Finance professional Kevin Wessell is often called upon to speak at business seminars about innovative asset protection strategies. With 25 years of executive, real estate, and financial experience, Kevin Wessell uses his expertise to offer clients advisory services with a view to encourage financial freedom.
Those seeking ways to protect their assets can utilize a variety of legal vehicles. Some of the most common legal forms include the formation of corporations, trusts, and certain types of partnerships. A corporation is a business entity controlled by a board of directors and owned by the shareholders that elect the board. There are various kinds of corporations designed to protect assets, limited liability companies, S corporations, and business corporations. A creditor may only pursue a corporation’s assets, and not those of its principals. Those who choose to protect their assets through trusts can choose from two types: irrevocable or revocable. Irrevocable trusts offer stronger asset protection, as they may not be altered or dissolved.
General partnerships come with significant risk because each partner becomes liable for partnership debts, including those incurred by other partners. In contrast, in a limited partnership, the partners do not adopt personal liability for obligations or debts beyond those contributed within the partnership.