Michael Jordan, Wayne Gretzky and Warren Buffett have at least one characteristic in common besides their fame and fortune. All three of these men were among the best in their respective professions at anticipating what was about to happen, rather than reacting to conditions or circumstances. This is the same approach everyone should take when evaluating their insurance needs. After one sustains a loss or damage from storm damage, a collision or a liability claim, it is then too late to obtain sufficient coverage to ease the financial blow. (more…)

Tags: Additional Personal Injury Protection, APIP, insurance, insurance premium, insurance primer, liability claim, OBEL, Optional Basic Economic Loss, SUM, Supplemental Uninsured Motorist coverage

Your customer list is the very heart and soul of your business. Should it fall into the hands of a competitor, your business could suffer a loss of some or its entire customer base. This can jeopardize the success if not the very survival of your business. However, there are specific steps that businesses can take to help prevent the disclosure of its customer list.

When courts look at whether your customer list should be protected, it is a determination of whether it qualifies as a “trade secret.” (more…)

Tags: competitive advantage, customer base, customer list, customers, non-disclosure agreement, trade secret

EVALUATING THE NEED FOR NEW OR REVISED ESTATE PLANNING DOCUMENTS

Given the current state of the world economy and recent local events, many of our clients have expressed a desire get their financial and household business matters in order. There are three basic estate planning documents that all individuals should consider when planning and organizing a life plan strategy, although the specific content of those documents will differ by personal circumstances. (more…)

Tags: credit shelter trust, disclaimer trust, Estate Planning, guardian, health care proxy, last will and testament, life plan strategy, living will, power of attorney

It is becoming very common for contracts to contain a clause stating that “Any and all disputes arising under this contract will be settled by arbitration.” Arbitration is simply an agreement between parties that their disputes will be settled through arbitration rather than in court. Arbitration is favored by federal and state courts as a form of “Alternative Dispute Resolution” (ADR) and is one of the fastest growing means of settling disputes. The dispute is submitted to a private, non-judicial person who often has practical knowledge of the matter in dispute.

Arbitration has many similarities to a court case, but there are also some significant differences. (more…)

Tags: ADR, alternative dispute resolution, arbitration, dispute

You might be surprised to find out that despite your level of income or assets, you may need a prenuptial agreement.

Many people fail to consider signing a prenuptial agreement because they mistakenly assume that such agreements are only appropriate or necessary for especially wealthy individuals or couples. Others overlook the option of executing such an agreement simply because the topic is a difficult one to broach and they do not want to risk offending their future spouse. In reality, (more…)

Tags: antenuptial agreement, premarital agreement, prenup, prenuptial agreement, prenuptial contact