I have 2 business and they are doing great, what is the best way to protect what I have now? A trust, will, am I up to late....

Asked almost 2 years ago - New Orleans, LA

..... thinking about this for nothing? I have an operating company, and I have a holding company that holds the IP assets of the operating company. They are both LLC's I have 2 different bank accounts. Have an license agreement between holding company, and operating company for use of the IP assets. Should I put a trust together for all the assets or a will ? I am single no children. My mom is still alive, and brother-brother has 3 children. The lawyer I have is not an estate planner, he is a corporate lawyer that turned me on to this site.

Any guidance would be of great help.

Attorney answers (3)

  1. Ronald E. Stutes

    Pro

    Contributor Level 13

    3

    Lawyers agree

    Answered . It seems that you are looking not so much for a trust, or for a will, but for peace of mind. And that's a common result when individuals get their estate plan completed.

    And, frankly, Avvo is not the best format for addressing your situation. Your concern about protecting what you have raises issues not only about keeping your assets safe from "creditors and predators," but also the successful continuation of the business operations in the event of your disability or death. I suggest a "team" approach in which you work with your corporate attorney, an estate planning attorney, and a business succession specialist to coordinate your efforts. (Nothing can be more unsettling in a situation such as yours to have one advisor undoing what another advisor has done.) An estate planning attorney would likely be able to recommend a business succession specialist.

    One other note. Mr. Pippen's reply refers to "your corporations." Of course, LLC's are not corporations. They give you protection from personal liability similar to that of corporations, but without the formalities required to conduct business as a corporation.

  2. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    3

    Lawyers agree

    1

    Answered . Get your corporate attorney to recommend a top notch local estate planning attorney.
    Nothing can replace a face to face meeting with a 1/2 hour to hour meeting to discuss your
    objectives.
    Most likely the outcome will be a trust that avoids probate and guardianship.
    Your new estate planning attorney will discuss what assets are protected by state statutes,
    and recommend what level of insurance to purchase in case of auto accidents(like an umbrella
    policy).
    Your corporations already give you protection of your personal assets.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  3. Paula Brown Sinclair

    Contributor Level 20

    2

    Lawyers agree

    Answered . ASKER BEWARE the answer of Mr. Lazarus. It is identical to solicitations posted in a number questions today, inappropriate to your needs, and a terms of use violation. Avvo has been notified

    This answer is offered as a public service for general information only and may not be relied upon as legal advice.
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