Indianapolis asset protection attorneys provide comprehensive advice on keeping your money and property safe and secure. There are many risks to the wealth that you have worked to acquire and it is up to you to take steps to minimize and mitigate those risks so you can pass money and property on to your loved ones and so your nest egg sees you through your senior years.
Frank & Kraft has helped many clients to successfully use legal tools to reduce the risks of assets being lost during their lifetime or after their death. Our Indianapolis asset protection attorneys can provide you with personalized advice on the protection of your wealth so you can ensure that you have done everything possible to avoid loss.
You should give us a call to find out about the specific sources of risk most likely to affect you and so you can learn how to mitigate those risks. You can also read on to learn about some of the biggest risks to your wealth that it is smart to protect yourself from.
Estate Taxes
If you have a large enough estate, taxes that your estate will need to pay upon your death could be a major source of loss. Estate tax is assessed on estates exceeding $5.49 million, as of 2017. It is not assessed if you pass assets down to your spouse, but your estate will have to pay if you leave money or property to other heirs or beneficiaries. You should talk with an experienced attorney to find out if you will owe estate tax and to explore ways to reduce the amount of money your estate will need to pay after you pass on.
High Costs of Nursing Home Care
Age or illness could necessitate a move to a nursing home, which could be a big financial problem because most insurance won’t cover nursing home care and paying out of pocket could lead to the quick loss of your entire life savings. Medicare and private insurance policies typically offer no coverage at all for nursing home care unless you need skilled nursing service, and the costs of paying privately can total thousands of dollars monthly.
Options to protect assets could include buying long term care insurance – but policies are often too expensive and provide inadequate coverage – or could include taking steps to ensure you can qualify for Medicaid to cover your care costs. Medicaid is a needs-based program, so you’d have to spend your money and even sell some property before getting covered, unless you’ve taken advanced steps to protect your assets.
Mismanagement of Assets
If you become incapacitated and you have not made plans for the management of your assets, you could face financial loss. There may be a delay until someone can be appointed to manage your money and property, during which time losses occur. The court will have to appoint a guardian to manage your assets if you haven’t chosen someone, and this guardian may be someone you wouldn’t normally have selected to take care of your money and property.
Problems can also occur after you pass away. If assets have to transfer during the probate process, this can take months or as long as a year or more. If your assets need careful management by new owners right away and there is a long delay, then loss is inevitable.
Business Losses
If you are a business owner, you face additional risks to your personal wealth depending upon how your company is structured. Sole proprietorships, for example, put your personal wealth at risk if your business is sued or goes bankrupt. Incorporating can make it possible for you to keep your personal wealth safe in case something goes wrong with your business.
Your business should also serve as a valuable legacy, but the company could be lost if you don’t make a solid business succession plan.
Getting Help from Indianapolis Asset Protection Attorneys
An Indianapolis asset protection attorney at Frank & Kraft will work closely with you to determine if these risks could affect your wealth or if there are other sources of loss that you should be worried about. To find out more about how our firm can assist you with taking steps to protect your hard-earned money and property, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized one-on-one advice about all of your asset protection needs.
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.
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