If you are a resident of California, who also owns your own business, it is critical to understand how business planning and estate planning are connected. These go hand-in-hand.
As a business owner, however, you might find that it’s challenging to be proactive because you don’t see the connection between these two planning opportunities. Many active business owners in California could benefit from consulting with a Pasadena business succession and planning lawyer because your personal wealth is also tied directly to your business.
Not only do you need to engage in the process of thinking about business succession planning as something you will need in the future, but you also must consider how your business could set you up with concerns for asset protection planning. An outside party such as a creditor could perceive that you have access to a great deal of assets and wealth because of your status as a business owner.
Taking the time to sit down with a Pasadena asset protection planning lawyer can help you reduce the threat of creditors reaching your other assets especially if a claim arises against your business assets. There are many different strategies associated with business planning that also influence your estate planning goals. These can include buy/sell agreements, entities choice and creation options, maintaining and updating your corporate records, and partnership and shareholder agreements.
Giving your business a strong legal foundation to protect your personal assets from your business activities is key and an integrated approach taken by a dedicated and experienced Pasadena estate planning lawyer can give you peace of mind and confidence about your future as an individual and as a business owner.