Having finished out the formalities series on protecting your business, I want to change gears to protecting your personal stake in that business. 95% of businesses fail if their owner dies or becomes incapacitated because they haven't set up a mechanism to keep the business out of probate.  Time stuck in the courts hampers the working of the business so that there often isn't much left by the time it gets out.  The way around this disaster is to interface your business with personal planning and own your membership shares in a trust.

Knowing exactly what a trust is and how to use it to your advantage is key. A little planning now can make a huge difference both in what you are able to control and how much you will be able to leave to your heirs in the future.  My new series on trusts begins with a clear explanation of what a trust is.  Check out the first article at http://www.legalees.com/what-is-a-trust/.

Lee Phillips

P.S. We're excited to host June's Boot Camp this next week.  It is all sold out, and September's session is filling up.  Register now so you don't miss out.