Asset protection and business planning are two of the most important things that you can do to grow your company, expand your wealth, and create the most secure future possible for yourself and your loved ones. Every business owner needs a plan, and everyone who is building a nest egg needs to find ways to protect their assets.
The asset protection lawyers at Pearson Butler can help you make the most effective use of the legal and financial tools available in Utah—such as the Asset Protection Trust, which was enacted as a state law in 2013. Every situation is different, and the firm’s experienced team can help you to make the plan that is right for you, whether you’re a startup, an established enterprise, a wealthy individual, or just beginning to grow your money.
To find out about the personalized solutions that may be available to you, call (800) 265-2314 or contact the firm online.
When Is Asset Protection & Business Planning Necessary?
Asset protection and business planning are both necessary when you are trying to build something that will keep you and your family secure. As you grow your company, you need to make sure you protect those assets and your investments with the right legal tools.
The following are examples of business planning tools, and their benefits:
- A buy/sell agreement can keep your business out of the wrong hands in case any co-owners divorce or need to leave the business.
- Partnership agreements or shareholder agreements spell out the role everyone in the company will play.
- Employment agreements help to make sure every employee’s role is clearly defined.
- Incorporation, or the selection of the right business structure, can protect personal assets and allow you to get the most favorable possible tax treatment.
- A business succession plan can make it possible for your company to pass on to the next generation.
Asset protection is also important, both for business owners and anyone who is saving money and creating a nest egg for their future. Your assets, including the value of your company, could be lost if you have irresponsible heirs or if a large estate tax bill is charged upon your death. Lawsuits are another peril.
An experienced Utah asset protection lawyer can help you identify threats to your wealth or your business organization and assist you in using the right legal tools to minimize the potential for loss.
What Is Involved with Asset Protection & Business Planning?
Asset protection and business planning processes both must be tailored to your specific goals, your current situation, and your expected future needs.
An experienced attorney can:
- Negotiate and draft contracts like employment agreements and buy/sell agreements so you understand the contracts and make the best deal possible.
- Create an incapacity plan so your business and/or your investments and assets can be managed by a trusted person who you name as your agent or by a trustee if something happens to you.
- Create an asset protection plan so you don’t end up losing your wealth or your company because of threats to your assets.
- Create a legacy plan that allows you to quickly transfer your company or other assets so they can be appropriately managed by new owners.
- Create a plan to reduce or avoid estate taxes, which could reduce the wealth you leave behind and/or necessitate the sale of a business or company assets if there is not enough money to pay (many business owners have their money invested in the company and there are not sufficient liquid assets for an estate tax bill to be covered).
Pearson Butler understands how hard you have worked to build your company and your assets. Call (800) 265-2314 and gain access to the tools and information you need to protect all you have worked to achieve.