Does My LLC Make Me Bulletproof?

Most people are aware that an LLC is the important first layer in an asset protection planning strategy, but it might not be everything you need. it’s a good idea to consult with an asset protection planning attorney on a regular basis so that you can ensure you are fully protected.

The benefits of asset protection planning are numerous, but they all primarily center around the concept of keeping your personal assets out of the reach of a potential litigation. According to data from the Pacific Research Institute, the U.S. is the most litigious country in the world. There are more than 15 million civil lawsuits in the U.S. filed every single year, leading to $250 billion plus in costs. shutterstock_306779927

Although the LLC should likely just be the cornerstone of your protection, it is an important first step. Most asset protection planning specialists will agree that the process is threefold: implementing tax reduction strategies, comprehensive estate planning, and lawsuit protection.

The reality is that you need an attorney and firm with experience in all three. It’s the best way to ensure that your tactics are aligned with the needs of your business. Any business owner knows that needs and threats, much like any other aspect of business, ebb and flow over time. Working with an attorney who is sensitive to this will increase the chances that you have the best possible chance of protecting yourself.

Be aware that even with an LLC, courts may allow the piercing of the corporate veil. You need to work with a firm that understands this risk and helps explain your best responses. Contact a New Jersey asset protection planning attorney today to learn more.

 

 

Eldercare Concerns: Addressing the Short and Long Term

When an elderly loved one begins to show signs that he or she needs help, it’s easy to be primarily concerned with the most pressing issues first: how to get him or her medication, food, and other supplies being a prime example. While these immediate concerns are certainly important, you also need to think about some of the legal issues most common in these situations. What follows are a few tips on how to address these larger concerns.shutterstock_73623571

With so much already on your mind dealing with a situation like this, it’s easy to feel overwhelmed. In fact, you may want to reach out to an attorney with elder law experience so that you can feel sure all your bases are covered. An attorney who understands your difficult situation can ease a lot of your concerns and also ensure that you have all the proper paperwork on file, should you need it.

Make sure to consider these issues with an elderly loved one who needs more care:

  • Plans for property and finances
  • Living wills or powers of attorney
  • Plans for long-term care
  • Names and contact information for relatives that may be called on to make decisions

Get help from an elder law attorney as soon as possible. It’s not easy to juggle all the necessary requirements of helping an elderly loved one, but life can be easier with this in mind.

Four Critical Tips for Small Business Succession Planning

When you have put a lot of energy, resources and time into building your small business from the ground up, you might like to imagine that you’ll continue running it for the rest of time. Deep down, however, you understand that this is unrealistic. This is why you need to consider business succession planning now. Whether you intend to pass the business on to a family member or to sell your company, you need a succession plan. This helps to contribute to the long-term business viability. It also increases the chances that you will have sufficient funds in retirement to support you as well as to continue the business that you have fought so hard to build. The longer that you wait to conduct your succession planning the harder it will be to take action. Here are the four most important steps for getting started. shutterstock_164213294

  1. Involve your family. No matter what vision of the future you hold, you need to think about your relatives in terms of succession planning discussions. Are there any individuals already in place who may want to take over when you leave? You should also consider who is qualified to step in.
  2. Create an exit strategy in your business plan. More than likely you already have a business plan for the next couple of years. Your succession strategy and exit strategy should also be included in this plan.
  3. Put together your team of advisors. There will be several different people you need in the process of doing your business succession plan, such as an estate planning attorney, a business partner, succession planner, and an accountant. They can help guide you through the complex process of succession planning.
  4. Identify and prepare to train your successor. Once you are seriously contemplating what lies ahead for the future of your company, you will feel more inclined to help choose the right individual to take over after you leave. You need to carefully consider individuals who already have the qualities and begin to put in place a training program to prepare them for the future.