Welcome to Straight Talk #5. We appreciate your enjoyment of our weekly commentary.
Today’s comments concern risk. There is risk in everything we do. Crossing the street, driving our car, doing business and so forth. Everyone’s tolerance for risk is different. Some aren’t willing to take much risk at all. Others leap out of perfectly good airplanes. I believe most people prioritize the risk they are willing to take relative to the benefits they expect to receive.
Many times in the legal field, clients will call us up after they have already done some action (usually the wrong one) and then they ask us is this O.K.? I guess they want the lawyer’s blessing that what they did will not be challenged or they won’t get caught or if they do get caught what does that mean for them and many times when I explain that what they did wasn’t correct from a legal perspective, they get upset. I didn’t write the rules. But the question comes down to risk. You can do whatever you want whenever you want and wherever you want. It comes down to what is the risk. One has to evaluate the possible consequences and then take action.
So many times people will enter into business and they will leave themselves unprotected from creditor lawsuits, fail to take care of their books correctly and hope that the creditor or the IRS won’t catch them. In many cases, they may get away with their actions (level of risk), but I have found that there isn’t one person who when they get caught likes being in that position and it usually costs them a lot of money. Hence the old phrase an ounce of prevention is worth a pound of cure or in the old automobile service repair ads, pay me now or pay me later.
I have been involved in many cases that when you pay us later, the cost is very expensive and causes substantial disruption to one’s life. And yet, people then complain that the law is so unfair and the process takes too long. Yes, the sausage making machine that is our Court system may only be rivaled by Congress in making legislation.
By comparison, when a client calls us ahead of time looking to us as their trusted advisor with their best interests first before taking action, the opportunity to properly evaluate and make a good plan is enhanced and usually has good results.
Our Legacy Legal Membership Program is designed to provide you with an ongoing trusted advisor relationship where together we can explore and identify risks and make good plans in any area of your life. 21 years in the community gives me access to many many resources that can benefit you and we are committed to your success. If you are part of our Membership Program all you have to do is call. If you aren’t part of our Membership Program we would like to extend a special irresistible offer because an ounce of prevention is worth the pound of cure.
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