Continuation of Your Firm

[erchess]

This question was raised in my mind by the two recent threads on client records. I'm wondering whether people have arrangements for anything desirable to happen for their clients in the event they die or become incapacitated.

[geekgirldany]

So far I don't have anyone lined up to take over if something happened. I have told my parents where the files are located for bookkeeping and tax returns. Other than that nothing. I really do need to make a plan. My folks told me they would not even know where to start if anything ever happened and I need to type out something to tell them what to do.

[taxmom34]

exactly!!!

this is something you don't think about until it happens near you . i didn't give it a second thought until my friends daughter called me.

[Lion]

Something

I really haven't done anything, and I am a single member LLC working from home. I've had two assistants that could step in to contact clients and organize for my husband. But, I belong to NY/CT-ATP that has an emergency committee that would act as a matchmaker to suggest preparers who use my software and are willing and able to cover for me with my clients if I have a catastrophic health issue during tax season. Getting through the current season buys some time whether I've disappeared and my husband has to figure out what's in my office or if I'm ill and hope to recuperate by the following tax season and be back to work. My annual membership is only $50 !!! And, they have great food at their meetings and great CPE.

[Burke]

When I had my attorney draw up my last will, I typed up a three-page list of instructions for the dispensation of all businesses, outstanding long-term debts & obligations (to me), contact persons and phone numbers, what records to keep and what to dispose of, etc, etc, as well as list of all liquid assets and where they were, to assist him as co-executor in handling my affairs. I gave him this document and he put it with his records of my will. Since it has been 3 years, I now need to update this and give him a new one with the changes. I also kept one with the original will which is in my possession for the other co-executor. Otherwise, it would be very difficult to figure it out.