Operating a successful business likely means that you will be acquiring significant assets and amassing personal wealth while the business grows in value. From the very start, it is wise to consider different measures to protect personal and corporate wealth and provide for an orderly transfer of business interests should the need arise.
Any sudden disruption in your personal or professional life can put your assets at risk – assets which you have worked a lifetime to acquire in the hopes of creating a future for yourself and your family for generations to come. You could be sued for an accident occurring on your property or involving an automobile you own, or your business could suffer from any number of catastrophes, such as a disruption in the market. Whether creditors go after your personal property or those of the business, you want to protect those assets as much as possible.
Asset protection requires advance planning long before any crisis arises or looms on the horizon. For instance, even if made months in advance, transfers and conveyances made in contemplation of an impending bankruptcy can be attacked as fraudulent, and the transaction can be unwound by a bankruptcy court. Our office can help in this regard by reviewing your estate with you as soon as possible, examining your goals and helping you to explore the different options that are available for protecting your assets.
Asset protection is not all about Swiss banks and offshore accounts, and may include something as simple as transferring assets into a trust or other entity that comports up with your long-term goals. We can consider asset protection during the estate planning process, or at any time when it becomes logical to address these concerns. For instance, prior to a marriage, the parties may want to consider a prenuptial agreement to protect a spouse’s interest in a business in the event of a property division due to divorce or other family law matter.
For Experienced Business and Corporate Lawyers
For professional advice and counsel, drafting and review of documents, or representation in any negotiation or transaction regarding asset protection, contact an experienced business law attorney at The Hawkins Law Firm.