The Law Office of Tawnya Gilreath Business Law, Estate Planning & Asset Protection Attorney in North Hollywood, California
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
Many people believe that an irrevocable trust cannot be modified. However, changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Sometimes an error in the trust document itself is identified. When this happens, it makes sense to consider trust modifications, even when the trust is irrevocable. Here are three examples of when an irrevocable trust can, and should, be modified or terminated. Read More
The Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law on December 22, 2017. Most of the changes introduced by the bill will go into effect on January 1, 2018 and will not affect 2017 taxes. The Act created significant changes to individual and business taxation, as well as opportunities for dynasty planning, discounted gifting and other asset protection strategies to shield assets for your beneficiaries. 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