Alzheimer’s latest news: Sole traders, company directors and directors in a partnership could be at risk!

Alzheimer’s latest news – What you’ll read today is Jack’s story what he did to protect his family and his company

Alzheimer’s latest news story give information to business owners and shareholders to know and understand their obligations running their business.

Jack is 53 years old and Cynthia is aged 50. They have been married for 7 years and they live in Nottingham. They have two sons Keith and William.

Jack runs a successful property portfolio company since 2005 in partnership with his two directors. Jack’s business partners are also married, have children and live in Nottingham.

Alzheimer’s latest news: Jack was not up to date with the current legislation running his business so his family and he are vulnerable and at risk

Jack’s business partners notice he has become forgetful and this affects his decisions making ability in the company. They are not happy with Jack, their tension between them and his performance is now becoming an issue.

The thing is, Jack has Alzheimer’s and doesn’t even know it. Jack just doesn’t feel the way he used to and his memory sometimes failed him when he needed to make important business decisions.

That’s the thing with Alzheimer’s, it robs you of your ability to think and make certain decisions. You want it to go away but it won’t, it’s here to stay, there is no known cure for Alzheimer’s.

Now, Jack has certain skills and expertise he brings to his company which his fellow business partners don’t have. He needs help, but it will take a long time to find someone with his knowledge and skills.

Cynthia is worried and asked Jack if she can step in for him for a while and help make decisions for the business as she can’t bear the thought of her family suffering if the business fails.

Cynthia’s heartfelt request won’t work as she has no knowledge or experience running a business. Even if she wanted to, she’s not legally permitted to do this.

Jack poured his time and heart to build the business and now his family and his business are at risk. As a director of the company, if he makes the wrong decisions for the company he could find he could be sued for damages by the other directors.

Jack loves his family and needs someone who knows the business with his knowledge and skill makes decisions for him. Who will Jack choose to do this?

Alzheimer’s latest news: Listen to the solution to Jack’s problem

So what did Jack do to solve his problem? Well, Jack did the right thing. He had a free consultation with us, we discussed his situation and made agreements to protect his family and the business.

The good news is, Jack did this while he still had the mental capacity to make decisions. Jack now has the right personal, family, property and business asset protection in place.

All is well, and he made the right decision while he still had time. If you are not sure you are fully protected, compliant and don’t want to take the risk being deemed negligent, we’re here to help keep you, your family, your property and your business safe.

Or you could just do nothing and risk the possibility of being at risk. Which one would you choose to remain at risk or be protected?

You decide, but whatever decision you make, remember the impact it could have on you, your family, other business partners, shareholders, and creditors. When you think about it, they may need the same protection.

Alzheimer’s latest news: Consider wealth protection to protect your business and your family

If you are unsure if you have the correct business protection required to keep your company safe, don’t leave it to chance. You may regret it, especially if you do nothing and the worse happens!

You may already have business insurance or other indemnity protection cover like Jack that pays out for claims and well done

What you need to do next is find what personal and business protection Jack put in place to safeguard his family and business and how he did it.

You may have a level of personal and business protection already, but it’s best to contact us so we can check this with you just to be sure.

Today, you have the same opportunity as Jack to make sure you are fully compliant, so if for some reason you are incapacitated, the right person makes decisions for you.

You could lose your mental capacity at any time and 1 in 3 people will have Alzheimer’s. If your company has 3 directors, which one could suffer from the disease? You don’t know, do you? It could even be you!

It makes you start to think when you set up your company if you did everything correctly. It’s an uncomfortable feeling I know, and I sense your worry and concern. Make the right decision today so you won’t be seen as being negligent.

It’s one thing running a business, and it’s another keeping it safe and compliant. We’ll help you and give your business partners the right protection.

You will feel better when you know you have business protection and effective succession plans in place for the business.

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It costs nothing to have more information and a free consultation, but it could potentially cost more if you do nothing. Contact us today for more information and your free consultation session 03332 12 20 51 or email mw@michaelwilliamsestateplanning.co.uk

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Disclaimer

The information in this blog has been prepared for general information purposes only. Views recorded are subject to change. It does not constitute any form of legal or financial advice.

No liability is accepted for decisions or actions you take reading the information on this blog. It is recommended that specific professional advice is obtained for your particular situation.

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