Posted on February 07, 2023 by Oliver Hamilton in Featured, Wills & Estate Law
A retired mother invited her busy entrepreneur son over for a home-cooked dinner. After dinner, the mother asked, “How goes your new start-up software company”? The son reluctantly explained his latest venture failed. Despite huge sales, it never turned a profit. He sold most of his assets to raise funds for his venture. The son assured his mother, “I’m poor and my creditors can take nothing from me and I’m already onto my next venture that will be a big success”. Not wanting to worry his mother, the son did not mention his main creditor had obtained court judgment against him. He assumed his lack of possessions meant his creditor could not collect on the judgment. The mother bid good night to her son. Worried about his precarious finances, she mused, “I should ensure I leave him something after I’m gone”.