California Asset Protection for Business Owners

8:38 pm Asset Protection, Business Planning

asset protection 3 e1330639732456 California Asset Protection for Business OwnersExpert Advice from America’s Top 100 Business Protection Lawyers

Business formation is an exploding industry and with most of their personal wealth tied up in their businesses, business owners are rightly concerned about protecting their assets.  Here are some guidelines when it comes to implementing wealth protection strategies:

Plan before problems arise.  The old saying about not closing the barn door after the horse has escaped is applicable to asset protection.  The time to plan is before any problems arise; after a problem crops up, it’s too late.  The laws against fraudulent conveyance are clear:  once a claim is made against any unprotected assets, the ability to add protection is nullified.

One size does not fit all.   Different asset protection strategies are used as building blocks to fortify your business against liability, and the strategies employed vary according to the specific needs of the business and its ownership.

California lays down the law.  Most asset protection strategies must adhere to state laws, which can vary greatly between states.  For example, in California, life insurance provides very little protection against creditors.

Consider offsetting costs.  Some asset protection strategies for business owners will have offsetting costs, perhaps in the form of limiting access to the assets or triggering additional taxes.  Business owner need to carefully consider the costs vs. benefits with their California asset protection attorney.

Help is available to you by contacting your Southern California financial planning experts today.

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