In Louisville, there are many business owners and there are many people with substantial assets. There are also individuals and families just starting a business and just starting to grow their wealth. Whether you own a startup or an established company, and whether you have a small nest egg or millions in the bank, you need to understand how Kentucky laws can help you to protect your financial security.
Cochrangersh Law Offices, P.S.C. Is a Louisville elder law and estate planning firm. We offer advice and assistance with both asset protection and business planning to clients at all income levels. We understand how important your company and your property are to you, and we help you to create the right personalized legal plan with the appropriate tools to protect what you have built. Give us a call today to find out about the assistance we offer and to get answers to your questions about asset and business planning including:
- What do business owners need to know about protecting assets?
- How can I protect my company and property in Kentucky?
- How can a Louisville asset protection lawyer help me?
What Do Business Owners Need to Know About Protecting Assets?
Most people are vulnerable to loss of personal assets because they might need to spend their money on a nursing home or they might get sued by someone they’re in an accident with. Business owners have all of the concerns of the average person, but also additional risk as a result of their unique role as a company owner.
A business can be a substantial asset which could be lost if mismanaged or not protected. A business could also be a big liability, as your personal assets can sometimes be at risk if the company goes bankrupt or is sued.
Business owners need to focus on doing two primary things: protecting their business and protecting their personal assets. Protecting the company usually means ensuring business assets won’t need to be sold, planning for business succession issues, and creating a plan for ongoing operations in case of incapacity. Protecting your personal assets can mean creating a corporation or otherwise making your business a separate legal entity from yourself.
How Can I Protect My Company and Property in Kentucky?
To protect your company or any other assets you own, you need to know the possible threats you face. These threats could include:
- Mismanagement of assets.
- Required spending down of assets before Medicaid will pay for nursing home care.
- Estate taxes, which could be assessed on estates valued at greater than $5.45 million, as of 2016.
- Loss of assets due to creditors, bankruptcy, or court judgments.
- Loss or mismanagement of assets after death when assets pass to new owners.
The right approach to tackling these threats will be determined with help from an asset and business planning lawyer. Some of the possible options which you could have include:
- Operating your business as a corporation to make sure your personal assets aren’t lost due to a lawsuit or due to business debt.
- Creating a business succession plan so there is a clear process for transferring the company to its new owners upon death.
- Using living trusts and/or a power of attorney to designate someone with a fiduciary responsibility to manage your company and/or personal property, and to manage investments and make decisions when you can’t.
- Exploring opportunities to avoid probate so your business or property will not have to pass through probate and be tied up in the courts for a lengthy period.
- Creating a Medicaid plan to make it possible to qualify for Medicaid without having to sell or spend down business or personal assets.
- Creating a comprehensive estate plan which dictates who inherits and which uses the right legal tools to pass an inheritance with minimal or no tax consequences and with the shortest possible delay until the heirs take ownership.
These are just some of many ways you can work to protect a business and to protect any assets you may own. Cochrangersh Law Offices, P.S.C. can provide you with extensive assistance in protecting your property and assets and ensuring you have a solid plan to achieve security in the future. Give us a call or contact us online to learn more about how an experienced Louisville business and asset planning lawyer can help you to secure your wealth both for yourself and for future generations.