If you are operating a small business as a sole proprietor, you may feel as though it is the simplest way to proceed. You can claim profits and losses on your personal income tax returns, so you have a turnkey situation. All this is well and good until you are hit with a business-related lawsuit. Asset protection is important for small businesspeople, and there are some relatively straightforward ways to go about it. Limited Liability Company A limited liability company (LLC) is a structure … [Read more...] about Asset Protection and Succession Solutions for Small Business Owners
When you are the owner of a small business, your long-term planning goals will coincide with those of people that are not self-employed. Many of the same steps should be taken, but business owners have some additional considerations, and we will look at two of them here. Asset Protection It is important to protect the legacy that you want to pass along to your loved ones when the time comes. As a business owner, you should prioritize asset protection so you can separate your personal property … [Read more...] about Planning Considerations for Small Business Owners
You may be laser focused when it comes to the accumulation of resources, but you should be just as concerned about protecting your assets. In this post, we will look at asset protection from a few different angles. Small Business Asset Protection If you are the owner of a small business, you can be held personally liable for business related damages if you do not create an asset protection structure. One possibility is the limited liability company (LLC), which is a relatively simple but … [Read more...] about Asset Protection: Secure Your Family’s Future
Asset protection is important for some professionals, business people, and investors. A family limited partnership (FLP) can be the ideal solution, and we will provide the details here. Basic Structure There is nothing deceiving about the name of this asset protection structure. The members of an FLP must all be in the same family. If you establish a family limited partnership, you would be the general partner, and the family members that you include would be limited partners. You do not … [Read more...] about Protect Your Assets With a Family Limited Partnership
If you are going into business for yourself, you have to make some choices. Asset protection should be taken into consideration, and from a retirement and estate planning perspective, you should have a succession plan. Let’s look at the most commonly used asset protection structures, and we will then move on to the second part of the equation. Small Business Asset Protection The limited liability company (LLC) can be the right choice for a wide range of small business people. When you … [Read more...] about Asset Protection and Business Succession Planning
Creating a successful estate plan requires you to do more than just decide how your estate assets are to be distributed after you are gone. In order to ensure that you have assets left to distribute, your estate plan should also help grow your assets during your lifetime and protect them after you are gone. One significant threat to your assets is the impact federal gift and estate taxes could have on the estate you leave behind. A Westport estate planning attorney at Nirenstein, Horowitz & … [Read more...] about The 2020 Lifetime Exemption
If you already have an estate plan in place, or you are planning to create one in the near future, a primary motive for that plan is likely to protect and provide for loved ones after you are gone. To accomplish that goal, however, you must protect the assets you have while you are here. To ensure that you assets are safe, you must first recognize the myriad of ways in which they way be at risk. To get you started, the Westport estate planning attorneys at Nirenstein, Horowitz & Associates, … [Read more...] about Are Your Assets at Risk?
Making smart use of asset protection strategies is important at all phases of your wealth-building process. When you work hard, you deserve to benefit from the fruits of your labor and to enjoy financial security. You cannot do this if your wealth is lost due to things like creditor claims, lawsuits, high nursing home bills, irresponsible heirs, or estate tax. There are many different risks that could put your financial stability and legacy in jeopardy and you need to make plans to minimize and … [Read more...] about 5 Key Asset Protection Strategies
An asset protection trust is a generic term used to describe different kinds of trusts that provide different protections for your personal wealth. An asset protection trust can keep your assets safe in lots of different ways, depending upon the kind of trust that you create. The type of trust you create is going to be determined based on what the biggest risk factors are for loss in your life. Nirenstein, Horowitz & Associates provides assistance with the creation of asset protection … [Read more...] about How Does an Asset Protection Trust Work?
There are lots of different asset protection strategies available to help people try to preserve the wealth they have worked to acquire. Asset protection is a smart move that makes sense if you want to ensure bad luck or a twist of fate does not cost you everything. However, choosing the right approach to asset protection can be complicated and you don't want to make any mistakes that could end up costing you. Nirenstein, Horowitz & Associates can provide you with comprehensive advice on … [Read more...] about How Can You Choose the Right Asset Protection Strategies?