How Do You Protect Your Assets If Your Business Is Sued?
You can establish an irrevocable trust and take other steps to protect your assets if your business is sued. If you do not have an adequate asset protection plan in place, your personal wealth could be at risk because of your business liability. Your family could lose your house, your savings, and other assets.
At Bratton Estate & Elder Care Attorneys, we can review your situation and help you put a plan in place that meets your needs. It is important to act now, however. Call us today at 856 770 2744 to get started. If there is already an active case or if a lawsuit seems to be imminent, we may be unable to protect your assets with a trust or other legal tools.
A Trust Can Protect Your Assets from Business Liability
When you place your assets in certain types of trusts, the trust protects them from lawsuits, creditors, and others who file legal action against you or your business. A trustee manages this trust and has the final say over the use of the assets in it.
To protect your assets from business liability, your trust will most likely need to be irrevocable. This means you cannot alter the rules of the trust, change the trust, or do away with it after you establish it, without the use of a trust protector.
This is the part that worries many people, but we can walk you through the process of setting up the terms of the trust, naming the trustee, and naming the beneficiaries. We can explain exactly what “irrevocable” means, and how having this trust will affect the way your family accesses the assets in it.
We can help you understand the best type of trust for your unique situation. This may include:
- An asset protection trust; or
- A life insurance trust; or
- A trust that holds your personal residence; or
- Several other types of irrevocable trusts
When you establish a trust, you will place the assets you wish to protect in it. Any of these trusts can protect your assets in the event your business gets sued. For each of these trusts, we will need to sit down with you to determine:
- The terms of the trust
- What you want to include in it
- The rules about disbursements
- Who is the best choice for the trustee
- Who might step in if something happens to your trustee
- Who will receive the disbursements from your trust
For a legal consultation, call 856 770 2744
Forming a Corporation to Protect Your Personal Assets
Another action you may want to take as a part of a comprehensive asset protection plan is to let us help you form a corporation, limited liability company (LLC), or other legal entity. By establishing this type of company, you may be able to reduce the risk of losing personal assets in a lawsuit against your business. This is especially useful in conjunction with establishing a trust and other asset protection measures.
Let Us Help You Create Your Personalized Asset Protection Plan
At Bratton Estate & Elder Care Attorneys, our team understands how to build an asset protection plan that meets your needs. Our attorneys work side-by-side with social workers and a registered nurse to help us understand your concerns and what we can do to give you the peace of mind you need.
By discussing your business, your family, and your specific needs, we can help you put a plan in place that best addresses your concerns. Whether you need to protect your family’s home, or if you have valuable collections or a large nest egg, we can design a plan that ensures your family’s financial future is not at risk because of business liability.
Contact us today by calling 856 770 2744. Let us create a plan that meets your needs.
We Can Establish a Trust to Meet Your Needs
Forming a trust requires you to make several important decisions, and for us to create its structure using very specific language. This task is not something you want to try to do on your own or try to navigate using online guidance and forms on a website.
Let us explain how a trust works to protect your assets, and walk you through the process of creating one, naming a trustee, and funding the trust. This is the best way to ensure the protection of your personal assets if your business faces a legal suit.
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Talk to a New Jersey Asset Protection Attorney Today
At Bratton Estate & Elder Care Attorneys, our asset protection team can help you put a comprehensive plan in place to protect your assets if your New Jersey business is sued. Call us today at 856 770 2744 or contact us through our website to learn more about how an irrevocable trust can help you.
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