The Law Office of Tawnya Gilreath Business Law, Estate Planning & Asset Protection Attorney in North Hollywood, California
If you carry debt, do not assume that your death or incapacity will make it automatically disappear. To the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or — if you owe a large amount of money — may wipe out your estate completely. Debt comes in many different forms including credit cards, student loans, car payments, mortgages, and other financial obligations. Read More
As a general rule, most small business sales are conducted via an asset purchase agreement which transfers the assets of the company and leaves the liabilities with the seller unless specifically assumed by the buyer. There are occasions, however, when a business transaction can more effectively be completed using a stock purchase agreement. There are two Internal Revenue Code (IRC) sections that will permit the sale of a business under a stock purchase agreement to be treated or deemed an asset sale. Read More
Successful business owners often place themselves in a position where their business comprises the bulk of their personal net worth. If they lose the business, they would lose almost everything. They inadvertently expose their company’s entire net worth to every risk. Here are three ways that business owners can protect their business and personal assets. Read More
It’s not uncommon for people to mistakenly believe that asset protection is something only the very rich need to consider. The truth is that anyone, regardless of economic status, can be sued at anytime for pretty much any reason.
It’s important to note that there are various levels of asset protection and asset protection is part of an integrated estate plan. Asset protection planning is really about managing the risk to your personal and business assets from potential individual and/or business liabilities. Read More