...CONTIUNED FROM COVER
or grandparent. The one hitch here is that you have to have parents or grandparents who thought ahead and left you an inheritance inside an irrevocable trust at their death, or who are willing to set up an asset protection trust for you during their lifetime. If you already have an ongoing business you want to protect using asset protection trusts, you can transfer your business into a creditor-shielded asset protection trust. If this is something you’d like to consider to protect your assets from future creditors or from significant estate taxes, contact us now to discuss the options. To ensure these strategies are put in place and maintained properly, having an experienced business law firm like ours on your advisory team is a must. As your Access Business Lawyer®, we'll help you develop, implement, and enforce a full array of asset protection strategies at every stage of your company's evolution. Contact us today to schedule an analysis of your business’s current risk exposure so we can ensure your company’s legal foundation is strong enough to withstand whatever threats you might face.
underestimated. These agreements are designed to protect your company’s most essential elements: your personal liability, personal and professional relationships, intellectual property, and trade secrets. In all cases, you must enter into legal agreements in the name of your business entity, not in your personal name. And be sure your legal agreements include provisions requiring conflict resolution through mediation and arbitration, whenever possible, before litigation. When it comes to limiting liability through contracts, state laws vary widely, so allow a licensed business attorney to draft and review your agreements. 4. PROTECT YOUR BUSINESS WITH TRUSTS. If you’re looking for the maximum level of protection, you may want to consider using specially designed trusts to safeguard your business. Such trusts are set up so the trust owns your business; then, creditors or lawsuits can’t reach your company and its assets. The most airtight protection is provided when you never own your business to begin with, and you start the business as the trustee of an irrevocable trust set up for you by a parent
– Scott Reib
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2 | www.reiblaw.com
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