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Thread: What professional can help?

  1. #1
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    What professional can help?

    My friend just found out her husband has a terminal illness and he runs their business. She was a teacher, but now runs her own business and pays about 1000.00 a month for health insurance with a 6000.00 deductible. She is only 55 so could go back to teaching. They have a lot of land in a rural area which is traditionally passed down from generation to generation and supports the business and I don't think her husband has been filing a W-2 so I don't think he can get disability. She is already 30,000.00 into bills and this is just the beginning. Another friend is advising her to get an attorney, but what kind? One that is an expert in taxes? real estate? or an accountant?
    Also, there is a Garrett Financial Advisor (fee only) in her area. Should she be using him too? She doesn't have much background in finances so I am wondering what type of professional we should suggest she get advice from. Any suggestions would be welcome.

  2. #2
    Senior Member SteveinMN's Avatar
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    A friend of mine is a lawyer whose specialty is estate planning. So it is possible to find people who can fill more than one of the necessary roles.

    I'll say first, though, that, unless your friend's husband is no longer mentally capable of running the business, he should be part of this process. Your friend should not have to shoulder this by herself if her husband is able to participate.

    If husband's business has been running for a while, he should already have an accountant and possibly a lawyer he has worked with. Start with them. If husband kept his own books, then I think your friend should start working with an accountant who can figure out what is where. The accountant should know when other specialists will be needed. Only after your friend knows where the assets and debits are should she consider talking with a financial planner.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

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    Steven has given good advice. This is the time of life when you find out how well a life has been run legally. Does he have a business accountant, a business lawyer, a will or trust or both, etc. Does the wife know where all the records are for his (the family) business and personal life? Does he have health insurance or are the $30,000 bills you mention business bills?

    You dont have to have a W-2 for a self employment style business but has he filed a Schedule C (or other income reporting forms like partnership or corporate forms)and properly reported his profits and paid SE tax? If yes, there would be the Social Security income potentials depending on their specific income and ages, etc. I had one case once where the farmer came in and wanted to file over 25 years of tax returns to get SS income and we had to tell him sorry, but there are filing time limits.

    She needs current legal assistance before he dies to ensure that there is a smooth transition for the business and assets.

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    Thanks for the help. I like the tip about knowing where everything is before getting a financial advisor. And yes, they have health insurance, but the 30,000.00 is just extra for tests, hospitalization, etc. So a lawyer specializing in estate planning would be ideal? Thanks.

  5. #5
    Senior Member SteveinMN's Avatar
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    Paige, your friend should start with the accountant. Right now she does not know anywhere near enough about which assets may be available to her, which may be promised to others (liens, unsold inventory, etc.), which debts the husband has outstanding, what money may be receivable from customers, etc. A lawyer specializing in estate planning should be able to do the sleuthing. But it's probably far less expensive to hire an accountant (assuming one does not already exist) to do this or at least to go over husband's financial records to verify taxes have been paid, permits acquired, etc.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

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    Check with the local public health person who enrolls people for Obamacare (Medicaid). Not a private insurance person. Go to the county health clinic and ask for the name and number.

    A colleague did this and found her husband qualified for a special dispensation to get free medical care. I was afraid they would have to get divorced for him to qualify but apparently not - thank goodness as this would have taken months he probably didn't have!

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