Why Every Business Owner Should Consider A Trust
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Why Every Business Owner Should Consider A Trust


Trusts are often underused or misused tools for business owners, as they can provide a range of tax, asset protection, and succession planning benefits, when established and maintained in the right way. As a Lawyer with family business planning expertise focusing on serving business owners, I can help you choose the right Trust strategy for protecting your assets, managing your income taxes and ensuring your family doesn’t get stuck with a big estate tax bill or in an unnecessary court process, if you become incapacitated or die.


Protect Your Personal & Business Assets

One key benefit of a Trust is protecting your assets from creditors or predators trying to take them away from you. A Trust offers legal protection for your business’s assets by placing them under the control of a Trustee who is responsible for managing the Trust’s funds according to the terms outlined in the Trust document. This means that if someone tries to sue you or your company, they cannot access money that is held in a Trust.


Another essential advantage of a Trust is that they can be used to limit your liability. Transferring ownership of certain assets into a Trust structure can significantly reduce potential legal risks and liabilities associated with those assets. If someone sues your business, they cannot collect on assets held within the Trust structure.


Take Advantage Of Tax Saving Opportunities

A Trust also offers significant tax savings opportunities for your businesses. For instance, income generated by a Trust can often be taxed at lower rates than income earned directly by the business owner or shareholders. A Trust also allows income and capital gains generated by investment in a Trust structure to be distributed without additional income tax obligations. This makes a Trust an attractive option for those looking to minimize their overall tax burden while still making profits from their investments.


Plan For The Future Of Your Business

Finally, having a Trust is beneficial for succession planning purposes as well. Establishing a Trust structure for your business before death or incapacity occurs will ensure that all relevant financial matters are taken care when it comes time to transfer responsibility over your affairs. As a Lawyer with family business planning expertise, we can help you with this process so that all necessary documents are drawn up correctly, and legally binding provisions are established ahead of time.


Overall, creating a Trust structure has many advantages for businesses looking to secure their future financial success and stability while minimizing potential risks and liabilities associated with their operations. As a Lawyer with family business planning expertise, we can provide assistance in navigating the complexities of succession planning needs after death or incapacity occurs. Having a properly planned-out Trust provides reliable asset protection against creditors while simultaneously offering potentially lucrative tax savings opportunities – making them an ideal solution for most modern business owners.


Learn More About How You and Your Business Can Benefit From Establishing a Trust


As a business owner, you deserve peace of mind knowing that your hard-earned assets are protected, your taxes are minimized, and your business's future is secured. I understand the challenges you face and am here to help in creating trust structures that cater to your individual needs, providing a safe haven for your business's assets, reducing your tax burden, and planning for the future. I genuinely care about your success and well-being, which is why I offer a complimentary LIFT (Legal, Financial, Insurance, and Tax) assessment to get to know you and your business. So, if you're ready to take the first step towards financial and legal stability, contact us today, and let us guide you through the process with care and compassion.


This article is a service of Casey D. Conklin. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Wealth Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office or visiting my online calendar to schedule a 20 minute consultation with me.

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