Hotel & Motel Management - May 19, 2008 - (Page 16)

16 Family Business IN THE details Addressing future plans Create plan to avoid pain Time spent pays off Documents everyone needs H&MM May 19, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition Estate planning can be a painful experience hat do estate planning and going to the dentist have in common? To mention only a few commonalities, think about the words annoying, painful, time consuming, expensive, demand attention, make decisions, effort, serious, discomfort, agony, poor experience—we could go on and on and on. No won- W By Mike Henning H&MM Columnist der people are reluctant to address their estate planning documents or see a dentist on a regular basis. Both your legal documents and your oral health must be addressed to avoid pain, uncertainty and confusion and create a level of contentment, pleasure and peace. When we go to the dentist and get work done, we real- ize that not only will it consume our valuable time, but it also will create a mountain of paperwork with the insurance company. We also realize that once we make that appointment with our estate-planning attorney to update our documents, endless appointments will be set and attended, and many decisions will need to be made. Required documents Will: Indicates who will inher- So cool, you know it’s a Hoshizaki. CORROSION RESISTANT A COA COATED EVAPORATOR COIL AUTOMATIC MA EV ORA EVAPORATOR CONDENSATE DISPOSAL SYSTEM Needs no external drain MA MANUAL DOOR FRAME HEATER EA POWER-SAVER SWITCH Reduces energy consumption in um low-humidity environment ELECTRONIC TEMPERATURE MONITOR ERA HIGH & LOW TEMPERATURE ALERT ERA REMOVABLE MODULAR STYLE V REFRIGERATION SYSTEM ERA CONVENIENT & FLEXIBLE DOOR OPERATION PERA Door stays open at 105º stay and are self-closing at 75º ar NSF, UL & cUL LISTED ENERGY STAR CERTIFIED* *HWR68A is Energy Star Certified W r “STEPPED” DOOR DESIGN Pr Protects gaskets gask STAINLESS STEEL INSIDE & OUT 4˝ BACKSPLASH DOOR & DRAWER FRONTS RA Constructed of high-grade 300 series stainless steel inside & out DELRIN ROLLERS Combined with stainless steel ball bearings provide smooth, quiet drawer operation, no metal to metal contact DYNAMIC LOAD RATING Drawers have a load rating of up to 250 lbs. it your property and who will serve as guardian to your children in the event you and the other parent are deceased. You will have to indicate who will serve as the executor of your estate. This person will be responsible for distributing your estate after your death. A will typically makes reference to other estate-planning documents, such as a trust or personal property. Trust: Can serve to reduce the time and expense of transferring assets through the state’s probate process, save estate taxes or manage assets in a predetermined fashion after death. A trust is an arrangement under which one person, called a trustee, holds title to property for the beneﬁt of one or more other persons called beneﬁciaries. Living will: Also known as a health care declaration. This document indicates the type of medical care you want or do not want if you become incapacitated and cannot make your wishes known directly. Durable power of attorney: This document grants a trusted person and his/her successor the authority to handle your ﬁnances if you become incapacitated and are unable to handle your own ﬁnancial affairs. Durable power of attorney for health care: Used to appoint someone you trust and a successor to make health care decisions on your behalf that go beyond the living will. The power will become effective when you are not able to make medical care decisions on your own behalf. Organizational advice W Worktop Refrigerator shown with one set of optional drawers HWR68A Our book, Cradle to Grave, is a business survival planning guide. For more information, visit our Web site: www.mikehenning.com, e-mail hfbc@mikehenning.com or call (217) 342-3728. hmm@questex.com Mike Henning is the founder of the Henning Family Business Center, which was established in 1985 and is headquartered in Efﬁngham, Ill. He can be reached at hfbc@mikehenning. com and www.mikehenning.com. Toll Free: (800) 438-6087 | www.hoshizaki.com “A Superior Degree of Reliability” CIRCLE NO. 115 http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://www.mikehenning.com http://www.hoshizaki.com http://www.hoshizaki.com http://www.mikehenning.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - May 19, 2008

Hotel & Motel Management - May 12, 2008 Contents Hotelier of the Year Leads Team to Victory Sheraton Builds on International Success Slower, Smaller Transactions in First Quarter Perspective Legal FAQ What Women Want Sales Clinic AAHOA Update Franchise Law Family Business Travel Trends Guest Column HotelWorld Update Trends & Stats Cleaning and Maintenance H&MM's 2008 Franchising Fees Guide FACs Evolve to Meet Brand, Owner Needs The Importance of Branding When Buying Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - May 19, 2008

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