If you own a small business as a sole proprietor, you are putting yourself at risk. Yes, it may seem like the simplest solution, but there is no separation between your business and your personal assets. Your personal property can potentially be attached by creditors and other types of litigants. When you utilize an asset protection structure as an alternative, you can go forward with the knowledge that your property will be protected under most circumstances. Family Limited Partnership A … [Read more...] about Small Business Owners Should Use an Asset Protection Structure
Asset Protection and Business Planning
Effective estate planning can include asset protection for professionals and business owners, because wealth preservation is part of the equation. In this post, we will look at the family limited partnership (FLP), which can be a very effective asset protection structure. Control Without Ownership As the name would indicate, the participants in an FLP must be members of the same family. If you establish a partnership, you would be the general partner, and family members that you add would be … [Read more...] about A Family Limited Partnership Can Provide Asset Protection
People that own small businesses have to address some estate planning matters that would not be a factor for others. This being stated, the are more similarities than differences, and we will provide some clarity in this post. Asset Protection One of the things that is different is the need for asset protection. When you are establishing your business, you want to use a structure that will separate your business from your personal property. The limited liability company (LLC) is very … [Read more...] about Estate Planning for Small Business Owners
If you are starting a business, asset protection should be built into the structure that you choose. This can and should be a consideration during the planning stages, but if you are a sole proprietor at first, you can make a transition with asset protection in mind. In this post, we will look at two commonly utilized asset protection structures for small businesses. Limited Liability Companies A limited liability company can be the right choice for many, and it is a very widely utilized … [Read more...] about Business Structures That Provide Asset Protection
When it comes to estate planning, asset protection must not be overlooked, no matter the nature of your estate. Having the ability to protect your assets from creditors and other sources of liability can be very beneficial not only throughout your life but after your death, as well. Asset protection strategies are important for preserving as much of your estate as you can for your heirs can only be accomplished if you properly protect your assets. Let our attorneys discuss options in addition … [Read more...] about Asset Protection Trusts Aren’t the Only Strategy Available
California has been suffering from significant water shortages for at least the last five years, putting the state in a prolonged period of drought. Although El Niño has periodically increased the rainfall, California would still need to see two and a half to three times its average rainfall in order to even start ending the drought. According to reports, at least 40 percent of water consumption is used for agriculture in California. So, what can those small business owners do when the … [Read more...] about Los Angeles Businesses Can Receive Economic Injury Disaster Loans
Estate planning can have many goals. Asset protection is one of those goals. Being able to protect your assets from creditors and other sources of liability can be very beneficial. As your asset protection lawyer will tell you, preserving as much of your estate as you can for your heirs can only be accomplished if you properly protect your assets. When should I see an asset protection lawyer? When should you start your asset protection planning? Now. The general rule is – you need to start … [Read more...] about Asset Protection: When do you Need it and Why?
Publicly traded. Privately held. What does it all mean? Unless you have experience with the stock exchange, you may not be very familiar with the differences between publicly traded and privately held companies. The distinction is based, primarily, on public disclosure. Companies that are privately held are not required to make public disclosures of their financial information, as their stocks are not traded on the public market. A publicly traded company operates much differently. The … [Read more...] about What Is a Publicly Traded Company?
How To Avoid California Fraudulent Transfers in Medi-Cal Planning from Scott Schomer If you are applying for Medi-Cal benefits, or if you expect to apply in the future, there are certain rules and regulations relating to eligibility for Medi-Cal benefits that you should be aware of. Learn more about California fraudulent transfers in this presentation. … [Read more...] about How To Avoid California Fraudulent Transfers in Medi-Cal Planning