Building a business or amassing a substantial nest egg can both change your own life and the lives of future generations. If you have a company or have substantial assets, you need to take steps to protect what you have built. If you are just getting started, you need to get advice on operating your business smartly and taking the right money steps to grow your assets and build wealth.
Parman & Easterday can help. Whether you are just making plan to open the doors of a new company, getting started on saving for the future, or have an established organization or millions of dollars in the bank, we can provide advice and solutions that are designed to meet your needs.
Our legal team has decades of collective experience with both asset protection and business planning for clients in Oklahoma City, OK. We can bring our knowledge to the table to provide personalized advice to you, and we can also provide answers to questions you may have including:
- Who needs asset protection and business planning services?
- What is involved with business planning or asset protection?
- How can an Oklahoma City business planning and asset protection lawyer help you?
Who Needs Asset Protection and Business Planning Services?
Everyone who is planning on starting a business needs to make a plan to protect and grow the company; to protect personal assets; and to eventually secure the transfer of the company to new owners.
Many businesses do not succeed, but this is often because there was not a solid plan in place to grow and thrive. Other companies do become a success, but are not able to survive a change in ownership. With the right legal help, you can build a strong foundation to maximize the chances your company will provide for you and for future generations.
Business owners, as well as anyone with income or assets, may also need help with asset protection. Your property and possessions are at risk of loss from many different causes, from expensive nursing home bills to estate taxes to a future divorce or the bankruptcy of heirs whom you leave your property to. With the right legal guidance, you can identify risks and protect your assets so the wealth you work for can provide security to you and to those who you love.
What is Involved with Business Planning or Asset Protection?
Asset protection and business planning can be complicated processes and the processes must be personalized based on what type of business you run, what your assets are, and what risks you are most likely to face. In general, however, the asset protection and business planning process may involve:
- Incorporation of a business to protect personal assets and to make it easier for ownership shares of your business to transfer to new owners.
- The use of trusts to structure ownership of assets and of business shares so the company and assets are protected in case of bankruptcy, divorce, or irresponsible heirs.
- A power of attorney or living trust to make sure that you have chosen someone to actively manage the investments or to control your company if you become incapacitated.
- The use of legal tools designed to reduce or avoid estate taxes so no assets or property will need to be sold to pay the IRS upon your death.
There are also other steps which may need to be taken, such as creating trusts to ensure you do not have to spend down assets if you go into a nursing home or creating a buy/sell agreement so you have control over what happens when co-owners of your business wish to leave. Only by getting personalized advice can you identify the legal tools you need to use to protect what you have built.
If you live in or around Oklahoma City, OK our legal team is here and ready to help you today with the asset protection and business planning process. We take our responsibility seriously and we will work with you to both define and achieve your goals for making a strong business and amassing a nest egg you can be proud of. Give us a call today at (405) 843-6100 in Oklahoma City to find out more. You can also contact us online today to speak with a member of our legal team.
