An Indianapolis asset protection attorney helps you to keep money and property safe so your assets are not at risk from common sources of loss. You work too hard to build a nest egg, only to see all that you have worked to build lost due to bad luck or mismanagement. There are tools you can use to try to protect your wealth and to maximize the chances that your money and property can provide you with financial security and serve as your legacy. Frank & Kraft will help you to use the asset protection tools that are right for you.
Frank & Kraft helps with the asset protection process for people in all phases of wealth building. Whether you have substantial assets already or are working on building wealth, we will help you to identify the different ways to keep your property safe. Give us a call to find out about the ways in which we can help you and to learn about some of the asset protection tools we can help you to use.
Tools That Can Help You to Protect Your Wealth
The tools that you should use to protect your wealth are going to vary depending upon what kind of assets you own, what kinds of risk to your wealth you face, and the value of the property that you own. Some of the common asset protection tools that Frank & Kraft assists you in using include:
- Trusts: Trusts are a versatile asset protection tool that can be used for lots of different purposes. Depending upon the kind of trust you make, you could protect trust assets from having to be spend on nursing home care in case you need this kind of care. A Medicaid asset protection trust could allow you to structure asset ownership so your wealth doesn’t count as a resource when a determination is made as to whether you should receive means-tested Medicaid benefits. Since Medicaid is usually the only third-party payer of nursing home care or long term care costs, this is important. Trusts can also protect against creditors, can keep wealth safe if you leave it to spendthrift heirs or beneficiaries and can help you to reduce estate tax.
- Incorporation: Incorporation can help you to avoid risks to your personal wealth if you are a business owner. You can incorporate your business so it is easier to pass the company on to new owners and to ensure that you don’t face personal bankruptcy or substantial loss if the business is sued.
- Tax-advantaged retirement accounts: Not only do IRAs and 401(k)s give you tax breaks, but these accounts are also given certain special protections, especially during bankruptcy.
- Family limited partnerships: Family limited partnerships can be a way to protect assets from being lost due to estate tax while still maintaining control over investments or a family business during the course of your lifetime.
- Powers of attorney: Creating a power of attorney – and creating a comprehensive incapacity plan – can help you to ensure that your wealth is protected in case of incapacity. Your assets could be at risk of being lost if you become unable to manage them and you have not given a trusted person authority to immediately begin taking care of your wealth when something happens to you. If you have no incapacity plan in place, the court could appoint someone as part of guardianship proceedings. This can take time, court proceedings can be costly, and the person who is appointed may not have the knowledge to appropriately manage the assets and keep your wealth safe.
These are just some of the many tools that Frank & Kraft can utilize to help you make certain that illness, bad luck or irresponsible heirs or beneficiaries do not lead to the loss of all you have worked for.
Getting Help from Indianapolis Asset Protection Attorneys
Indianapolis asset protection attorneys at Frank & Kraft will work closely with you to determine what kinds of risks make your wealth most vulnerable. We will help you to put in place the types of legal tools and legal protections that can reduce the risk of loss. Your plans will be personalized to your specific situation so the money and property you have worked so hard to acquire will be as safe as possible.
To learn more about asset protection tools that help you to keep wealth safe, join us for a free seminar. If you are ready to work with an experienced attorney to make a personalized plan, give us a call at 317-684-1100 or contact us online today.
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.