In the United States, owning your own business has always been part of the American dream. In the United States an idea can turn into an empire. If you are living the American dream as a business owner you undoubtedly want to protect that dream now and pass it down to loved ones when you die. Including asset protection and business planning components in your estate plan can ensure that your business is protected now and in the future.
At the Law Offices of Kobrick & Moccia our New York asset protection and business planning attorneys understand how important your business is to you and your family. We are committed to helping you protect your business by incorporating appropriate tools and strategies into you comprehensive estate plan. Contact us today by calling 800-295-1917 or by completing our online contact form so we can get started today.
Whether you are the sole proprietor of a small business or you are the CEO of a Fortune 500 company you have likely given some thought to what you wish to happen to your business when you retire, become incapacitated, or upon your death. Absent a concrete legal plan for how to handle your financial interest in the business, however, there is no guarantee that your wishes will be followed. Business planning involves creating a legal framework that ensures your business will be handled in the manner you wish it to be when certain events occur. This could involve executing a buy-sell agreement with the partners in your business or creating a family limited partnership if the business is meant to stay in the family. The important point is that a plan is needed to ensure the fate of your business should something happen to you.
Unfortunately, owning a business often makes you a target for litigation. It is a rare business owner who never faces a lawsuit. Without the proper asset protection tools and strategies in place, litigation means that your business, and often personal, assets are at risk. You have worked hard to create a successful business. Don’t rick losing it to predators who misuse the judicial system. Creating the right type of business entity can help shield your personal assets from debts or liabilities of the business; however, that is often not enough to ensure the survival of your business should you be named as a defendant in a lawsuit. You need an estate plan that includes an asset protection component to truly protect your business.
At the Law Offices of Kobrick & Moccia our New York asset protection and business planning attorneys would like to help you protect your business now and in the future. Contact us today by calling 800-295-1917 or by completing our online contact form so that we can discuss how best to protect your hard work.