Asset Protection & Succession Planning

 

 

Protection & Peace of Mind for Business Owners

Asset protection includes both estate planning and business law principles by lawfully using domestic and foreign trusts, corporations, limited liability companies, and partnerships, as well as the strategic titling of assets.

Similarly, succession planning also incorporates business law and estate planning, often examining the current business structure and exit strategy and then ensuring each current and future business owner has an estate plan that corresponds with the business succession plan.

Asset Protection Fundamentals

Under Ohio Law, asset protection is accomplished by taking advantage of Ohio's recently amended LLC statute as well as the newly created Ohio Legacy Trust, which is a Domestic Asset Protection Trust.

Asset protection must take place as a forward-looking process, while the client is solvent.   It cannot be done too late as an attempt to avoid known, existing creditors. 

Who Should Consider Asset Protection

Asset protection is particularly important for individuals and business owners with high risk of future liability, including:

  • medical professionals;
  • dentists;
  • entertainment professionals;
  • accountants;
  • legal professionals; and
  • those who have acquired significant assets and also have significant business or personal obligations, such as clients with multiple businesses or those in the real estate, development, and construction industries.