protecting youre assets
Once we assess the type of assets you own through our Family Wealth Worksheet questionnaire, we will better understand your specific risk factors and the level of protection you desire.
We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances.
We consider:
- Insurance
- Prenuptial Agreements
- Asset Segregation
- Choice of Jurisdiction
- Gifting
- LLCs, partnerships, corporations, and asset protection trusts
If you have a business, it is necessary to review how it is set up. Our Small Business Legal Audit is a key first step.
Customized combinations are layered depending on your needs. There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone.
Contact us at (650) 761-0992 for a Family Wealth Planning Session™ or book an appointment online now to find out which strategies may be right for you.
Tips for Keeping it all Safe
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When Banks Say No: Alternative Funding Solutions for Your Business
When you started your business, you probably didn't anticipate the challenges of securing financing for growth. Yet today's lending environment has made traditional bank loans particularly difficult to obtain, especially for small and medium-sized businesses.
In this blog article, I want to help you understand your options beyond conventional bank financing and guide you toward solutions that support your business goals while protecting your interests.
UNDERSTANDING TODAY'S LENDING LANDSCAPE
The traditional lending environment has shifted dramatically in recent years. Banks have become increasingly risk-averse, implementing stricter lending criteria that often disadvantage smaller businesses. This cautious approach means even profitable companies with solid business plans may be unable to secure traditional financing.
This shift isn't just about stricter credit requirements. Banks now require more extensive documentation, longer operating histories, and higher collateral requirements than ever before. These hurdles can seem insurmountable for many growing businesses, especially when you need capital quickly to seize time-sensitive opportunities.
Choosing the Right Business Structure: Beyond the Basic LLC
When starting a business, one of the most critical decisions you'll face is choosing your business structure. While many entrepreneurs automatically gravitate toward forming an LLC (Limited Liability Company), this one-size-fits-all approach might not be optimal for your specific situation.
Your choice of entity will affect everything from your tax obligations and personal liability to your ability to raise capital and plan for succession. Making the wrong choice could expose you to unnecessary risks or burden you with excessive taxes and administrative requirements.
UNDERSTANDING TAX IMPLICATIONS ACROSS DIFFERENT STRUCTURES
Each business structure comes with distinct tax treatment that can significantly impact your bottom line. As a sole proprietor, for instance, all business income passes through to your personal tax return, where you'll pay both income tax and self-employment taxes on your earnings. While this arrangement offers simplicity, it could come with an increased audit risk.
An LLC offers more flexibility in tax treatment than just defaulting to sole proprietorship/pass-through treatment. A single-member LLC can be taxed as a sole proprietorship, while multi-member LLCs can be taxed as partnerships. However, an often-overlooked option is electing to have your LLC taxed as an S Corporation, which can provide significant tax savings once your business reaches around $60,000 in annual revenue.
Single-Member LLCs: Are You Sure Your Assets Are Protected?
As a business owner, you've likely heard that forming a Limited Liability Company (“LLC”) is one of the best ways to protect your personal assets from business liabilities. While this can be true, the reality is more nuanced – especially if you’re the sole owner (generally called a “member” in an LLC).
This is called a single-member LLC (“SMLLC”). Many entrepreneurs form SMLLCs believing they've created an impenetrable wall between their personal and business assets, only to discover too late that this shield has significant vulnerabilities. Let's explore why your SMLLC might not provide the protection you think it does and what you can do about it.
KNOW THE BOUNDARIES BETWEEN YOU AND YOUR BUSINESS
The idea behind an LLC is that it creates a legal wall between your personal finances and your business. If someone sues your business or a creditor comes after it, your personal assets—like your home or savings—should, in theory, stay safe. But that wall, often called the “corporate veil,” can fail if you don’t maintain your LLC properly.
The Dangers of DIY Legal Documents for Your Business
As a business owner, you may seek ways to save money and streamline your operations. The temptation to use DIY legal documents may seem appealing because of their low cost and convenience. After all, you can find templates online or generate them from DIY services, some even using AI, that promise to handle everything from contracts to employment agreements, all for a fraction of the price of hiring a professional.
But here's the truth: cutting corners with DIY legal documents can lead to serious consequences that could cost you much more in the long run. DIY documents often fail to cover all the necessary bases, from missing crucial legal protections to exposing yourself to legal liabilities. And, when they fail, the cost is far higher than the cost of working with a lawyer who will counsel you, prepare documents for you that meet your specific needs, and be there for you when a conflict or dispute arises.
Let’s dive into why you should think twice before relying on these shortcuts for your business and why it’s a wise investment to work with a trusted advisor.
1 | OMITTING CRUCIAL LEGAL PROTECTIONS
When you use a DIY legal document, you’re relying on a generic template that might not consider your business's unique needs. Legal documents are not one-size-fits-all. Each business has specific risks and requirements that must be addressed, and using a standard template leaves you exposed.
The Entrepreneur's Guide to Sustainable Success: Why Self-Care Is Your Best Investment
As an entrepreneur, you're probably familiar with the concept of ROI (Return on Investment). But have you considered that the most valuable investment you can make might be in yourself? While focusing on business growth, financial metrics, and customer satisfaction is crucial, neglecting your own wellbeing can ultimately undermine everything you're working to build.
Let's explore why self-care isn't just a luxury - it's a fundamental business strategy for sustainable success.
THE HIDDEN COST OF NEGLECTING SELF-CARE
Many business owners wear their exhaustion like a badge of honor, believing that working longer hours and sacrificing personal time somehow equals greater success. However, this approach often leads to diminishing returns. When you're constantly running on empty, your decision-making suffers, your creativity wanes, and your ability to lead effectively declines.
Consider how fatigue affects your business operations. Are you making clear-headed decisions in your afternoon meetings? Can you truly innovate and problem-solve when you're running on four hours of sleep? The truth is, chronic stress and burnout don't just impact your health - they directly affect your bottom line through decreased productivity, poor choices, and missed opportunities.