Due to the high rate of divorce and the risk of lawsuits in today’s society, legitimate asset protection plans have become increasingly important in protecting one’s assets. Asset protection consists of business planning and estate planning techniques that preserve and protect wealth.
An estate plan can range from a simple last will and testament to a more complex trust or family limited liability company. The determination of the correct beneficiary designations for life insurance and retirement accounts are an extremely important aspect of estate planning which is often overlooked. If a family business is involved, the estate plan should be coordinated with the business succession plan.
Good business formation planning requires a thorough knowledge of the variety of business entities available and the characteristics of each business entry. Each business entity has its own tax, liability and ownership consequences. A good business plan addresses the eventual sale, liquidation or succession plan for business.
The attorneys and staff of Hinson & Hinson, P.C. are available to assist you regarding your personal and business needs. Contact us at Hinson & Hinson, P.C. for a consultation.