Posts tagged Asset Protection
Piercing the Veil -- How to Protect Your Limited Liability Status

While there may be many reasons for forming a business entity of one type or another, one of the most important reasons is the limited liability of individual owners for the debts and obligations of the company. Unlimited personal liability for the debts and obligations of the business exist for general partners in a partnership and sole proprietors. Owners of limited liability entities, such as corporations or limited liability companies, on the other hand, have personal liability for the debts and obligations of the business only to the extent of their invested capital and to the extent that they may have assumed personal responsibility for the same.

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Problems and Solutions

I was honored to be one of the presenters at the Salt Lake Estate Planning Council’s Fall Institute on Thursday. I had a chance to teach other planners about the tools and techniques that can be used when planning for legacy assets, like a family cabin or a family farm. In attending one of the other presentations during the day, I was struck by this comment from Alan Gassman and attributed to Bob Burke:

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