Guarding Business Assets Against Creditors 

If you own a business, you have likely spent countless hours working to achieve your dreams. You understandably want to do everything possible to avoid having creditors seize your assets, particularly before you transfer these assets to the next generation. Fortunately, several options can be utilized to protect your assets. Before discussing these strategies, you should appreciate that asset protection plays a critical role in protecting your estate from creditors as well as many types of lawsuits. Regardless of the size of your asset or how careful you are, no one is above facing these actions. You should take proactive steps to create an estate plan before you end up facing legal actions or creditor efforts. The following are some techniques that you might utilize based on your situation.  The Three Types of Business Ownership Based on the structure of your business, you might have sufficient protection from creditors or no protection at all. If you want to fully protect your assets, you should weigh the value of changing your business’s ownership structure. Remember, three primary types of business entities are: C Corporations. These corporations offer limited liability exposure to personal assets owned by the principals. No personal liability under [...]