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Running a Business? You Need a Personalized Asset Protection Plan

April 9, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

Every business owner should have an asset protection plan, but it’s easy to get overwhelmed with day to day tasks and let this fall by the wayside. There are numerous reasons why it’s a good idea to start an asset protection plan, though, such as the fact that owning and operating a business can be very risky. canstockphoto10099152

What if your business defaults on an open vendor account, a mortgage, or a secured bank loan? If the debt is personally guaranteed by you as the owner, you might be exposing yourself to a lot of unnecessary risk. This doesn’t even cover the circumstances related to what happens if an employee does something negligent while carrying out company business. Consumers can also bring claims for injuries or unfair or deceptive business practices.

Although none of these are easy to think about, it would likely be a disaster if just one of them happened to you. One incident like this and you could be exposed to financial catastrophe. An asset protection plan explores all of these risks and outlines a strategy through which you attempt to protect them. Taking the right steps today could help you insulate personal and business assets from creditor claims. Asset protection planning is aligned to your needs, so reach out for advice sooner rather than later. We can help you- call us at 732-521-9455.

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