When you work hard to build wealth, whether through building your own business, excelling in your job or effectively managing investments, you want to do everything in your power to protect all that you have acquired. The wealth that you build should be handed down to the next generation or used to support causes you care about, but unfortunately you could lose the opportunity to use your money to do good for your family or the world if you don’t take steps to effectively plan for the protection of your company and assets.
Lee Law Office is here to help you with your business planning and asset protection needs. Our Richmond, VA asset protection lawyers will work with you to understand any and all threats to your company and property and will assist you in understanding the legal tools you can use to minimize and mitigate those potential sources of loss. We not only help you to create a personalized plan, but we will also assist you in carrying out your plan, creating legally valid documents and keeping your plan updated as your life changes.
If you are ready to take steps to protect the nest egg you’re acquiring or the wealth that you have built, reach out to Lee Law Office today for help. Our legal team will work with you to make a plan that is right for you and will answer questions you may have about asset protection and business planning including:
- Do I need to create a business plan?
- What types of asset protection steps should I take?
- How can a Richmond, VA asset protection and business planning lawyer help me?
Do You Need to Create a Business Plan?
If you are the owner of a business, you should have a business plan in place to facilitate the successful operation of your organization as you manage your company. You should make certain that you have plans to achieve and maintain profitability and, if you have partners or co-owners, you should make certain that you are all on the same page when it comes to the company’s core goals and missions. Your business plan can help you to resolve disagreements that arise and can guide you in making decisions for your organization.
It is also important, as a business owner, to create a business succession plan if you want to ensure that your company is able to survive you. This means taking steps to make sure your company will be appropriately managed in case of your incapacity and after your departure. Tools like incorporating your business can help you to facilitate the transfer of your company, but you also need to address issues like the assessment of estate taxes after your death. If you don’t make a plan for the timely transfer of your company and take steps to ensure the business and its assets won’t have to be sold to pay taxes, your opportunity to hand the company down to the next generation could be lost.
What Types of Asset Protection Steps Should You Take?
Business owners need to take steps to make certain that their company is protected, since their business is likely one of their most valuable assets. It is also important for business owners to put protections in place for their personal wealth so a company bankruptcy or a lawsuit against the business organization does not result in personal wealth being lost. If you are operating as a sole proprietor or as a partnership, you and your business are considered the same legal entity, making you vulnerable to loss. Lee Law Office will help you to understand how to limit your risk and will work with you to put a plan in place to protect your own wealth and limit the potential for business losses.
Both business owners and non-business owners alike also need to ensure that they keep their money and property safe from other potential sources of loss ranging from expensive nursing home bills that insurance won’t cover to creditor claims or irresponsible heirs. Working with an asset protection lawyer allows you to identify risks and take steps to reduce the chances of wealth being lost.
How can a Richmond, VA Asset Protection and Business Planning Lawyer Help You?
A Richmond, VA asset protection and business planning lawyer at Lee Law Office can offer you comprehensive assistance with making plans for your company and with taking steps to protect your assets. To find out more about the ways in which our legal team can help you, give us a call today.