Your business may be extremely productive and profitable right now, but will you always be in this position? Ideally, yes. However, as a savvy entrepreneur/owner, you know that you cannot predict future risk based on present forecasts. You must expect the unexpected in your business by conducting regular SWOT analyses and by carefully listening to the critics and naysayers (even as you maintain a hopeful vision). The economy will change. The market for your product or service will change. Someone injured on your property or by your product or service can sue you. You could also run into tax issues, which can result in a nasty IRS action that could lead to a living creditor nightmare or to the seizure of key business assets.
These tax issues, in particular, can be killer.
What if your business cash engine slows down just as a surprising tax issue rears its ugly head? You could find yourself in a financial bind. How do you meet payroll? Do you file bankruptcy? Can you even file bankruptcy? How much of the business can you save? Without cash flow, you may not have money to pay the tax debt and protect against negative financial sequelae.
You obviously don’t want your wealth to disappear into the hands of creditors and the IRS. Proper planning is key to asset protection. But HOW do you plan? What tools and instruments make the most sense, given your large assets and potential long term risk exposure?
Here’s a solution you might not know exists… an Ohio Legacy Trust. This potent estate planning tool can keep critical assets out of the hands of creditors and predators… including the notorious IRS. This instrument is complex, but the long and short of it is that you can fund the trust with your assets and make yourself the beneficiary. Assets revert back to you, no matter what happens with your business.
Contact attorney Ted Gudorf at the Gudorf Law Firm today to discuss how to establish these trusts and explore other potential tools to protect your legacy and your assets from the IRS and others. Call us at 1-877-483-6730 for a free consultation today.