Asset protection involves safeguarding assets from the risk of exposure through advanced planning.
Starting and running a business can be exciting and profitable but can also be fraught with risks. Making a profit won’t matter if your business is subject to claims and lawsuits.
Debts to vendors and third parties, claims for damages from professional liability, product liability or the actions of employees are all risks that can threaten your business and your personal assets.
By understanding these risks you can learn to manage them and thereby focus your efforts on successfully managing your business.
Asset protection is critical in order to reduce the risks of operating a business and to protect your business and your personal assets from creditors.
Sadly, many small business owners are so focused on running their day-to-day operations and making money that they end up being completely unaware of these potential risks.
By setting up an asset protection plan before a lawsuit or claim arises, potential claimants or plaintiffs may be deterred from even filing and may protect assets in the event of a judgment. Having an asset protection plan in place early will afford more protection put this file protection in place.
There are many ways to achieve asset protection goals including limited liability companies, family limited partnerships, corporations, and of course trusts.
Creating a Buy-Sell agreement can help you achieve tax advantages and control with respect to your family business. Equally important is the peace of mind you’ll gain when you know your children will be well provided for and your legacy will be passed on in a highly structured and cost-efficient way.
Family Limited Partnerships
A strategy that can help you meet such diverse goals as estate planning and protection from lawsuits, the Family Limited Partnership may be something you should consider. We will help you determine if it’s right for your business and family.
Lawsuit & Asset Protection
In today’s litigious world, you’ve never faced greater threat from predators who will try to use the legal system to deprive you of your life’s work. Part of your birthright is that you may be sued at any time, for any reason, and for any amount. The good news is there are proven strategies that will ethically preserve your wealth and keep the vultures at bay. We can help with these strategies for safeguarding your assets.
Limited Liability Companies
Tax-advantaged status and liability protection are the hallmarks of this legal tool. If we determine that a Limited Liability Company is appropriate for your situation, we will ensure that you derive all the benefits this company structure offers.