Asset Protection for Professionals and Business Owners
Many business owners and professionals face tremendous financial risk when carrying out their everyday duties. In the event of a lawsuit, divorce, or business bankruptcy, these individuals may find that claimants, creditors and former partners are coming after both their personal and business assets. Asset protection planning involves developing a strategy to protect yourself, your business, and your assets from losses due to lawsuits, creditors, bankruptcies and other unforeseen events. At McCulloch & Miller, PLLC, we understand the importance asset protection for professionals and business owners. Our lawyers are well-versed in all asset protection strategies, and can work with you to develop an asset protection plan that ensures you remain protected regardless of what challenges the future brings.
Trusts 101: Why is Everyone Trying to Sell Me a Trust?Assets Protection Strategies
Asset protection for professionals and business owners encompass a variety of strategies, including exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk by purchasing insurance.Exempting Assets in Texas
When a creditor comes after you, they typically can pursue a claim against all of your personal assets. However, state and federal law exempts some assets from creditors’ claims. By converting those non-exempt assets into exempt assets, professional and business owners can place their assets beyond the reach of creditors in the event of a bankruptcy or other claim.Limiting Liability for Professionals & Business Owners
Sole proprietorships are one of the most common business entities. In fact, according to the most recently available data, there are 23 million sole proprietorships in the United States. While sole proprietorships are low-maintenance and cost-efficient, they also afford their owners no protection in the event of a lawsuit. This is because lawsuits brought against a sole proprietorship are really lawsuits against the owner's personal assets. However, by reorganizing a business as a Limited Liability Corporation, Limited Liability Partnership, or Corporation, business owners can avail themselves to significant asset protection benefits.Transferring Risk with Insurance
The fundamental philosophy when considering any insurance policy is to pay a premium you can afford to avoid a risk you cannot. However, too often, busy professionals and business owners renew the same insurance policy year after year, despite significant growth and changes in their business. While insurance is one of the easiest asset protection strategies, it is also chronically underutilized. Thus, it is essential to take the time to review all of your insurance policies, their limits, and their coverages every so often, and then to make any necessary adjustments.Experience in Recovering Investment Losses for Retirees
We understand that many individuals are using their company 401(k) plans or an individual or Roth IRA for the sole purpose of retirement planning. Similarly, many companies use 401(k) and SEP plans to take care of the owners and employees in retirement. Unfortunately, some investment advisors or brokers mismanage retirement funds which causes large and immediate losses for retirees. McCulloch and Miller, PLLC has teamed up with the lawyers at Shepherd Smith Edwards & Kantas (SSEK Law Firm), www.investorlawyers.com, for years to assist wronged investors nationwide recover investment losses.
We want to be sure what you've worked for all of your life, is there when you need it. If you feel like your investment advisor has steered you wrong in any way, please give SSEK a call at (800) 259-9010 to discuss your recovery options. The investment loss attorneys at SSEK Law Firm offer free consultations and will answer all your investment questions with no obligation. If we can help, please let us know.Contact a Houston Asset Protection Attorney for Business Owners at McCulloch & Miller, PLLC
At McCulloch & Miller, PLLC, we recognize that asset protection for professionals and business owners is of critical importance. Therefore, we dedicate a significant area of our practice to helping individuals create custom-tailored and effective asset protection plans designed to provide protection whatever the future holds. Our lawyers take an individual approach to every client we serve, ensuring open lines of communication and an unrivaled level of diligence. To learn more, and to schedule a free consultation with a lawyer to discuss asset protection strategies, contact McCulloch & Miller, PLLC at 713-333-8900 today. You can also reach us through our online contact form.