Business owners throughout Geneseo, IL and surrounding areas need to take steps to protect their company and their personal assets. Anyone who owns a business or who has substantial wealth needs to guard against the risk of loss by using the legal tools available under Illinois law.
Nash Nash Bean & Ford, LLP is focused on helping to fight losses by ensuring the protection of your business and personal assets. We help people who are beginning to grow wealth, people with an established nest-egg, startups, and large corporations. We understand what is involved with securing your assets and protecting the future of your company for this generation and for the next generation so you can leave behind a strong legacy. Give us a call today at 800-644-5345 to get the asset protection and business planning advice you need and to get questions answered on important matters including:
- What is involved in business planning?
- When is asset protection important & what does it involve?
- How can an Illinois asset protection lawyer help me?
What Is Involved In Business Planning?
Business planning is different at various stages of a company’s life cycle. When you are first starting a business, you need to make sure you do everything possible to protect the investment that you are making. If you will be working with partners or there are co-owners involved, you need a buy/sell agreement to make sure your company does not fall into the hands of someone you do not want to work with. The creation of a partnership agreement, as well as other contracts like employment agreements, can also help you to make sure everyone is clear on their responsibilities so the potential for disagreement is reduced.
As operations begin, it becomes important to make sure your personal assets are protected so you do not face losses of your own assets if something goes wrong with the business. Incorporation or forming a Limited Liability Company (LLC) can be the answer when it comes to protecting yourself.
When you build a successful company, you also want to make sure your business can continue operating after you are gone and you want to pass your business down to those you love. Estate planning becomes essential to ensure the effective transfer of your company to new owners and to make sure business assets do not need to be sold in order to pay required estate taxes.
When Is Asset Protection Important & What Does It Involve?
Asset protection is important for business owners, as you want to reduce the chances of a company being mismanaged if you become incapacitated or when your company is handed down to the next generation.
By using tools like a living trust or power of attorney, you can make sure that your company is carefully managed at all times, regardless of what may happen to you. Trusts and other estate planning tools also help to reduce or eliminate estate taxes, which are often assessed when a business interest increases the value of an estate over a taxable amount.
Asset protection is not just important for business owners. Anyone with wealth or assets must ensure that they have a plan for who will manage their nest egg, who will inherit, and how money will be transferred. Providing protection for heirs can also extend to ensuring that an inheritance is not squandered or lost to creditors, divorce, or bankruptcy when property passes to the next generation.
Asset protection for both business owners and others with any substantial wealth and property is also very important in case you require nursing home care, as you could be forced to spend down assets if you have not made a Medicaid plan in place in advance to get your care covered.
Protecting the legacy that you wish to leave for your loved ones can be complicated, with many different considerations, so it is best to speak with a professional about your options.
How Can An Illinois Asset Protection Lawyer Help Me?
Building a company and building wealth takes hard work and dedication. When you devote your precious time to growing a nest egg or to making a successful company, you owe it to yourself and to the people in your life to protect the work you’ve done and the great things you have achieved.
Nash Nash Bean & Ford, LLP knows how hard you have worked and our Geneseo, IL business planning and asset protection lawyers will dedicate our legal knowledge and experience to ensuring that your company and your assets are kept safe and can serve as your legacy. Give us a call at 800-644-5345 or contact us online today to learn more.