Self-employment often comes with the freedom that many individuals seek. However, there are various added responsibilities that those who are self-employed face. As a matter of fact, here are three important issues that should be addressed by the self-employed and the attorneys helping them plan:
Safeguard Your Financial Future
While employers typically offer retirement accounts and health insurance, being your own boss means obtaining these things yourself. The proper team of advisors can help with this and explain various retirement plan options along with the best investment strategies based on your personal situation.
Protect Your Business Endeavors
What will happen to your business if you become ill? Will the company be able to operate smoothly without you? What will happen should you decide to retire? These questions must be addressed to protect yourself, your loved ones, and your wealth. Fortunately, an experienced team of advisors can help you prepare for all of these circumstances and more.
Limit Your Liability
Starting a business can be risky. In fact, being self-employed means the possibility of being personally susceptible to the business’s creditors or lawsuits. However, with proper guidance, you can mitigate risks.
It is crucial to collaborate with a business attorney. Your attorney will help ensure that your business is structured to effectively reduce liability for potential risks. First, they’ll make sure both you and your business are adequately insured. Moreover, if safeguarding your legacy for your loved ones is a priority, consider utilizing specialized trusts designed to provide them with the benefits of their inheritance while reducing the risk of it being accessed and used for unintended purposes. Certainly, your attorney will be able to set this up properly.
We know that being self-employed means you have a full plate. Let us help by crafting a plan unique to your circumstances. Contact us today to protect you, your business endeavors, and your loved ones.