Asset Protection for Business Owners

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For most businesses and businesses owners, the idea of and discussion about asset protection happens too late. That discussion typically happens after you know you are at risk, either because the lawsuit has been filed, the accident has happened or you can’t afford to pay your bills.

Asset protection planning is the process of consciously deciding what assets you are going to risk in your business. It involves decisions about:

• ownership of your personal assets;
• ownership of your business assets;
• financing and creditor relationships;
• estate planning;
• insurance;
• trusts;
• employees; and
• organization of your business overall.

Asset protection planning also involves understanding how the court system works, liens, judgments and bankruptcy.

The key to asset protection is planning, not reacting. Every decision you make involves a decision about risk. Asset protection planning helps you understand what you are risking before you risk it.