Most people are aware that an LLC is the important first layer in an asset protection planning strategy, but it might not be everything you need. it’s a good idea to consult with an asset protection planning attorney on a regular basis so that you can ensure you are fully protected.
The benefits of asset protection planning are numerous, but they all primarily center around the concept of keeping your personal assets out of the reach of a potential litigation. According to data from the Pacific Research Institute, the U.S. is the most litigious country in the world. There are more than 15 million civil lawsuits in the U.S. filed every single year, leading to $250 billion plus in costs.
Although the LLC should likely just be the cornerstone of your protection, it is an important first step. Most asset protection planning specialists will agree that the process is threefold: implementing tax reduction strategies, comprehensive estate planning, and lawsuit protection.
The reality is that you need an attorney and firm with experience in all three. It’s the best way to ensure that your tactics are aligned with the needs of your business. Any business owner knows that needs and threats, much like any other aspect of business, ebb and flow over time. Working with an attorney who is sensitive to this will increase the chances that you have the best possible chance of protecting yourself.
Be aware that even with an LLC, courts may allow the piercing of the corporate veil. You need to work with a firm that understands this risk and helps explain your best responses. Contact a New Jersey asset protection planning attorney today to learn more. https://njelc.com/our-team/neel-shah/