Important documents include your financial records, deeds to any property you own, insurance policies and personal records such as birth certificates and divorce papers.

2. Make a Will

If you die without a will, the law will decide who your heirs are.

This could be a problem.

You might want to leave some of your property to a close friend, or make a bequest to your favorite charity. You might also want to exclude someone who would otherwise inherit by law. This isn’t possible unless you have a will.

Your will tells people exactly how you want your property to be divided up when you’re gone. You’ll also nominate an executor to sort it out and decide who’ll take care of your minor children and pets.

3. Plan Ahead

Death isn’t the only bad thing that could happen.

An accident or illness could leave you unable to take important decisions for yourself, leaving the task to distraught relatives.

Make life easier for your loved ones by drawing up a legal document that gives you a say on how your affairs are to be conducted.

A living will allows you to set out your wishes on what kind of health care you want, so your relatives won’t need to make those tough decisions for you. Alternatively, you could nominate a person and empower them to take medical decisions on your behalf by means of a power of attorney.

Are you looking to get your affairs in order? Contact Bosserman Law at 662-890-9958 to set up an appointment.

The post How To Get Your Affairs In Order in 3 Easy Steps appeared first on Kelly Bosserman Law.

Building a business is hard work, sure, but few things can beat the satisfaction of seeing your idea grow and become successful.

But first, you need a solid business plan.

Here’s how to go about it.

Why You Need a Business Plan

Unless you’re fronting your business’s startup costs out of your own pocket, you’ll need to get some funding. Unfortunately, no one’s going to give you their money if they don’t know how you plan to make your business financially viable.  

However, a business plan isn’t just a fundraising tool. It helps you understand how your business is put together and identify any weak spots. Writing it down also forces you to remain accountable, which increases your chances of success.

What Should You Include in Your Business Plan?

A business plan is your vision for your business’s future. It can take many forms, from that paragraph you scrawled on the back of an envelope to those thick documents in corporate boardrooms.

However, it’s always a good idea to include the following elements:

The basic concept

This is where you flesh out your idea. Questions you’d want to answer here include what product or service you’ll provide, how you’re going to provide it, and who your target customers are.

Your strategy

Once you’ve established what your business will do and what you want to achieve, it’s time to set some targets. What specific actions will you take to move closer to your business goals?

Your competitive advantage

You need to persuade your prospective customers that you’re the only one who can satisfy their needs. Unless you’re clear about this yourself, that’s going to be tough.

Financials

Think carefully about what everything will cost and how much revenue you think you’ll earn. Be conservative, so you’ll avoid nasty surprises. Besides startup and other running costs, you should also budget for unforeseen expenses.

Do you need help drawing up a business plan for 2016? Contact Bosserman Law at (662) 890-9558 to set up an appointment.

The post How To Create a Business Plan for Your Small Business appeared first on Kelly Bosserman Law.

Or perhaps you just don’t like your given name and want it gone?

Whatever the reason, changing your name is a relatively simple process.

Here’s how to do it in a few simple steps.

Can I Choose Anything as My New Name?

There are some restrictions on what you can choose as your new name.

In general, these are meant to safeguard the interests and well-being of third parties. For example, you can’t change your name to get away with a debt or to keep from getting sued. You also can’t change your name to something that’s misleading, intentionally confusing or socially unacceptable, such as an obscene or threatening word or a racial slur.

Petitioning the Court

The procedure to change your name varies from state to state, but it always requires filing a petition. A petition is basically a formal request for permission to change your name. Besides filling in your new name, you’ll need to give your reason for wanting a name change. You’ll also need to sign a declaration confirming that you’re not changing your name to avoid any of your legal obligations.

In some states, you’ll need to undergo a police check before filing the petition. The petition itself might also ask for information about any criminal convictions.  You may need to publish the notification of the change in the local newspaper.

Once you’ve filled in the form, you’ll have to get it notarized and filed in County Court. The Court will set a hearing, which you’ll need to attend to answer any questions the judge might have. If the judge is satisfied that your request is within the law, he’ll sign a name change order.

Making Your Name Change Official

Once the judge signs your name change order, you’re good to go. However, you’ll still need to make it official by letting everyone know about it. Some states require you to announce your name change in a local newspaper. You’ll also want to order a new birth certificate and change your other identification, such as your passport and driving license.

Do you need help kick-starting your name change procedure? Contact Kelly Bosserman at Bosserman Law today.

