Articles Tagged with assetprotection

With the turmoil caused by the widespread pandemic, it has become paramount for many people to look to the future well-being of their families. While the current situation seems like it may begin clearing up soon, it still poses a challenge for many people, and there’s still plenty of worry to go around.

Making sure your estate plan is up to date is perhaps more important now than ever before, but the way estate planning is handled during this time will have to take current social distancing policies and financial issues into account.

Remote Notarization

Two types of planning that business owners often overlook are estate planning and succession planning. While the two are often lumped together—and in some cases overlap—they are separate processes with their own goals.

Here, we’ll look at how estate and succession planning differ.

Estate Planning

When high-level personnel and executives leave your company, it leaves a gap that needs to be filled. To make sure your organization fills those gaps without disrupting your processes, you’ll need a succession plan.

What Is a Succession Plan?

A succession plan is a strategy for making sure key positions are filled when skilled, experienced, or otherwise crucial people leave your organization or otherwise leave positions vacant. It identifies ways to prepare people to fill the gaps left behind.

Asset protection for business owners can be complex, especially when business activities may put personal property at risk. Fortunately, there are many strategies business owners can use to protect personal and business property.

Advantages and Drawbacks of an LLC

One of the most effective asset protection strategies is the limited liability company. LLCs separate the owners’ personal assets from those owned by the business, so if the company comes under fire, the owners’ personal belongings are kept safe from seizure.

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