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Santa Claus has a lot on his plate. He has to worry about his sleigh, his elves, the toys, and, of course, Mrs. Claus too! Every year he races around on Christmas Eve to deliver toys to all the children of the world; that’s enough stress and pressure to deal with. The last thing Santa needs is to worry about lawsuits or creditors.
Throughout the years, Santa has likely faced numerous property damage or sleigh related accident lawsuits. For him to stay in business this long must mean that he has one solid Asset Protection plan in place. There are many methods Santa can utilize as part of his Asset Protection Structure, so let’s discuss some that would be at his disposal.
Santa has a business to run, and he shouldn’t do so in his personal name. While his name is a part of his brand, it doesn’t mean he has to operate the company in his personal capacity. Alternatively, he should operate his enterprise under a business entity, such as a limited liability company, partnership, or a corporation. Which one he chooses will depend on how he wants to operate and file taxes for his business.
Santa also has many elves to think about. To him, they are more than just employees. They live in the Santa Village with him. While he would never think that any elf had ill-will towards him, he should still take precautionary measure to limit his liability. He should separate the ownership of the property where the elves live and their scope of employment into different entities - whether it be business entities or trusts - to minimize exposure and risk. Additionally, Santa’s workshop keeps a great deal of inventory. Supplying toys for all the good children around the world requires a large warehouse - and he must protect the toys for delivery on Christmas at all costs. Santa should take a similar approach here and separate his inventory and warehouse into different Asset Protection vehicles to protect them until delivery.
No person is successful by themselves, and Santa is no exception. Mrs. Claus has always stood by his side supporting him, bringing him fresh milk and cookies, and taking care of the elves. Santa must make sure that he preserves his wealth not only to ensure Mrs. Claus is taken care of if he ever falls off any roofs, but also to make sure she doesn’t have a legal hurdle once he is gone. I’m sure Santa has a full Estate Plan and Trust in place to keep his estate out of probate and to ensure the wellbeing of Mrs. Claus - along with his elves as well!
Get like Santa Claus and protect your Assets for your family and future today. Contact The Presser Law Firm, P.A. for a complimentary preliminary consultation.
The Presser Law Firm P.A. 6830 N. Federal Highway, Boca Raton FL 33487 (561) 953-1050 or email info@assetprotectionattorneys.com.