Asset protection should be a concern for everyone who has amassed a nest egg or who is trying to build wealth. Business owners are especially vulnerable to risk, so asset protection and business planning become especially important for entrepreneurs. No matter your situation, however, Augulis Law Firm wants to help you to grow your assets and to protect the fruits of your labor.
Our Warren, NJ asset protection and business planning lawyers provide advice on legal tools you can use to set the stage for business success and to 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 to you and to get answers to questions including:
- When is asset protection important?
- 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, or are hoping to create one, it makes sense to protect the money and property acquired through your labor.
Asset protection may be especially important if you are nearing the end of your life, are concerned about nursing home costs, or have heirs who you think are irresponsible with money. When you spend much of your life working to build a business or to provide for your loved ones, you don’t want to see your efforts lost because of bad luck or because of a lack of advanced 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 have not 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 both 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 with the process of doing so.
There may also be many other steps to take to protect yourself and your company, depending upon the specific situation you are in. You could work with an attorney to create a partnership agreement; employment agreements; a buy/sell agreement, and a business succession plan- among many 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, are concerned about building wealth, or want to protect your assets as a business owner, Augulis Law Firm can provide the legal assistance you need. Our Warren, NJ asset protection and business planning lawyers know how New Jersey law works to protect you and to help you minimize your risk. Give us a call at (908) 222-8803 or contact us online to find out about the ways in which we can assist you in keeping your company and your assets secure both now and in the future.