***Essential Steps to Protect Your Business Assets

Vital information from the new book Trump University Wealth Building 101: Your First 90 Days on the Path to ProsperitynnYou spend years building a company and then one day a visitor falls in your parking lot, breaks her hip and sues you. Is it a problem you can settle out of court, a problem that your insurance policy will cover - or a problem that will cost you your business?nThe answer to that question is really up to you. Protecting your assets depends upon the strength of the “asset security system” you design and install. Recognize this, and take these five steps to insure that any lawsuit you face won’t wipe out your personal and business assets:n

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1. Formulate a strategy. Realize that no matter how carefully and ethically you conduct yourself and your business, it is highly likely that you may be sued.n
2. Recruit and organize professionals who can help you accomplish this goal. Most likely, you’ll need an attorney and an accountant who are both skilled at asset protection structures and methods.n
3. Prioritize your objectives. Evaluate your overall financial situation, but in a way that doesn’t negatively affect your other financial planning objectives. Consider how a transfer of assets from one entity to another may affect your tax and/or estate planning. If you put your personal residence into a limited partnership, you’ll gain asset protection - but lose the tax exemption.n
4. Measure your wealth. What assets do you have at risk, and how do you expect your wealth to change in the future? n
5. Be proactive in your planning. You can’t put an asset protection system in place after you’ve been sued. Unfortunately, people often think about how to protect their assets when it’s too late.n

nAnd one last word . . .nnA secure asset protection system in place is a lifelong process. Regular review of your assets and their vulnerabilities can ensure that you have the protection you need. nnnn

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nJ. J. Childers is an attorney dealing primarily with the topics of asset protection, estate planning, and tax reduction. He travels the country extensively working with individuals and companies to help them with their small business wealth structuring. He is author of the new book Trump University Asset Protection 101.