Your career and professional life are accomplishments you can be proud of. When you work to build a strong business or to grow your wealth, you develop a lasting legacy. It is very important that you are as smart and strategic about protecting that legacy as you were about building it over the course of your career.
Eghrari Wealth Training Law Firm is an estate planning firm that has more than a decade of experience helping clients in Long Island, NY and surrounding areas to develop plans to protect all they have built. We understand how important your professional and financial accomplishments are, and we dedicate ourselves to developing a personalized approach to helping you to protect them. Whether you have a small family business or a massive company and millions in the bank to protect, we take your trust in us seriously and we work hard to develop a comprehensive asset protection and business succession plan. To learn more about how we can assist you, contact us now. We can provide information on a personalized approach designed to meet your needs, and we can answer key questions you may have such as:
- What is involved in asset protection and business planning?
- Why is it important to protect my assets and create a plan for my business?
- How can Long Island, NY business planning lawyers assist me in protecting my legacy?
What is Involved in Asset Protection and Business Planning?
Asset planning is going to be very different for different people, depending upon what types of assets you own and how your ownership interests are structured. For many small business owners, their most important asset is the company that they have built. This means a careful plan must be put into place to ensure the smooth succession of the company so ongoing operations are not interrupted. Whether ownership shares are transferred to partners, children, or other family members, the groundwork needs to be laid early on in the business process to ensure that company ownership transfers smoothly and to ensure that new owners are able to build upon the successful business you have created.
Asset protection, like business planning, is something that must be done early and is something that must be done on an ongoing basis. You may want to protect your assets from falling into the hands of creditors; from being included in a property division if a divorce occurs; or even from the irresponsibility of those who could some day inherit your money and property. Protecting your assets from taxes is also important to many people, as tax liability could result in your heirs getting only a small fraction of the property and assets you have worked so long and hard to acquire.
Asset planning typically involves the careful structure of ownership of property, using legal tools like trusts, joint accounts, and strategic investments. Business planning focuses on reducing liability risks, managing ownership interests, and succession issues, as well as on tax reduction strategies. Because every person and every business are unique to their owners, a customized plan must be created that puts appropriate legal techniques to work for you. If you are in Long Island, NY or surrounding areas and you want to develop a strategic asset protection plan or a smart plan for your business, contact Eghrari Wealth Training Law Firm now.
Why is it Important to Protect Assets and Create a Plan for Your Company’s Future?
Your goals for asset protection and business planning are unique to you, but most people aim to ensure that their loved ones inherit and that their business is able to continue operations successfully even after they are gone.
Unfortunately, sometimes the probate process and the taxes involved in the transfer of an estate can make life difficult for beneficiaries and can result in a company suffering. When your business transfers, the value of the company could be considered part of the estate and could create tax liability without a careful plan in place. Your heirs may have a hard time paying the taxes on your estate, and could be force to sell off property – or even to sell of your business – in order to meet their financial obligation to the government.
With strategic tax planning, this could be avoided – and you could ensure you have taken advantage of all of the legal ways to maximize both the chances of continued successful business operation and also to maximize the money and property going to your heirs.
Contact a Long Island Asset Protection and Business Planning Lawyer
Eghrari Wealth Training Law Firm understands how to help you plan for your company’s future and how to plan for the smooth transfer of your organization and your assets, without incurring crippling tax liability. To learn more about how we can develop a customized plan to meet your needs, give us a call today.
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