I brought Ariel Enisman to Honolulu this week to speak to my CEO peer group. Ariel is an attorney and advocate for small and medium business (SMB) owners and CEOs. Ariel absolutely nailed this presentation to my CEOs.
Ariel works for a nationwide law firm that helps businesses establish a comprehensive Asset Protection Plan. It has always bothered me that you can work all your life to create something of value to give to your family, and in the blink of an eye, it can all be taken away from you.I had a number of misconceptions about asset protection planning here in Hawaii, and Ariel helped clear many of those up. A few topics she covered in her presentation to the CEOs in my group included:
- Protecting both personal and business assets. Ariel helped us understand the different entities you need to consider and how you can have one strategy that covers it all. A corporate structure does not necessarily protect your personal assets.
- The limits of insurance. Insurance is a “nice to have” but doesn’t solve all your problems.
- Why an S-corporation is the worst entity to have. This one surprised me. I’ve often thought that asset protection was the very reason for the S-Corp structure.
- The value of making sure you entire financial team is talking. It’s so clear. You’ve got to get your CPA, your lawyer, and your estate planner talking. Ariel’s challenge was this: do it once. For an hour. She says, “You’ll like it so much you’ll start doing it quarterly.” I think that’s great advice for CEOs and business owners here in Hawaii.
- Saving money by structing your insurance properly
- The difference between Estate Planning and Asset Protection.
Everyone in my Honolulu-based CEO peer group really thought it was an eye-opening presentation. Thank you, Ariel.