The post How to Legally Change Your Name in a Few Simple Steps appeared first on Kelly Bosserman Law.

Retirement doesn’t have to spell the end for your business. Some careful advance planning can ensure a smooth leadership transition, the long-term viability of your business and your peace of mind.

Here are some tips to make succession as painless as possible.

Establish Your Business’s Objectives

The most important step in creating a sound succession plan is to set out your long-term vision for your business. Put simply, you have to know what your goals are before you can get there.

Everyone is different, and there is no right or wrong answer when it comes to setting out your post-retirement business goals. Chances are you’ll want to enjoy the fruits of your hard work whilst ensuring that your business continues to thrive even after you’re gone.

Choose Your Successors Wisely

Once you’ve mapped out your long-term business goals, it’s time to identify the right people to lead your business. You should try to be as objective as possible when taking these decisions.

If your business is a family affair, you may wish your children to take on leadership roles. While this is only natural, it may not be the right choice. Your children may not have the aptitude or the inclination to run a business, and it’s risky for your business’s future to pass on unwanted responsibility in the hope your children will warm up to it.

You should also make sure that the people you’ve chosen have enough time to prepare for their new role and aren’t just thrown in at the deep end. They may need training to acquire new skills, as well as practical experience.

Round Up a Team of Independent Professionals

Finally, don’t forget to get professional help.

You’ll need specialist advice on many technical issues, including legal and tax considerations. You also shouldn’t underestimate the emotional component of planning for your business to continue without you. An independent, objective opinion can go a long way when you’re faced with tough choices.

Need help planning your business’s succession? Contact us at (662) 890-9558 to set up an appointment.

The post Business Succession: Here’s What You Need to Know appeared first on Kelly Bosserman Law.

Contested Divorce

If you and your spouse can’t settle on what to eat for dinner let alone anything else, then a contested divorce may be your best option. Contested divorce is the lengthier, expensive process held in front of a judge with lawyers arguing on your behalf.

Because of these proceedings, the specific terms of your divorce become a part of public record. Contested divorces are common because spouses can’t come to agreement on matters such as child custody and support, property division, and alimony.

Uncontested Divorce

However, if you and your spouse can agree on specific terms without the mediation of a judge, you could go with an uncontested divorce. In Mississippi, uncontested divorce is a divorce on the grounds of irreconcilable differences. This process is much simpler and less expensive.  Thus, saving some of your sanity and, perhaps, remaining civil with your future ex-spouse.

Divorcing in Mississippi

To divorce in Mississippi, you or your spouse must have been a resident of the state for the past six months. If either of you are in the armed forces and stationed within the state, you are automatically considered residents. When filing, it must be done in the county in which you reside.

Irreconcilable differences are the No-Fault grounds for divorce. Some common Fault grounds include impotency, incarceration, drug or alcohol abuse, adultery, and cruel and inhuman treatment. (Speak with us for a complete list.)

During a contested divorce, the judge will take into account each spouse’s financial situation to determine property division, alimony, and child support. The judge will also take the child’s (12 years of age or older) preferences into consideration when disputing custody. If a spouse wishes to change their name, they can petition this during the divorce proceeding.

If you’re ready to begin the divorce process whether it be contested or uncontested, in Mississippi, Tennessee or Missouri, Bosserman Law can help you.

The post Know Your Options: Contested vs Uncontested Divorce appeared first on Kelly Bosserman Law.

Examine the Type of Debt You Have

Despite the common misconceptions, there are some types of debts that can not be removed from your record. These include alimony, child support, restitution for a crime and more. People with an extortionate amount of debt and no hope of paying it off completely may find Chapter 7 to be the most appropriate choice. Those disqualified from Chapter 7 by their income and looking for a relief from collection proceedings may choose Chapter 13 instead.

Determine the Desired End Result

Of course, no matter the type of bankruptcy you choose, you’ll want to finish the process with a plan to free yourself from the burdens of debt. To determine whether Chapter 7 or 13 bankruptcy is most appropriate for your needs, take a look at the details.

Are you looking to finish the process within 6 months or do you need to find a debt repayment plan, which may last up to 5 years? A timeline is important. Chapter 7 bankruptcy allows you to discharge creditors in a short time period but you may need to liquidate your assets to do so. Meanwhile Chapter 13 provides you with the ability to repay debts over a longer period of time while protecting your home and car in most cases.

