Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

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Business Succession Planning Is Critical For Company Founders

Posted in Asset Protection Strategies/Alternatives, Business Protection, Business Succession Planning

An article in the New York Times on March 24, 2016, emphasizes the critical need for succession planning in closely held companies. While business succession planning is important at various levels, the fall–out for companies that lose a founder can be particularly bad. The article notes that most small businesses are family owned, and those… Continue Reading

Majority of the World’s Companies are Family Businesses

Posted in Business Protection

The majority of the world’s enterprises today are family firms.  That is according to David S. Landes, Professor Emeritus of History and Economics at Harvard and author of Dynasties – – Fortunes and Misfortunes of the World’s Great Family Businesses. Dynasties is a fascinating book which highlights the prevalence and importance of family businesses in… Continue Reading

Consider Separate Entities for Your Business

Posted in Asset Protection Strategies/Alternatives, Business Protection

All of the assets relating to your business operation do not necessarily have to be in the same company.  There may be perfectly valid business reasons to have real estate, equipment and/or other assets in separate entities.  The following chart provides an example of a possible business structure. Many assets in the above structure are… Continue Reading

$8.5 Million Jury Verdict Reflects Cost of Lifelong Care

Posted in Business Protection, Physician Asset Protection

An $8.5 million jury verdict seems high, doesn’t it?  But if you consider that the injured party was an infant who suffered brain damage (and will require lifelong care), then the amount of damages could be perfectly reasonable.  According to a recent article by Tom Feran in the Cleveland Plain Dealer, a Cuyahoga County Common… Continue Reading

Business Succession Planning

Posted in Business Protection

A business succession plan is a key component of any asset protection plan.  In most cases, a family business constitutes a large percentage of the owners’ assets.  Yet a significant number of businesses have absolutely no succession plan in place. In thirty years of representing family businesses, I have come to understand why succession planning… Continue Reading

Why Businesses Need to Focus on Asset Protection

Posted in Business Protection

My law offices are in the Eaton Center Building in downtown Cleveland, Ohio.  So a recent headline in The Cleveland Plain Dealer Business Section — stating that Eaton might owe billions in damages in an antitrust case — naturally caught my eye.  A jury in federal court in Wilmington, Delaware found that Eaton Corp has monopolized… Continue Reading

Asset Protection Strategies for Your Business

Posted in Business Protection, Insurance, Limited Liability Company

There are a number of relatively simple strategies an organization can use to provide significant protection for its assets. 1.                        Separate Entities. Consider creating a separate entity (possibly a limited liability company) to hold real estate, machinery, or assets relating to a new line of business. If there were a future judgment against the corporation, the assets… Continue Reading