Are you a business owner concerned about making sure that your business is protected during illness or continues on at your death? If so, The Law Offices of Cheryl David can assist you with making smart choices for your business, ensuring that your legacy remains strong throughout your working life, retirement, and beyond. Mistakes in your business succession plan may place your hard-earned future at risk.
At the Law Offices of Cheryl David, we can help you to create a business succession plan that hedges against risk. Our asset protection and business planning process allows you to leverage a full range of legal tools to help your company succeed and preserve your assets upon death or disability. Our team of experienced attorneys will listen carefully to your concerns, and will work with you for optimal outcomes. We stand ready to help you take full advantage of all succession strategies which North Carolina law allows. Call our offices today to get personalized help and to find out key information about asset protection and business succession.
As a business owner, how can an Asset Protection Plan benefit me?
If you own a business, your top priorities likely include both nurturing your company’s growth and protecting your personal and/or business assets. Due to the vital importance of your business to your family’s future, you stand to benefit from creating a strategic plan to diminish your risk of asset reduction due to illness or death.
Business owners can benefit from creating a plan to ensure their personal assets are secure from these threats. A solid plan can help shield your assets not only during your life, but also after you pass away. As the owner of a business, you should bear in mind that, legally, business assets may be considered personal assets (this determination is often based on business structure). If you sustain a loss to your personal finances – due to illness, long-term care, or estate taxes following your death – your business assets may be at risk.
Finally, your business can benefit from your creation of provisions that will ensure your company survives. Such planning is appropriate if you run a family business that you will pass down through the generations, or you want to protect your company’s assets in the long term. In case of your incapacity or death, a comprehensive succession or asset protection plan will help create an uninterrupted succession of business leadership.
What are the components of a strong Business Succession & Asset Protection Plan?
Depending upon your specific business circumstances, your plan may include different building blocks. Our experienced attorneys will listen carefully to your situation, and will explore with you the best legal tools to accomplish your goals. Some possible elements of a thorough business succession & asset protection plan include:
- Constructing a comprehensive business succession plan. Regardless of your business transition ambitions, you should set up a strategy for when and how to hand over ownership of your business. If you plan to pass your business down to heirs, our attorneys can help you forge a lasting business using a well-considered succession plan.
- Drafting a personal estate plan. If your heirs will inherit your business and/or assets, you can address many concerns associated with the transfer of assets upon death by creating an estate plan. Your estate plan considers the big picture of your personal finances and assets in addition to those belonging to your business.
- Creating a trust. Trusts are a useful instrument to ensure sustained good management of your assets in case you become incapacitated or pass away. Trusts also help protect your assets from the probate process, as well as facilitate the transfer of assets to your heirs. A Medicaid Trust may also shield your assets from being drained for your long- term care or assisted living costs.
How can The Law Offices of Cheryl David help protect my business & assets?
The Law Offices of Cheryl David is committed to helping business owners throughout Greensboro, NC, Guilford County, and surrounding regions of North Carolina with developing a comprehensive business succession plan and with asset protection. Our attorneys are committed to providing holistic and well-informed legal advice to all clients, throughout the life cycle of such planning. We are dedicated to helping you protect the totality of your assets. Call our offices today at (336) 547-9999 or contact us online to begin taking steps toward solidifying your business succession and asset protection plan.
