Penner & Purves
Estate Planning, Family Law, Trust Administration, and Probate in Santa Barbara County

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Four Ways Wise Planning Can Protect Your Family's Assets
Four Ways Wise Planning Can Protect Your Family's Assets

While most people assume only the uber wealthy need to worry about asset protection, those with less wealth and fewer assets may be at even greater risk. For example, if you’re a multi-millionaire, a $50,000 judgment against you might not be that big of a burden. But for a family with a modest income, home, and savings, it could be catastrophic.

Asset protection planning isn’t something you can put off until something happens. Like all planning, to be effective, you must have asset protection strategies in place well before something happens. Plus, your asset protection plan isn’t a one-and-done deal: It must be regularly updated to accommodate changes to your family structure and asset profile.

There are numerous planning strategies available for asset protection, but four of the most common include the following:

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Estate PlanningStephen PennerInsurance, Exemptions, Business, Asset Protection
Four Reasons Why Estate Planning Is So Essential for Business Owners
Four Reasons Why Estate Planning Is So Essential for Business Owners

If you are running a business, it’s easy to give estate planning less priority than your other business matters. After all, if you’re facing challenges meeting next month’s payroll or your goals for growth over the coming quarter, concerns over your potential incapacity or death can seem far less urgent.

But the reality is considering what would happen to your business in the event of your incapacity or when you die is one of your most pressing responsibilities as a business owner. Although estate planning and business planning may seem like two separate tasks, they’re actually inexorably linked. And given that your business is likely your family’s most valuable asset, estate planning is crucial not only for your company’s continued success, but also for your loved one’s future well being.

Without a proper estate plan, your team, clients, and family could face dire consequences if something should happen to you. Yet these dangers can be fairly easily mitigated using a few basic estate planning strategies. To demonstrate why proper estate planning is so important for business owners, here are four issues your company and family are likely to encounter as a result of poor estate planning for a business owner, along with the corresponding estate planning solutions you can use to prevent and/or mitigate those issues.

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Estate PlanningStephen PennerBusiness, Business Succession Plan, Probate, Trusts, Incapacity, Durable Power of Attorney, Buy-Sell Agreement, Life Insurance