When you are starting a small business, you have some decisions to make. One of the most important ones will be the business structure that you choose to utilize. Asset protection should be a priority, and we will explain two possible solutions in this post. Family Limited Partnership A family limited partnership (FLP) can be a good choice for some people. If you establish a family limited partnership, you would be the general partner. You would add members of your family as limited partners, … [Read more...] about Asset Protection for Small Business Owners
Protect Your Assets to Preserve Your Legacy
Asset protection is an important consideration for small business people, investors, and others. You should take the right steps to protect the resources for your own purposes, and you will also preserve your legacy for the benefit of your loved ones. Let’s look at some of the different ways that you can keep your resources out of harm’s way. Small Business Asset Protection If you conduct business on your own as a sole proprietor, you are taking a risk. Your personal property would be in … [Read more...] about Protect Your Assets to Preserve Your Legacy
Can You Establish an Asset Protection Trust?
They say that we live in a litigious society, and there certainly are a lot of legal actions initiated. There are some people that are in high risk positions when it comes to potential lawsuits, including certain types of professionals and individuals that own businesses. Future lawsuits and creditor claims can be a source of concern. It is logical to wonder if you can put assets into a trust to protect yourself, and we will provide some clarity in this post. Self-Settled Asset Protection … [Read more...] about Can You Establish an Asset Protection Trust?
A Look at Three Forms of Asset Protection
As estate planning and elder law attorneys, asset protection planning is something that we engage in on a daily basis. The term is usually used as it applies to litigation, but there are other looming threats out there as well. In this post, we will look at three different types of asset protection. Business Formation If you are starting your own business or professional practice, you should definitely keep asset protection planning in mind from the outset. There are different business … [Read more...] about A Look at Three Forms of Asset Protection
Trusts Can Protect Assets in Different Ways
The process of estate planning is not strictly about getting assets into the hands of your loved ones after you are gone. It is also very important to preserve your resources, because there are sources of legacy erosion looming that can have a significant negative impact on your legacy. Estate Taxes Generally speaking, inheritances are not subject to taxation unless the estate is particularly valuable. Inheritors are not required to pay regular income taxes on bequests, but estate taxes can … [Read more...] about Trusts Can Protect Assets in Different Ways
What Revocable Living Trusts Do — and Don’t Do — To Protect Your Assets
Revocable living trusts are an important tool that can be used to protect your wealth. However, there are limitations on the ways that a living trust can keep your money and property safe. There are also alternative tools that you might wish to use to provide broader protection -- but they involve giving up much more control over your wealth and losing flexibility. Protecting your property and ensuring that your loved ones can inherit your wealth after you are gone can be a … [Read more...] about What Revocable Living Trusts Do — and Don’t Do — To Protect Your Assets
A Look at Asset Protection Strategies
As they say, we live in a litigious society, so it is important to protect your personal assets if you are a small business owner. There are a couple of different structures that are typically utilized, and we will look at them here. If you would like to discuss them with one of our attorneys in person, simply send us a message requesting a consultation we will get back in touch with you promptly. Limited Liability Companies A very commonly used asset protection structure for small businesses … [Read more...] about A Look at Asset Protection Strategies
Why Do Small Business Owners Need Asset Protection?
A Rochester asset protection attorney helps people to keep their wealth safe. Everyone needs to make certain they have been proactive about protecting their money and assets because there are always risks and you work too hard to lose what you have built. However, those who are most vulnerable to loss must be especially careful to make a solid asset protection plan so they don't find themselves without the financial security they tried to create for themselves. Small business owners, in … [Read more...] about Why Do Small Business Owners Need Asset Protection?
Insurance You Need to Protect Your Assets
A Rochester area elder law lawyer provides insight into different steps that you can take to protect your assets. Depending upon your specific situation, one of the most important asset protection steps that you may need to take could involve the purchase of an insurance policy. Determining the type of insurance coverage you may need can be complicated, so you should reach out to a legal professional who can conduct an investigation of your specific situation and who can help you to make smart … [Read more...] about Insurance You Need to Protect Your Assets
Five Questions to Help You Determine if Your Assets are at Risk
A Pittsford living trust attorney can help you to determine if creating a trust is a good option to protect your wealth and your loved ones. Trust creation is a smart choice for many people at all income levels because a trust can allow you to protect your assets in important ways. However, there are different kinds of trusts that provide different kinds of protection so it is important to make smart choices about both whether you need a trust as well as what type of trust you should create. … [Read more...] about Five Questions to Help You Determine if Your Assets are at Risk