Achieving financial security is a dream for many, and it is a dream that you can achieve if you make smart choices about your assets. You need to be cautious and strategic not only when growing your wealth or building a business, but also in protecting what you have built. YMNLAW can help. Our Duluth asset protection and business planning attorneys provides the type of guidance you need to make effective use of legal tools to keep your wealth as secure as possible.
There are many threats faced by business owners and by those with nest eggs. You are vulnerable to everything from lawsuits to losses due to estate tax. You need to work with a knowledgable legal professional to understand where your vulnerabilities lie and to put forth an effective risk mitigation plan.
Contact YMNLAW today to find out about the personalized assistance we can provide to you in making your plans to grow and protect your business and assets, and to get answers to questions you have including:
- Why is asset protection and business planning important?
- What should be a part of an asset protection and business plan?
- How can a Duluth asset protection and business planning lawyer help?
Why is Asset Protection and Business Planning Important?
Any substantial assets make you vulnerable to loss for many different reasons. You could be forced to spend your wealth if you are sued or if you must seek nursing home care ,which most insurance does not cover.
You could lose your assets due to creditor claims on you or your company, and your assets could be devalued or lost due to mismanagement in the event of incapacity. Bad decisions by co-owners of a company or a failure to plan for the future could also cause your business to fail and could put your personal wealth at risk.
The threat to your wealth persists even after you pass away, as estate tax or irresponsible heirs could jeopardize what you’ve worked a lifetime to build.
The risks you face are personalized to you, so your asset protection plan should also be personalized and designed to address the biggest threats to your financial security. YMNLAW will conduct a careful and comprehensive risk analysis and work with you to determine what your asset protection process must entail.
What Should be Part of an Asset Protection and Business Plan?
Your asset protection plan or business plan must be customized to address the risks you face and to meet your own goals for the future. YMNLAW is ready to help you even if your company is just getting off the ground or if you’re just starting to save. We also have experience assisting owners of large companies and people who have built up substantial wealth.
The tools that you can use to protect assets are going to vary depending upon whether you are a business owner or have built your wealth in other forms including stocks, bonds, real estate, and other financial investments. However, some of the tools that you may wish to use include:
- Trusts: Trusts serve a wide variety of asset protection and business planning purposes, from facilitating the transfer of business shares to avoiding estate tax to helping ensure assets are not lost due to nursing home care bills or irresponsible heirs. A business can also be transferred in a more timely manner if it is owned by a trust, rather than if ownership of the company has to pass through the probate process.
- Powers of attorney in case of incapacity: Powers of attorney allow you to ensure that a trusted person can immediately take over wealth management in case you become too sick or hurt to protect your assets.
- IRAs: IRAs and other tax-advantaged accounts help with asset building and with asset protection because these accounts receive special legal protections, including being shielded from loss during bankruptcy proceedings.
- Insurance policies: Home insurance or renter’s insurance, auto insurance, business liability insurance, and umbrella insurance policies can all protect assets by making an insurance company responsible if you are sued.
- Incorporation: Incorporating a company can protect business assets by making business succession easier. Incorporation is also an important tool for personal wealth protection.
- Contract creation: Your business can be protected through the use of the right contractual agreements, including buy/sell agreements and partnership or shareholder agreements.
- Business succession planning: You must develop a plan for the orderly transfer of control of your company if you want the business to survive beyond your involvement.
Other legal tools may also be appropriate to your specific situation. Let YMNLAW advise you on what you should do to make sure your wealth is secure.
How can a Duluth Business Planning and Asset Protection Lawyer Help?
YMNLAW works with business owners of companies of all sizes. We also provide assistance to people who are focused on asset building and wealth protection, regardless of the current size of your nest egg. We know how hard you work to grow a company or to build wealth and we will make certain that you make wise use of every available legal tool to get the most protection possible for all you have built. Give us a call at (218) 720-2888 or contact us online to find out more.