There are many types of asset protection and business planning strategies to consider, with some more powerful than others. The way you move forward should be based on your current situation.
Here are four types of asset protection and business planning to learn more about:
- Buy-sell agreement. There are many benefits of this agreement, including tax advantages with respect to your family business. Furthermore, it can help guarantee that your children are provided for once you pass on.
- Family limited partnership. With this in place, you can gain protection from lawsuits. It can also benefit you from an estate planning point of view.
- Lawsuit and asset protection. There are people out there who want nothing more than to file a lawsuit as a means of making a financial gain. If you don’t take the right steps in protecting your business, you could find yourself entangled in a lawsuit that costs you a lot of time and money.
- Limited liability company. When you form a limited liability company (LLC), you can benefit from a variety of tax advantages. It also gives you and your company an added layer of legal protection.
With these four types of asset protection and business planning, you can make informed decisions that work in your favor now and in the future.
Depending on your situation and knowledge, it is not always simple to make the right decisions at the right time. If you are concerned about the path you are on, if you are ready for a change, you can contact us to discuss your position and what comes next. It won’t be long before you have a clear idea of what you should and should not be doing from an asset protection and business planning point of view.
- Neither Age Nor Health Determines Whether You Need an Estate Plan - January 19, 2022
- Tax Planning for 2022 - January 12, 2022
- The Questions of Estate Planning, Part 6: Why - January 6, 2020