• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Why Small Business Owners Need Help with Asset Protection

Why Small Business Owners Need Help with Asset Protection

June 14, 2018Asset Protection

asset protection lawyers

Small business owners need to ensure that they talk with asset protection lawyers about how they can keep their wealth safe. There are steps that should be taken both to protect personal assets during the course of the business owners life and to ensure that the company can pass seamlessly onto heirs or beneficiaries after the death, disability, or other departure of the business owner.  

Frank & Kraft can provide personalized advice on the asset protection process and can provide assistance making use of effective legal tools so business owners can protect their hard-earned wealth. You should give us a call to get personalized advice on how you can protect your money and property as a business owner. You can also read on to learn about some of the key reasons why small business owners need to ensure they take steps to protect their assets.

Why Small Business Owners Need Help With Asset Protection

Small business owners need to ensure they protect their personal wealth because, depending how their business is structured, a lawsuit against the company or the company going into debt could affect the business owner’s personal funds. Sole proprietors and partners, for example, have no legal separation from their companies in the eyes of the law. This means that when the company is sued for some reason and a judgement is entered against the business, the business owners could find that the plaintiff seeks to collect from their personal wealth if there are not enough business assets.

Incorporating the business gives the company a separate identity in the eyes of the law. As long as the business owners follow corporate formalities such as not co-mingling money and property with company assets, their personal wealth should be safe and their potential losses should be limited to whatever money they invested in the business if a problem occurs.

Business owners not only need to think about how to protect their personal money during the course of their life, but also need to think about what will happen to the business when they pass away. A company often has significant value and most business owners want to pass their business onto their heirs or beneficiaries so the company can be their legacy.

This means a business succession plan needs to be created to address the issues that can arise when a company is transferred. The plan should be set up to facilitate the timely transfer of the business to new owners so the right people can immediately take ownership and control in the event of the death or incapacity of the company owner. If the business is valuable enough that estate tax could be triggered, then it also becomes important to ensure that there are steps taken to reduce or avoid estate tax. Otherwise, heirs or beneficiaries could be forced to sell company assets or even sell the business itself if there is not enough money available to pay estate tax.

It’s important to use the right legal tools and to put smart plans in place to ensure that new owners can take possession and control of the company and that taxes are minimized or avoided so the company can continue to operate long after the death of its founders or current owners.

Getting Help from Asset Protection Lawyers

Asset protection lawyers at Frank & Kraft can provide personalized advice about how to keep wealth safe and secure, no matter what your situation. We help business owners and others who want to ensure that they are able to keep their hard-earned money and property safe and leave a desired legacy for loved ones. To find out more about the assistance that we can offer, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time for assistance with the asset protection process.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

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.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Is a Senior Life Settlement Right for Me? - February 2, 2023
  • Understanding the Annual Exclusion - January 31, 2023
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023

Other Articles You May Find Useful

Asset protection planning
Asset Protection Planning for Seniors
Indianapolis asset protection planning attorneys
Asset Protection Trusts – What You Need to Know
in-laws
How Can My “In-Laws” Threaten My Assets?
Carmel asset protection
How Might Estate Taxes Threaten Your Assets?
Indianapolis asset protection attorneys
5 Hidden Threats to Your Assets
Carmel asset protection planning
Why is Carmel Asset Protection Planning Important?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us