Owning your own business has always been part of the American dream. Now, more than ever, people are realizing that dream. If you are a business owner, asset protection and business succession planning are critical additions to your estate plan to ensure the success of your business now and in the future.
The asset protection and business planning attorneys at the Mendel Law Firm, L.P. can help you protect your personal and business assets by incorporating planning strategies into your overall estate plan. Contact us today by calling (281) 759-3213 or by filling out our online contact form to find out how we can be of assistance.
In America, a lawsuit can be filed for almost any reason at any time. Even if the lawsuit has little merit, it can threaten your business as well as your personal assets unless you have planned ahead. By incorporating asset protection strategies into your overall estate plan, you can protect yourself, your family, and your business from predators who misuse the legal system. Along with asset protection strategies, forming the right type of business entity can go a long way toward protecting your personal assets from debts or liabilities of your business.
Business Succession Strategies
Once you have ensured the survival of your business through the use of asset protection tools, you will need to address plans for your business in the event of your death or incapacity. Will your interest in the business transfer to a partner? If so, a buy-sell agreement may be needed to ensure that your financial interest in the business is protected. Do you plan to pass your business down to the next generation or should your business be sold and the profits used to support your family? If the business will be passed down, a family limited partnership may be the answer.
Creating a business succession plan ensures that your interest in the business will be handled according to your wishes should the day come that you are no longer able to run the business yourself because of your death or incapacity.
At the Mendel Law Firm, L.P. our asset protection and business planning attorneys are committed to helping you protect your business now and in the future. Whether your business is a sole proprietorship or employs hundreds, its success depends on you. Contact us today by calling (281) 759-3213 or by filling out our online contact form to find out how we can help you.