ASSET PROTECTION

PLAN YOUR FAMILY’S PEACE OF MIND

Successful business owners usually want to protect their hard-earned assets for good purposes. But many have not made a conscious, specific plan to preserve them. A common misconception is simply to place them beyond the reach of creditors–take them out of their name. But that is not as effective as many think. It is hard to have and not have an asset at the same time. A careful layered approach to risk management and asset protection is most effective.

Layer 1 - Best Business Practices

The first layer is to establish good business practices that take good care of your clients. The physician’s rule, “First do no harm” is paramount.

Effective checklists can help ensure that you don’t miss important deadlines or concerns.

Continuing education will help keep you aware of current practices and products that can best meet the needs of the clients.

Responsive communication with the clients will keep you informed of their needs.

Good bookkeeping keeps you straight with your clients and helps you be aware of your business needs. It prepares you to stay right with tax obligations.

Stacey Gardner| 435-262-0081 | staceygardner888@gmail.com

Stacey Gardner with Shoebox Bookkeeping is affordable, efficient accurate and reliable. She has great experience helping small businesses keep track of, evaluate and properly report their finances. She frees up your time so that you can attend to other important aspects of your business.

LEARN MORE ABOUT SHOEBOX

Layer 2 - Insurance Coverage

The second layer is to maintain appropriate insurances. Insurance is a cost-effective way to see that you and your customers are covered for possible but not usual events. Insure Right Insurance Agency provides guidance as to appropriate levels of insurance tailored to your circumstances. As an independent brokerage, they shop a large number of insurance companies to get you the best coverage and rates.

Seann McWhorter | 801-407-8360 x404 | seann@insureright.biz

Seann helps with all your commercial needs: general liability, cyber liability, fleets, premises, rental properties, workers comp, etc.

Curt Cox | 801-407-8360 x406 | curt@insureright.biz

Curt helps with personal life insurances and business life insurances. He can get you affordable term insurance, indexed universal life, whole life and other tax favored cash value products. He can get you key person insurance and other products to finance a partner buyout. Life insurance proceeds are generally exempt from creditor attachment.

Adam Judson | 801-407-8360 x407 | adam@insureright.biz

Adam helps with property and casualty insurance for cars, homes, and toys.

LEARN MORE ABOUT INSURERIGHT

Josh Naumu | 801-690-5386 | josh.naumu@ushadvisors.com

Josh Naumu of US Health Advisors helps people get and maintain appropriate health and disability insurance. For qualified individuals, his plans have low premiums and great benefits.

LEARN MORE ABOUT US HEALTH

Layer 3 - Appropriate Business Structure

The third layer of protection is to have an appropriate business organization. A limited liability company or corporate business structure can help contain a liability fire only to the business and prevent its spread to personal assets. A good buy sell agreement can provide for orderly succession for when an owner dies or leaves. A domestic asset protection trust can preserve a core set of assets from creditor aggression.

Robert Fugal | 801-690-5386 | josh.naumu@ushadvisors.com

Robert Fugal of Intervivos can help you establish appropriate legal structures to protect the owners and guide the operation of the business throughout its duration. He can help you set up effective plans for business succession and transfer of assets when you are gone. He can help establish a variety of asset protection trusts that can protect from creditor aggression and qualify for means tested public benefits such as Medicaid and Veterans Benefits.

LEARN MORE ABOUT INTERVIVOS

Layer 4 - Strategic Investment

The fourth layer of protection is to implement strategic investment. Inflation and taxes are constantly eroding the value of money saved at rates faster than interest accrues in bank accounts. Regular careful investing is essential to growing and preserving your estate. There are many different financial products that are appropriate for different circumstances: stocks, bonds, etfs, retirement accounts, annuities, currencies, etc. A good financial advisor is essential to helping you know your options and helping you implement a balanced investment strategy appropriate to your specific circumstances.

Tyler Olson | 801-598-6957 | tyler@ascendmanagement.com

Tyler Olson of Ascend helps people plan for retirement and guides them in appropriate investments for long term growth and security in both tax qualified and non-tax qualified investments. He performs a careful analysis of your whole economic circumstances and guides you to do what is in your best interest.

LEARN MORE ABOUT ASCEND

Call Us For A FREE Consultation: (801) 426-4700

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