Taking steps to protect your assets is important, especially if you are a business owner. You can get professional help with the asset protection process by turning to Frank & Kraft. When you need a knowledgeable and experienced advocate who can help you to make a comprehensive asset protection plan, our legal team can provide the advice you need.
When you turn to us for assistance with asset protection and business planning, you get our full attention and a 100 percent personalized plan, whether you are just beginning to build assets or have a high net-worth. We help business owners who are just starting their companies, as well as owners of successful corporations that have been in the family for generations.
Give us a call today at (317) 684-1100 to find out about how we can offer you the help you need to protect your assets and secure your business, and to get answers to important questions including:
- Why is asset protection so important?
- What are some issues faced by business owners?
- How can an Indianapolis asset protection and business planning lawyer help you?
Why is Asset Protection so Important?
Asset protection is essential for anyone who has built wealth and who wants to be able to hand that wealth down to the people they love. Asset protection is also essential if you want to make sure you and your spouse are taken care of during your golden years. You do not want to put your nest egg at risk when you have worked hard to save.
Asset protection is important for anyone with money or property they wish to protect, but is especially important for business owners. This is because your personal assets could be at risk if something goes wrong with your business.
Your company could be sued or go bankrupt and unless it is structured appropriately, you could find your own home, money, and investment accounts potentially at risk of being lost. A business bankruptcy could even lead to a personal bankruptcy if you are not careful when it comes to protecting your assets.
Both business owners and the owners of anything else of value, from a family farm to land to investment accounts, could be vulnerable to many different potential sources of loss. From irresponsible heirs to estate taxes to high bills for nursing homes, there are lots of different ways your nest egg could be depleted and fail to provide the security that you deserve.
When you have made a plan to protect your assets, your money, company, and wealth can be kept safe from harm and you can make sure you and your family have the financial security that you have worked so hard to achieve. The sooner you begin the planning process, the more of your assets you can protect from potential loss.
What are Some Issues Faced by Business Owners?
Business owners face the risk that their company’s losses could become personal losses, but incorporating can help to reduce or eliminate the potential for this outcome to occur. Most business owners also want to make sure their company is able to serve as their legacy, surviving after they are gone and being handed down to the next generation. This means you must address business succession issues. You need to be able to transfer the ownership of your company to new owners when you leave the business for any reason.
You also want to be sure business assets do not put you over the excludable limit for estate taxes. Many companies have been lost because heirs have been forced to sell due to insufficient funds to pay taxes.
A buy/sell agreement, incorporation, and a business succession plan are some of the key ways that you can ensure your company is able to be passed on to the people who you believe can keep it going for the next generation. The use of trusts and other estate planning techniques can also be invaluable in making sure your company serves as a strong long-term legacy.
How Can an Indianapolis Asset Protection & Business Planning Lawyer Help You?
An Indianapolis asset protection and business planning lawyer can provide you with invaluable assistance as you fight to protect the legacy you are building. Do not allow your company, your money, or your property to be at risk for another day. Call Frank & Kraft today at at (317) 684-1100 or contact us online to learn more about the assistance we offer.