Collins Law Group provides comprehensive assistance with asset protection and business planning to clients in the greater Los Angeles area. We help you to protect your assets, create a plan to grow your wealth, and create a plan to maximize the chances of business success. Our assistance is focusing on reducing your risk and helping you to grow a nest egg that can provide you and your loved ones with unparalleled financial security.
To learn more about how our legal team can provide you with personalized one-on-one advice and representation, give us a call at (310) 677-9787. We will work with you to create appropriate plans tailored to your current asset level, your business life cycle stage, and your current and future goals. We can also answer general questions you may have including:
- What is involved in business planning?
- What should my asset protection plan include?
- How can an Inglewood asset and business planning lawyer help?
What is Involved in Business Planning?
Business planning is different at various stages of a company’s life cycle. A company that is just starting out will have different needs than an established business looking to expand. Collins Law Group can assist business in all phases of development, from startups to large and thriving enterprises. The goal is always to protect the investments of the business owners and to facilitate the successful operations of the company.
Some of the different steps we can help company owners and investors to take as part of their business planning process include:
- Choosing the right business structure: Operating as a sole proprietorship or partnership puts owners at significant risk of personal liability. Other business structures, such as a corporation or an LLC, can provide more protection.
- Incorporating the business: Many business owners form S-corps or C-corps for liability protection as well as to facilitate the transfer of business ownership.
- Minimizing tax liability: Different types of business structures are taxed in different ways. A business planning attorney can help you to determine what structure is most advantageous for you and can help you to take steps to comply with tax requirements and reduce taxation of your company.
- Creating a buy/sell agreement: This type of agreement provides you with protection in the event any owners of the business divorce, depart the business, or pass away.
- Incapacity planning: Your business needs to be managed carefully, and an incapacity plan allows you to determine who will be in charge of operations if you become unable to act.
- Succession planning: You will need to make provisions to transfer ownership and control of your business when you retire or on the event of your death.
- Estate planning: If your business is to transfer as part of your estate, you will need to facilitate the efficient transition to new owners. Depending upon the value of the business and its assets, you may also need to take steps to avoid estate taxes.
Collins Law Group provides assistance with these issues as well as with other legal and financial matters which can affect business owners in the state of California.
What Should My Asset Protection Plan Include?
Asset protection is especially important for business owners because their company often represents a significant portion of their wealth, and because their company could also make them vulnerable to lawsuits. However, anyone with a substantial asset or with a sizable estate should seek assistance with asset protection. Your asset protection plan may include:
- The use of trusts: Trusts can bifurcate ownership and possession. Depending upon the type of trust, you may be able to avoid or reduce estate taxes and shield assets from being lost due to creditor claims, divorce, or bankruptcy.
- The creation of a Medicaid plan: Medicaid planning involves structuring asset ownership to avoid having to spend down assets before qualifying for Medicaid nursing home coverage. Medicaid planning may also be used to avoid Medicaid estate recovery.
- The creation of an incapacity plan: Your plan will name someone to manage assets for you in case you are no longer able to act due to illness or injury.
- The creation of an estate plan: This plan will facilitate the effective transfer and careful management of assets after death.
To learn more about the asset protection process, contact Collins Law Group.
How Can a Los Angeles Asset and Business Planning Lawyer Help?
Collins Law Group provides assistance to clients with asset protection and business planning in the greater Los Angeles area including Inglewood, Los Angeles, Santa Monica, Torrance, and surrounding areas. To learn more about how we can help you to protect your assets, grow your wealth, and take smart steps for your company, give us a call at (310) 677-9787 or contact us online.