Successful entrepreneurs recognize that business planning is essential to both today’s accomplishments and tomorrow’s financial security. Our law firm can help you achieve your goals, whether your business is a one-person operation or a contender for a spot on the Fortune 500 list.
Lawsuit & Asset Protection
In today’s litigious world, you may be vulnerable to predators who will try to use the legal system to deprive you of your life’s work. We offer strategies to ethically preserve your wealth and keep the vultures at bay. There are a number of ways we can help safeguard your assets:
Ohio Legacy Trust
On March 20, 2013, Ohio becomes one of the few states to have a domestic asset protection trust law. Ohio residents will have a new estate planning resource: thanks to the Ohio Legacy Trust, which can hold non-IRA accounts, real estate, or other assets and keep them protected from legal predators and creditors.
Unlike traditional irrevocable trusts, the Ohio Legacy Trust lets the trustmaker keep income from trust assets, invade the trust assets up to a certain level per year, and receive additional distributions as the trustee decides. This new law will present many opportunities that our firm can guide you through, from design through trust implementation.
The Structured Living Trust
Families that own closely held businesses or farms may face a unique challenge that other families do not content with. If the future of the business or farm is to pass it only to the children who are involved and interested, but there are not enough assets in the estate to treat the uninvolved children fairly, then how does one make a plan that is fair to all? Should the business or farm be owned by everyone?
At the Zimmer Law Firm, LLC, we have worked with numerous families to address such issues and work out fair estate plans. We can guide you through your choices. A Structured Living Trust is often an ideal way to address the challenges of being fair to the business and non-business children in the estate plan.
Limited Liability Companies
Tax advantages and liability protection are the hallmarks of this legal tool. If we determine that a limited liability company is appropriate for your situation, we will ensure that you receive all the benefits this company structure offers.
Family Limited Partnerships
Creating a family limited partnership can help you meet such diverse goals as estate planning and lawsuit protection. We will help you determine if this planning fits your business and family.
Creating a buy-sell agreement can help you achieve tax advantages and maintain control over your family business even if you are retiring, or after your death. Equally important is the peace of mind you’ll gain when you know your children will be well provided for and your legacy will be passed on in a highly structured and cost-efficient way.
Zimmer Law Firm – Asset Protection & Business Planning Attorneys Cincinnati OH