Top 10 Asset Protection Planning Guidelines for Small Business Owners

  1. The best time to create an asset protection plan is prior to having a claim made against your business; after that, it’s too late.
  2. Trying to put asset protection in place after a claim is made often makes things worse, not better.
  3. Asset protection planning should not be confused with insurance; it is not a substitute.
  4. Putting your personal assets into the business is not the way to protect them; you should instead create a trust.
  5. The purpose of good asset protection is to strike a good balance of control; you are not protected if you still have major control over assets.
  6. Asset protection planning should not be confused with estate planning; the goals of each may differ.
  7. Placing all of your assets into an offshore account is not always the best plan.
  8. Bankruptcy does not solve all problems.
  9. Asset protection planning should be kept simple.
  10. Plan with the assumption that creditors will discover your asset protection plan.
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The Parents Estate Planning Law Firm, PC

At The Parents Estate Planning Law Firm, we answer your questions at your convenience; we stay in frequent communication; and we meet to discuss changes in life circumstances and in the law to ensure that your assets are protected.

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