Asset protection and business planning are key steps if you are trying to build something that will provide security for yourself and for your loved ones. Growing your nest egg and growing your business can allow you to be financially secure and to achieve something monumental. As you work hard to accomplish your goals, you need the right legal support.
The Potter Law Firm is here to help. Our asset protection and business planning lawyers offer assistance with all aspects of setting and achieving your goal. We also provide you with the advice you need to make wise use of legal tools to protect all you have worked so hard for. To find out more, give us a call at 989-872-5601 for personalized advice. We can also answer general questions including:
- What is involved in asset protection?
- What is involved in business planning?
- How can an asset protection and business planning lawyer help you?
What is Involved in Asset Protection?
The asset protection process involves taking steps to identify the threats to your wealth and trying to minimize those threats. Most people focused on asset protection consider not only the ways in which money and property can be lost during their lifetime, but also what will happen after they are gone. Some of the biggest threats most people face to the wealth they have acquired include:
- Losses due to creditor claims
- Losses due to bankruptcy
- Losses due to heirs being irresponsible with money
- Losses due to a court judgment against them or their business
- Losses due to divorce
- Significant expenditures for nursing home costs as they age
- Significant expenses for medical care
- Estate taxes which reduces the value of their estate
They are many different legal tools available under the law that can mitigate or even eliminate these risks. For example, the creation of trusts can be beneficial in protecting assets in case you must go into a nursing home, as well as in making sure heirs do not lose assets and in keeping assets beyond the reach of creditors or ex-spouses. Purchasing enough insurance, including an umbrella policy, can be beneficial in case of lawsuits, and incorporating a business can help to ensure personal assets aren’t jeopardized by business decisions.
An experienced asset protection lawyer can help those who have worked to acquire assets to make the right choices about how to keep their wealth safe. We provide you with help at all phases of your wealth-building process, from the time you first start setting aside funds until you have achieved your money goals and beyond.
What is Involved in Business Planning?
For many people who are hoping to build wealth, starting their own company is the path they wish to take to financial security. While building a business can be a wonderful way to make a living and leave a legacy, it also makes you vulnerable to some additional risks.
You need to make sure you have taken smart steps to protect your investment, and a business planning lawyer can provide you with the advice you need to do that. Some of the different ways in which a business planning lawyer can help you include:
- Preparing the right type of contractual agreements, including a non-compete agreement, non-disclosure agreements, employment agreements, partnership or shareholder agreements, and buy-sell agreements.
- Selecting the best business structure to protect company and personal assets, and taking the steps to form your partnership, LLC, corporation, or other business entity.
- Creating a business succession plan to facilitate a timely and efficient transfer of a business when it is time for a company to go to new owners.
- Incorporating your business into your estate plan so estate taxes do not reduce the value of your company or affect your heirs’ ability to keep the business operational.
You should begin working with a business planning lawyer early, and should have a legal advisor as your company grows and changes throughout your lifetime.
How can an Asset Protection & Business Planning Lawyer Help You?
The Potter Law Firm provides comprehensive assistance with asset protection and business planning. We have a long track record of working with clients so they can build their wealth and create their own companies that can survive long after they are gone.
If you need assistance in Ashland call 606-324-5516, in Northern Kentucky call (859) 372-6655 and in North Carolina, give us a call at 704-944-3245. You can also contact us online today to find out what our legal team can do for you.