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Recent Posts
Creating an Integrated Plan for Generational Wealth Transfer

Planning for the future means more than just saving for retirement—it involves creating a strategy ...

The post Creating an Integrated Plan for Generational Wealth Transfer first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
How to Align Your Personal and Business Finances for Maximum Efficiency

Running a business means juggling many responsibilities—especially when it comes to money. Aligning your personal ...

The post How to Align Your Personal and Business Finances for Maximum Efficiency first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Rebuilding Structure, Meaning, and Identity After an Exit

Selling a business is often the entrepreneurial dream, but the aftermath can feel like a void. ...

The post Rebuilding Structure, Meaning, and Identity After an Exit first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What is NJ Asset Protection Planning?

March 30, 2021

What would happen if someone sues you? Do you have a plan? Or are you simply hoping this never happens to you?

While this situation can happen to anyone, certain people are perceived as bigger threats for lawsuits or creditors than others. Those in this situation take proactive steps to create an asset protection plan to decrease their overall risks.

The process of asset protection planning involves making critical decisions today that will protect your business, yourself, and your hard-earned assets from loss due to lawsuits, bankruptcies, or creditors period. This form of legal planning is especially important for business owners and professionals whose personal assets could be threatened in the event of a claim of someone else.

Federal as well as state laws exempt certain assets from the claims of creditors. You can discuss with which of your assets might be exempted from creditor claims. New Jersey means that you must use the state exemptions.

Because federal bankruptcy exemptions are not available, it can make sense to enhance your protection by converting those non exempt assets into exempted assets. Finally, if you’re an entrepreneur with a business as a sole proprietorship, you may need to schedule the support of an experienced New Jersey asset protection planning lawyer.

 

 


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Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting Invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Creating an Integrated Plan for Generational Wealth Transfer

Planning for the future means more than just saving for retirement—it involves creating a strategy ...

The post Creating an Integrated Plan for Generational Wealth Transfer first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
How to Align Your Personal and Business Finances for Maximum Efficiency

Running a business means juggling many responsibilities—especially when it comes to money. Aligning your personal ...

The post How to Align Your Personal and Business Finances for Maximum Efficiency first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Rebuilding Structure, Meaning, and Identity After an Exit

Selling a business is often the entrepreneurial dream, but the aftermath can feel like a void. ...

The post Rebuilding Structure, Meaning, and Identity After an Exit first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more