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Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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Home » Resources » Frequently asked questions » Asset Protection FAQs

Asset Protection FAQs

    • Why is asset protection important for small businesses?

    • If you worked for a company as an employee, and the business was sued by a creditor or some other party, your own personal assets would be completely safe. Why should you and your family suffer because of the actions of the business?

      Conversely, if you were to run into financial trouble, the company that you work for would be not be impacted. The same reasoning should apply when you are a small business owner. You can structure your enterprise in a way that separates your personal property from the business as an entity.

    • How can you accomplish this goal?

    • One possibility would be the utilization of a limited liability company. This is a relatively simple structure that is often used to protect assets. When you establish a limited liability company, your personal resources would be protected if legal actions were taken against the business, and vice versa.

      Another advantage is pass through taxation. You would claim business profits and losses on your personal income tax return when you have a limited liability company, so your accounting would be simple and efficient.

    • Can you transfer assets into a limited liability company if you think you will be sued?

    • No, this would be a fraudulent conveyance.

    • Is there any other asset protection structure for small business owners and investors?

    • Yes, the family limited partnership (FLP) is often utilized. As the name would imply, people that are part of the partnership must be members of the same family.

      If you establish a family limited partnership, you would be the general partner, and the family members that you add to the partnership would be limited partners. The general partner would have sole decision-making authority for the partnership.

      Any asset that you convey into a partnership would be owned by the FLP as an independent entity.

      For example, let’s say that you have an apartment building that is owned by a family limited partnership that you have created. If someone is injured in one of the apartments and a lawsuit is filed, the partnership would be the target. Personal property that is owned by the partners would not be protected.

      To take this a step further, if you owned three different apartment buildings, you could convey each one of them into a separate family limited partnership. It should be noted that property that is held by a family limited partnership would be protected if a partner is personally sued.

Learn More About Asset Protection

We have prepared two separate in-depth reports that explain everything that you need to know about family limited partnerships and limited liability companies. They are being offered free of charge, you can visit our special reports page to obtain access to your copies.

Schedule a Consultation!

Our doors are open if you would like to discuss asset protection or any other estate planning or elder law matter with a licensed attorney. You can send us a message to request a consultation appointment, and we can be reached by phone at 310-337-7696.

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Testimonials

Client Review
July 29, 2020
    

We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

Frank & Jutta R
Client Review
July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
Client Review
July 29, 2020
    

We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

Phillip G.
Client Review
July 29, 2020
    

When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
Client Review
July 29, 2020
    

We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
Client Review
July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
Client Review
July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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