What’s the difference between business planning and asset protection planning? If I have an LLC, do I have to do more asset protection planning?
Business planning is a form of asset protection. Business activities are risky (as in you face a higher chance of litigation being on that hustle grind).
Setting up entities, like an LLC, can help prevent the risk and liability of one business from spreading to another. It can prevent your business liability from affecting your personal liability and vice versa.
It doesn’t always work though. Often when we talk about “asset protection planning,” we are talking about additional risk mitigation to put more protection around your personal assets.
Most business owners I know who get sued, also get sued personally. Having a stronger asset protection plan, beyond just their basic business planning, helps keep all of their personal assets in the family, rather than handing them over to the law firm that sued you.
Shreya Ley is an asset protection attorney and the co-creator of the PREP Trust® and Better LLC™. She is also the co-founder of LayRoots (along with with partner in life & business – Colin Ley)
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you don’t have to worry anymore, happily knowing your family’s future is protected. Get started now by scheduling a free, 30-minute call at livemorecarefree.com.