We all know we need a medical checkup from time-to-time (and some of us actually go). But many otherwise responsible business people may not realize that an Asset Protection Checkup is just as important for the financial health and protection of their families. The best time for an Asset Protection Checkup is when times are good and business is on the rise (or expected to be on the rise). All too often, people wait until the tide has turned and potential risks become current problems before beginning to consider asset protection options. At that time, options for asset protection strategies are much more limited.
An Asset Protection Checkup can include:
1. a review of insurance coverage;
2. considerations of whether or to what extent to fund business growth through additional capital or loans;
3. review of business risks for personal assets and the amount at stake;
4. mechanisms for avoiding unexpected liability;
5. forms of ownership of assets and equalization of estates between spouses;
6. formation of trusts, including domestic asset protection trusts;
7. other gifting strategies;
8. maximizing exemptions (Ohio or other state or federal protections for assets); and
9. retirement account reviews.
Asset Protection Checkups can put your mind at ease and ensure that your family has a viable life raft when the tide turns and debt begins to rise. Further, an asset protection attorney can assist you in considering what collateral and guaranties to give to the bank before you give away your family’s life raft while obtaining working capital for your growing business.
For an Asset Protection Checkup or review of lending materials, call Patricia Friesinger at 937.223.8177.
