Everyone should buy insurance. Asset protection planning is not a substitute for insurance. Liability and professional insurance should be your first line of defense against a lawsuit. Trusts, entities and other asset protection vehicles are merely a supplement to insurance. If you are a professional you should carry the appropriate malpractice insurance and have high… Continue Reading
Author Archives: John
Have Investment Property? Protect Yourself
If you have investment property or expect to invest in real estate, you should create a business entity to own the property in order to protect yourself. Then if a tenant or other person sues you for an injury they sustained while on the property, only the assets in the company (the property itself) will… Continue Reading
Asset Protection 101: Business vs. Personal Assets
If you own a business or own commercial or residential investment property, you should definitely consider setting up a business entity such as a corporation or limited liability company. However, you should probably keep your personal assets such as your house, stocks, etc. out of the company you set up. Use the company only for… Continue Reading
Small Business Saturday
Wow!! Holiday shopping season is upon us again. November 29 is Black Friday. But Saturday, November 30 is Small Business Saturday. As many of our clients fall into the category of a small business, this is an important day for them. We have a shortened shopping season this year so every day counts and unlike… Continue Reading
Bankruptcy can’t save Executor
A bankruptcy cannot save an Executor. Executors are generally personally liable for estate taxes if they distribute property to beneficiaries before paying an estate tax obligation. And, according to at least one case, the executor may not discharge that personal liability in a later bankruptcy. Carroll v. United States, 2009-2 USTC par. 60,577 (May 6,… Continue Reading