Do Your Homework and Consult with a Professional

Beginning to review your options for bankruptcy is a great start. You’ll need to understand the advantages and disadvantages of each type before making a decision. However, there’s no need to go through the process alone. Having an advocate at your side makes it easy to get the results you desire and maintain your dignity.

Reach out to Bosserman Law, a debt relief agency, to find the right solution to pay off your debts while protecting yourself and your loved ones.

The post 3 Ways to Determine the Type of Bankruptcy for You appeared first on Kelly Bosserman Law.

“I don’t need a living will; my family knows my wishes.”

We’ve seen this misconception rear its ugly head time and time again in the media. Family members argue about how to care for a loved one who suddenly develops a terminal illness or has a tragic accident. Though you may have expressed your desires to your loved ones orally, a legal, written document is the only way to truly protect your interests. A living will reduces the burden and grief family members feel during these situations.

“Living wills are for the elderly.”

Many people avoid writing living wills to avoid thinking about death. It’s understandable that leaving this world is a frightening thought. However, a living will is absolutely necessary even if you’re young and good health. We have no idea what the future may bring. This document will direct any medical decisions should you not be able to communicate with your loved ones and healthcare providers.

“I won’t receive medical treatment if I have a living will.”

This misconception, in particular, has spread like wildfire. More and more people believe that living wills automatically mean you won’t receive medical care if in a major accident. This idea couldn’t be further from the truth. Instead, a living will lays out your precise preferences about medical treatment.

“If I have a living will, I don’t need to talk to my loved ones about my wishes.”

It’s crucial that your family knows you have a living will and what it details. Though it may be hard to discuss the subject, your family will appreciate knowing what you desire before a tragedy occurs. Always keep a copy in a safe place and leave one with your primary care physician. Bring a copy when traveling and remember you can revise the document as you wish.

Don’t put your healthcare desires on the back burner. Planning ahead gives you and those you care about peace of mind. Consult with Bosserman Law today.

The post 4 Common Misconceptions about Living Wills appeared first on Kelly Bosserman Law.

Time to call a real estate agent. But should you also call a real estate lawyer?

More often than not, the answer is no.

But first, allow me to offer an explanation of some of the tasks a lawyer might undertake when assisting in matters of real estate.

Real estate lawyers help clients with legal issues related to residential and commercial real estate, tenants and neighbors, commercial leasing, and private property ownership.

Lawyers assist with transfer of real estate property, including purchase and sale. They help clients to deal with the legal aspect of rental property and defend the rights of owners, landlords, renters, and tenants. Real estate lawyers specialize in land use, zoning, property development, and foreclosure.

Most commonly, lawyers working a real estate-related project will be tasked with drawing up or reviewing the legal documents you’ll sign to assume ownership or to lease property.

So, let’s readdress the question from the beginning of this article: as you prepare to make your big move into your dream home, do you need to call me or another lawyer to help you navigate the transaction?

The easy answer is to consult with your real estate agent. He or she will be well verse in local laws and regulations to determine whether hiring an attorney is necessary by law. If it is, your agent will be able to recommend a trusted lawyer. Even if it not necessary by law to hire a lawyer, you may consider obtaining legal advice if you can answer “yes” to more than one or two of the following questions:

For Buyers:

• Are you an out of town buyer?
• Are you buying a property that is a short sale or bank owned?
• Are you buying a property that is part of an estate sale?
• Are you buying a commercial property?
• Are you buying a property that could potentially have some structural issues?
• Are you buying a property in a problematic area such as a flood zone or areas with adverse conditions (tornado prone, radon, toxicity levels, etc.)?

For Sellers:

• Are you selling a property that is in some state of distress?
• Are you the heir or executor of a property whose owner is now deceased?
• Are you selling a house with a non-cooperative partner?
• Do you have that gut feeling that something could possibly go wrong based on knowledge you have about the property?
• Do you have judgments or liens in your background?

These are the types of issues that can cause headaches during a real estate transaction – and a consultation with Bosserman Law can likely help you avoid or ease those headaches.

Contact us today to schedule a conversation about your real estate matters.

The post Do I really need a real estate lawyer? appeared first on Kelly Bosserman Law.

A laundry list of questions.

But are they the right questions?

When you sit down for an initial consultation with a lawyer, the conversation will focus on topics related to the situation or legal action that sent you seeking advice in the first place.

