What is Asset Protection and Why do I Need It?

Why asset protection? An asset is a very broad definition for anything you own that might have value. This includes money, homes and businesses to your own body. The videos linked below will teach you the importance of protecting your assets and your family from the monetary problems that can arise after your death.

What is a Trust

Inheriting Wealth Without Harm

Avoiding Litigation with Dynasty Estate Planning

Estate Planning and Asset Protection

Preventive Law

Risk Management

What about risk management? If you own a business, then planning to protect it includes structuring the business properly. What does that mean? Essentially, we don’t want any of the bad guys (creditors, lawsuits, bankruptcy, divorce) getting into the business or “piercing the corporate veil.” That would be protecting from the outside in. We also don’t want any of the bad guys to try and link the business with other assets. Rather, we want to isolate what’s in the business. This is protecting from the inside out. In this way, we minimize the exposure of the business assets by protecting inside and out.

How important is business structure when it comes to protecting assets?

In one word: vital. Structuring a business improperly can result in the structure being meaningless. For example, if you structure an LLC as a single-member LLC, you don’t have much protection at all. Durfee Law Group knows the ins and outs of structuring businesses, and we can help you.