Asset protection is a concern for everyone who has amassed a nest egg or who is trying to build wealth. This is true for the Warren, NJ area and surrounding communities, especially for business owners. Running a company makes you vulnerable to risk, so asset protection and business planning become especially important for entrepreneurs. No matter your situation, Augulis Law Firm wants to help you to grow your assets and protect your hard work.
Our Warren, NJ business planning lawyers provide advice on legal tools you can use for business success. This helps you protect the company and the wealth you are building. Give us a call at (908) 222-8803 to find out about the personalized assistance we can provide you. You can get answers to questions including:
- When is asset protection important for business owners?
- What steps do I need to take for business planning?
- How can a Warren, NJ asset protection and business planning lawyer help me?
When is Asset Protection Important?
Asset protection is important to everyone, even if you have not yet amassed a lot of wealth. If you have a substantial nest egg, it makes sense to protect the money and property acquired through your labor.
Asset protection can be especially important for many reasons. If you are nearing the end of your life, you want to protect yourself and your family. Another reason could be your concern over the inflated cost of nursing home care. You may also have heirs who you think are irresponsible with money. When you work to build a business, you don’t want to see your efforts lost due to lack of planning. You can structure ownership of accounts strategically and use the right legal tools to protect what you have built.
Asset protection is also essential for those who own a business, as company-owners tend to face more risk than most other individuals. Your risks are greater both because the company may be a valuable asset, and because you are vulnerable to loss if something goes wrong either with your business or your personal life.
Trusts; IRAs and other financial accounts with special protections; incorporation of a company, the creation of a Medicaid plan; the creation of an incapacity plan; and the creation of an estate plan are among the different things you need to do if asset protection is something that matters to you. An attorney can help with these steps and more.
What Steps Do I Need to Take for Business Planning?
For those who own a business, there are two primary concerns which most people don’t face: how to transfer the business when you decide to leave and how to make sure a business loss does not lead to a personal loss.
Most business owners want to limit their losses to the value of their investment in the company. Unfortunately, if you have not structured your ownership interest appropriately, this won’t happen. You need to form a certain type of separate business entity, such as a Limited Liability Company (LLC) or a corporation, so your business is treated as a different “person” in the eyes of the law. If you haven’t separated your company from yourself and your business is sued or goes bankrupt, personal assets are at risk.
Incorporation is a powerful tool used in business planning, which can keep your personal assets safe and make business succession issues easier. An attorney can help you to decide if your company should incorporate and can assist you.
There may also be many other steps to take to protect yourself and your company, depending on your situation. You could work with an attorney to create a partnership agreement; employment agreements; a buy/sell agreement, and a business succession plan- among other legal documents that establish protections and parameters for operations.
How can a Warren, NJ Asset Protection & Business Planning Lawyer Help?
Whether you own a business or are concerned about building wealth, we can help! If you want to protect your assets as a business owner, Augulis Law Firm can provide the legal assistance needed. Our business planning lawyers know how New Jersey law works to protect you and to help you minimize your risk. Warren, NJ business owners can easily get help to ensure important assets have an approach consistent with their wishes.
Give us a call at (908) 222-8803 or contact us online if you have questions or need assistance. We can help you secure your business’ legacy now and for future generations.