But before you dive too deeply into the specifics of your situation, it’s a good idea to find out a little about the experience, and expertise of the lawyer you’re about to place a great deal of faith in.

Whether you’re planning a meeting with us here at Bosserman Law or another law firm, make the following list of questions a part of that list I mentioned above.

• How long have you practiced law? 

Maybe an obvious question, but a vitally important one if your specific situation could become tricky, convoluted or otherwise out of the ordinary.

• What type of cases do you generally handle? What percentage of your practice is devoted to (the practice area in question)? 

Plenty of lawyers are well versed in multiple area of the law, but if you’ve scheduled a corporate legal matter with the lawyer who helped you write your living will, this question is important.

• Other than a law degree, what kind of special training or knowledge do you have that might apply in my situation? 

Lawyers like myself have multiple opportunities to enrich our knowledge base through specialized seminars, classes and more.

• What is your approach or philosophy to winning or representing a case? 

Some lawyers are content with securing out-of-court deals or agreements, while others are intent upon “going for the kill”. It is important that your personal philosophy regarding the outcome of your case match your lawyer’s.

• What is the likely outcome in my case?

While no lawyer can see into the future, we can offer you an informed, honest evaluation of your case, complaint or action – and the results we believe you may be in store for.

• What are your attorney fees and costs, and how are they billed? Will a portion or all of my case be handled by paralegals or legal assistants?

It’s important that you clearly understand the terms of how – and how much – you’ll be billed. Don’t be shy about this topic. It’s okay to ask for clarification if you don’t completely comprehend the billing procedures and payment expectations.

The answers to these questions should go a long way toward helping you determine if the lawyer you’re consulting with is the right person to help you in this situation. I’d encourage you to ask me these and any other questions you’d like anytime you feel like you need legal advice.

The post How to Cross Examine Your Lawyer appeared first on Kelly Bosserman Law.

Here I’ll examine a few of these common misconceptions and debunk the myths of a bankruptcy filling.

1. Folks who file for bankruptcy are irresponsible.

Certainly some people who file for bankruptcy have a history of some kind of abuse or fraud. However, it is far more likely that a sudden and catastrophic life change has necessitated the filing.

More often than not, the people who come to me for assistance in a bankruptcy filing are enduring a job loss or transition, experiencing long-term unemployment, undergoing a divorce or suffering a serious illness.

2. Bankruptcy discharges all past debts. 

“Starting fresh” is often used as a way to put bankruptcy in as positive light as possible. And it’s not a bad way to think of it.

However, it’s a bit misleading.

There are, in fact, a number of types of debt you may have incurred that cannot be removed under any circumstance. If you have domestic support obligations including but not limited to alimony and child support, those payments may not be discharged.

Likewise, if you are paying restitution for a crime, those payments cannot be discharged under normal bankruptcy proceedings.

3. If you blindly spend money with wild abandon immediately prior to bankruptcy, you will be forgiven those debts.

Courts have ruled in the recent past that that spending constitutes fraud and debt that is incurred as a result of fraud cannot be discharged.

4. Bankruptcy will permanently ruin your credit.

Rebuilding your financial reputation after bankruptcy is never easy, but the business model of today’s credit card companies actually can be helpful.

Let me explain.

Credit card companies NEED new customers. That’s why they send out volumes of junk mail every day to entice us to sign up for their cards in the first place.

After your debt discharge, let me consult with you on obtaining a secured credit card with a low limit. Making on-time payments to this card will go a long way toward rebuilding your credit score.

Lita Epstein, author of The Complete Idiot’s Guide to Personal Bankruptcy, was quoted in the U.S. News Money blog as saying that “usually about six to 12 months [after obtaining the secured card] you can get a regular credit card and drop the secured credit card, since the secured card can be expensive.”

5. It’s a solution to all financial woes.

Bankruptcy cannot solve the underlying issues that led you to file for the bankruptcy.

It isn’t a solution. It’s a tool.

Depending upon your situation and how you file, there exists a chance that you could lose property and you’ll certainly be forced to significantly alter your lifestyle. Post-bankruptcy life is not easy, but if you look at it as a tool you can use to fix past mistakes or to clear a few hurdles, then you’ll come out of the process a stronger person.

If you have questions about bankruptcy and how filing may help you begin to repair your financial reputation, give me a call and let’s discuss it.

The post Five Bankruptcy Myths DEBUNKED! appeared first on Kelly Bosserman Law.