Date of
Publication: March 23, 2009
Keeping Your Assets Protected
For many real estate and business owners, the first few years
in business can be difficult. However, after effective
management and systems are in place, most business owners begin
to acquire assets. Whether those assets are in the form of cash,
vehicles, equipment, real estate, other investments or property;
the most important thing that you can do is protect those
assets.
One of the most basic forms of asset protection is adequate
insurance. I do not sell insurance, but I advocate it and think
that you should have adequate insurance and review your limits
and coverage on a regular basis.
Another way to protect your assets is to never receive them in
your own name. Consider the receipt of an inheritance for
example. Rather than take the funds or property into your own
name (which would expose those assets to creditors), you could
direct that those assets go into a trust, company, or other
asset protection vehicles.
Perhaps my favorite asset protection strategy is to regularly
move excess wealth or accumulated wealth into either a family
limited partnership or other asset protection vehicle which
keeps it off your own personal balance sheet and which can
provide you with significant tax breaks.
Whatever your needs are at this point, proper asset protection
does not need to be extremely complex, but it does need to be
done properly and, perhaps most important of all, it must be
done in advance of problems. So go ahead and get started on your
asset protection plan today. {-}
If you or a member of your family needs the services of an experienced
Business attorney, please contact Jeremy Eveland at the law firm
of Eveland & Associates, PLLC. I am committed to helping you protect your company and your
personal assets
.