In today's litigious society, there is virtually no way to anticipate how your assets are exposed to potential creditors. ?If you own a business or practice a profession (medical, legal, accounting, engineering, or architecture), it is truly impossible to foresee the financial pitfalls that exist. ?Even though many businesses are operated as corporations or limited liability companies (which traditionally offer protection from business debts), there is a growing trend toward attaching certain business liabilities to the business owner. ?For example, certain tax obligations can attach to the business owner, as well as liability for sexual harassment lawsuits (even if the unlawful acts were committed by a non-owner employee), and a wide variety of environmental regulations routinely impute liability to the business owner.
Although most business owners are careful and diligent about how they run their company, we simply cannot ignore the wide variety of risks that the owner is exposed to. ?For that reason alone, it makes sense to learn more about asset protection planning, and decide if any of these strategies are appropriate for you.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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