For business owners and other professionals, there are a number of vulnerabilities associated with taking responsibility for others and participating in various transactions in their respective fields. From medical malpractice to lawsuits stemming from business disputes, injuries sustained on personal property or liability involving misconduct, those conducting business or providing a service can benefit from solutions designed to shield their assets. When legally sound strategies are established, individuals and companies can avoid potential pitfalls such as litigation, liens and fraud. This is especially important when a person or entity has considerable wealth or is expected to benefit from an inheritance, stock options sale, business sale or substantial contract, as explained by Forbes magazine.
Perhaps a good place to start is to increase the liability insurance coverage. As an example, if an individual were set to receive $1 million from an estate or inheritance, he or she would need to request at least the same amount in the form of an umbrella liability policy. Another smart money move is to keep one’s assets separate from the rest. This might mean depositing business or inheritance money into its own banking account. In the same way, if an individual has a rental property, creating an LLC can help protect his or her assets in the event that a tenant sues.
As a rule, any money that is held within a joint account is at risk. Thus, if a person files for divorce, gets caught up in a lawsuit or is subject to a tax lien, the entire account is in jeopardy. Similarly, individuals within a business partnership are affected by the actions of the other. Yet, legal protection can be found by forming an LLC or other entity.
Sophisticated Asset Protection And Tax Planning Techniques For The Protection You Need
In the arena of estate planning, Attorney Robert Turner maintains a reputation for sophisticated asset protection and tax planning that provides the protection that clients need and deserve. Aside from establishing trusts and LLCs, other options can be customized to preserve one’s wealth and causes, including business succession planning, IRA stretch accounts, irrevocable life insurance trusts (ILIT) and more.
For trusted help with your asset protection needs, contact Turner Law in Decatur, GA today for a free initial phone consultation.
Posted on behalf of Turner Law, LLC