07/09/2016 by Pascoe Partners Accountants
As a business owner, there are plenty of things you need to manage, and two of the most important of these are assets and risks.
In other words, building your wealth and protecting your wealth.
There’s no point building a lot of wealth if the way you have things structured behind the scenes means that someone could take your assets away from you.
Sadly, many business owners are in precisely this predicament, without knowing it!
Following are some crucial concepts that, if you as a business owner don’t understand them and put protective measures in place, your family home (and all personal assets of you and your family) are at risk of being lost if someone decided to take legal action against your business.
Consider these facts…
This presents significant risk.
So what can you do about it?
If you haven’t looked at your asset protection structure in the past 12 months, you need to make that a priority.Â
Then this should be reviewed annually.Â
As your life changes, your asset protection strategies-your ‘wall’-needs to be checked that it is still appropriate.
As part of this process we also ensure your wills and estate planning are in order. Remember, the standard type of will can bring down your wall.
In addition to wills, there are other important documents to have in order such as an enduring power of attorney. This is a legal document that can give someone else-the person you choose-the power to make personal or financial decisions on your behalf.
You see, it is far more common for someone to become incapacitated through accident or trauma such as stroke, than it is to suddenly die. If this happens to you, you may not be able to communicate your wishes and make decisions when you need to.
The consequences of this are dire and tragic.
It’s all about choices and about ensuring you protect your family and your assets. Without sound asset protection and effective wills and estate planning in place, the legacy you have been working so hard to build may not end up in the hands of the people you intend.
The potential tragic nature of this type of scenario is why we feel so passionate about asset protection and estate planning … because it’s all about protecting the families we serve.
If you’re anything like our many other clients who have these structures in place, we think you’ll find the costs of ‘building these walls’, so to speak, relatively minor compared to the protection they give you and your family.
Your next step … Get in touchÂ to make a time to meet and discuss your options. We’ll then outline the costs so you know exactly what lies ahead.