Indianapolis asset protection planning lawyers can help you to make plans to keep your wealth safe and secure. It’s important for you to consider the biggest risks to your wealth and the potential threat that your assets could be lost either during the course of your lifetime or after your death. Often, you will need to take steps in advance to keep your wealth safe if you want to have financial security as you age and if you want to leave a legacy for the people who you love.
Frank & Kraft will work closely with you to determine if you need an asset protection plan and will help you to determine what legal tools should make up your asset protection plan based on a personalized risk assessment. We can help clients at all phases of wealth creation and we have the experience necessary to help you carry out your plans and make the legal documents that you need to protect your money and property as much as is possible. You should give us a call today because you never know when something could happen to cause you to experience substantial financial loss.
While almost anyone who has built any wealth should strongly consider talking with Indianapolis asset protection planning lawyers, there are certain circumstances where taking steps to protect your assets can become especially important. Three key situations when you definitely need to talk with attorneys about making your asset protection plan include the following.
When you Are Getting Older
As you get older, the chances that you will become incapacitated increase. If you become incapacitated, your assets could be at risk if there’s no trusted person to immediately begin to manage your wealth. If you don’t have advanced plans in place in case of incapacity, you could experience losses as your loved ones pursue guardianship proceedings to have a guardian or conservator appointed to manage your wealth. The court will appoint a person it believes is appropriate to manage your assets, but if this person isn’t up to the task, assets could still be in jeopardy. Your asset protection plan should include an incapacity plan so a trusted, responsible person takes over the management and protection of wealth as soon as something happens to you.
The chances you will need nursing home care also rise as you get older, and you could find your entire nest egg gone if you’re forced to pay for nursing home care or long-term care out of your own pocket. Since most insurance and Medicare won’t pay for long-term care or nursing home care, you could easily be put in a position where you have to pay privately unless you have made plans to protect your wealth and get means-tested Medicaid benefits to pay for nursing home care.
When You May Owe Estate Tax
If you are above the federal threshold for having your estate taxed, you need to make sure you talk with an asset protection lawyer as soon as possible. Estate tax is paid by your estate after you pass away and is calculated on the basis of all of the assets that are part of your estate. If your estate must pay a substantial amount of tax to the government upon your death, your heirs or beneficiaries will receive a far smaller inheritance.
In certain circumstances, such as if you have a business or own farmland, your wealth may be tied up and there may be few liquid assets actually available to pay the taxes that are due. When this happens, your loved ones may have no choice but to either facilitate the sale of estate assets to generate money to pay the tax or to take a loan out to pay the estate taxes that are due. You want to avoid any of these undesirable outcomes so you should work with an Indianapolis asset protection planning lawyer to try to reduce the estate tax due or to try to avoid having to pay estate taxes after your death.
If you Own Your Own Business
If you own your own company, there are a few risks to your wealth. First, depending upon how your business is structured, a lawsuit against the company or the business going into debt could have a detrimental impact on your personal financial security. If you’re a sole proprietor, for example, you and your company are the same legal entity so if your company is in debt, you are personally in debt and could potentially lose everything. You need to make plans to keep your wealth safe in case of businesses losses.
You also need to make plans to keep your company safe in case of your incapacity or death, since your business is a valuable asset that should serve as a key part of your legacy.
Getting Help from an Indianapolis Asset Protection Planning Lawyer
To find out more about how an Indianapolis asset protection planning lawyer can help you to keep all of your money, property and assets as safe as possible, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online today to get personalized assistance protecting your assets.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- If a Beneficiary Dies During Probate What Happens to the Inheritance? - September 18, 2019
- Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority - September 11, 2019
- Are There Different Types of Special Needs Trusts? - September 4, 2019