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Feb 22, 2018

Oh no! My corporate veil was pierced…

You have probably heard the phrase “pierce the corporate veil.” But do you know exactly what this is all about? It can be a tricky scenario to understand.

Asset protection planning is hugely important today for most people. If you own rental property or a business, if you have meaningful assets in stocks, bonds or cash then asset protection applies to you. Even if it’s just the equity in your home that constitutes the bulk of your net-worth, understanding asset protection is important.

The reason asset protection is so important is because there are about 40 million lawsuits filed in the U.S. each year and 95% of the world’s litigation happens right here in America.

Once asset protection tools and strategies are put in place, then it becomes critical to ensure you operate them properly. And this is where piercing the veil comes into play.

If life throws you a curve-ball and someone is trying to get at your assets, a bad outcome is having that creditor break through your protection and snatch your business and personal assets.

We have a brand new short video with our founder Harry Barth on piercing the corporate veil. Harry is great at boiling it all down and you can click below to listen.

If you ever have any questions about the concepts discussed in our blogs, please reach out to learn more about our free assessment of your planning.

Here’s what we get asked about a lot:

  • Proper way to set up and maintain an LLC for property or a business?
  • Impact of new tax laws on my family and my business?
  • How does my living trust integrate with an LLC?
  • How best do I pass assets to my kids?
  • I am not sure my elderly parents have their planning in place.
  • I need help with the maintenance of my legal entities.
  • I own property or a business with someone else, how do I insulate myself from my business partners liability?
  • How do I mitigate taxes and cover asset protection on the purchase or sale of a business?

Click below to pick a time for a quick call.

 

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