There may be a sizable portion of Americans that make up the Procrastination Nation and many of them are small business owners. Somewhere in the thought process of a procrastinator lies the assumption that there is plenty of time to do proper planning. Where did they get that idea? After all, time waits for no one and life just happens. Failure to act is as egregiousas your business experiencing a major theft. The only problem with failing to act is that you are the one who is culpable. Asset protection planning cannot be retroactive after an event. When something disastrous occurs, your life, your family and your business can be affected for years, if not forever. Asset protection planning is the forgotten part of financial and estate planning that can cost you everything you own. Asset Protection is best analogized to “net worth insurance” and like insurance you have the best, most effective and legally supportable options available to you when you implement the planning before a crisis exists. Transfer of assets into plans after you have specific exposures is costly, ineffective and in some cases illegal (fraudulent conveyance) if used against a pre-existing liability. The best time to act   Read more…