California's business regulations, legal climate and taxation rules influence all professionals, but small and medium sized businesses are particularly hard hit. Whether you are a successful entrepreneur or the owner of a growing business, protecting your assets is a decision you need to make now.
Consider, for example, that a customer wants to sue you, greatly encouraged by his injury or product liability attorney. After a preliminary asset search, the lawyer can come up with a rather detailed list of all your assets, conclude that you have deep pockets, and initiate the lawsuit. On the other hand, he may uncover little to nothing and ask his client for a retainer for initial expenses and fees. Chances are the claim will be dropped if his asset search is unsuccessful.
You may, at an early stage, have opted for an LLC (Limited Liability Company) to conduct your thriving business because it was easy to set-up and affords some asset protection. The problem is, your gross revenue exceeds $250,000 and your accountant breaks the unpleasant news that taxes are now based on gross revenue, not net.
Professionals who are sued, face creditors or are being harassed by predatory taxes could lose everything that they have worked for during their entire life. Protecting your assets is vital. Take care of your asset protection right now, before the attack on your assets has begun.
La Crescenta-based attorney Jeffrey Field, with wide experience in financial, estate and tax planning including probate law, is the one-stop solution you need to build a comprehensive asset and income protection structure. Here are a few items that you can expect attorney Jeffrey Field to examine in your asset protection plan:
- California's and other states' homestead exemptions;
- Friendly liens on property;
- Entity formation: LLC, limited partnership, corporation;
- Activity compartmentalization;
- Insurance coverage: liability, commercial, umbrella;
- Captive insurance company;
- Leasing instead of buying;
- Advanced tax counseling.
As John D. Rockefeller would say, "Own nothing, control everything". There is a lot we can do to protect your business and income. Remember, however, that once a claim, complaint or action has been initiated against you, there will be nothing left for you to protect yourself.
A former CFO, a Certified Tax Coach and Certified Financial Planner, Jeff Field is the asset protection and tax planning advisor that will make you sleep better. Call attorney Jeffrey Field at 818 369-7900 or send us an email for a FREE consultation.