Many well-known career fields are often associated with important asset protection planning. From lawyers to doctors and others with substantial wealth, it’s important to think about how asset protection planning should expand into the world of entrepreneurship.
It’s never been easier to start and scale a business. Every day there are new stories of people doing it from the comfort of their own home, building digital companies and scaling them to six and then seven figures.
Along the way, this entrepreneur might begin to translate some of those business achievements into other assets, like home and cars. But if these steps are undertaken without also considering the importance of asset protection, all it takes is one lawsuit to damage the assets you worked so hard to generate.
If you have a long-term view of your business, then asset protection planning is another important step you take to secure your growth in the company and ensure that the assets you’ve accumulated are used to support you and your beneficiaries.
Another key aspect of being an entrepreneur is having the documentation in place to protect you if you were to become disabled. A sudden disability can derail your company completely if you don’t have a plan in place and a way to allow someone else to make those key decisions for you.
The bottom line is that business owners and their companies cannot afford to be exposed to vulnerabilities like lawsuits or the sudden stop of company operations due to an accident or disability. Using estate and asset protection planning tools empowers the entrepreneur and the key staff members at the company with options should the need arise.
If your company is growing at a fast pace but you don’t have the documentation or asset protection tools like trusts in place, sitting down with the right asset protection planning lawyer is one of the most important things you can do to protect your interests and your future.