There are many different mistakes that entrepreneurs can make in the process of establishing and growing their business. Comprehensive business succession planning and estate planning are two cornerstones of looking ahead to the future and ensuring that you have protected everything you have worked so hard to build.
Another place for entrepreneurs often expose themselves to risks has to do with not preparing for lawsuits. This is a primary tenet of asset protection planning and enables you to ward off potential creditors or to be much more fully prepared in the event that a creditor or a lawsuit emerges. A lawsuit can be a major event in your life and unfortunately, too many entrepreneurs only think about this after the lawsuit has been filed or after an accident has occurred on their property.
At this stage, your options are limited and you may even be accused of fraudulent conveyance, such as trying to hide money after the accident or incident has already happened. Thankfully, there are legal options available to you in the form of asset protection planning. If you plan right, you may be able to settle any lawsuits for pennies on the dollar.
But you need to have a plan in place to ensure that the assets you have worked so hard to build cannot be easily taken. Scheduling a consultation with an asset protection planning lawyer can open your eyes to the many avenues available to you and allow you to articulate a plan that wards off problems well into the future.
