Oklahoma asset protection lawyers can provide comprehensive assistance to individuals at every level, regardless of income or wealth. Creating an asset protection plan is important, even if you are not “rich.” There are devastating potential sources of loss, from creditor claims to high nursing home bills, and you need to take responsible steps to protect everything you have.
Parman & Easterday is here to help. Our Oklahoma asset protection lawyers collaborate with you to develop a personalized assessment of the risks you face so that, together, we can take steps to mitigate and minimize those risks. This type of planning is important for everyone who acquires property, saves money and hopes to build a legacy. However, it is especially vital for certain individuals.
For example, small business owners must take great care in putting a comprehensive asset protection plan into place. We have helped many business owners protect their hard earned wealth. So, if you own a company, please give us a call today to get started taking the necessary steps to protect your financial security.
Why Do Small Business Owners Need To Protect Assets?
Small business owners should contact Parman & Easterday for help in addressing the unique threats to their financial security faced during their lifetime and for assistance in ensuring their assets remain safe for the next generation.
If you own a small business, you face substantial personal risk. Your business may be sued by a disgruntled customer, claiming breach of warranty or injury from your products or injury due to a slip-and-fall. Your business could be sued for a wide variety of other alleged wrongs, such as an employee claiming you unlawfully discriminated on the basis of race, religion or some other protected status. You could even be sued for instituting job requirements that have the effect of disproportionately disqualifying members of a protected class, or for allowing co-workers to create a so-called “hostile work environment.”
Unfortunately, lawsuits are just the tip of the iceberg. If bad business decisions are made by co-owners, your company could go bankrupt or money, which was earmarked to pay for vital expenditures, may be wasted. If your company goes into debt, you may be on the hook for repaying everything for which you co-signed.
By taking the right steps, such as incorporating your business, forming a limited liability company or family limited liability partnership, you can protect your personal wealth and ensure you limit potential losses to just the money you invested in your business. This is vital to avoiding the loss of your personal assets if the company goes under.
You also need to protect your business assets as well. If you want your company to continue operations after you are gone, due to disability, retirement or death, you must have a business succession plan. It is important you know to whom your company will transfer and how it will occur. This planning is vital even if you are a sole proprietor.
There are different tools available to minimize delays and facilitate a quick and easy transfer once you depart the company, as long delays can undermine the successful operation of the business. You also need to address any tax issues that could arise if your ownership interest is large enough to trigger estate tax.
For many business owners, a lot of their personal wealth is tied up in their business(es) and they have limited liquid assets. A common problem can arise when you pass away and the value of the business triggers the estate tax, leaving your family with insufficient cash to pay the tax bill. In those cases, beneficiaries may have to take out loans, sell business assets, or even sell the company itself just to pay the estate taxes. If you want your business to serve as your legacy, you need a plan to avoid these issues.
Getting Help From Oklahoma Asset Protection Planning Lawyers
Our team of asset protection lawyers works closely with small business owners and entrepreneurs to understand and minimize the unique risks and threats they and their businesses face. To find out more, give us a call today at (405) 843-6100 or contact us online.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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