Do you know what the biggest risks are to your personal wealth and financial security? Have you made a plan to protect your business investments? The answers to these questions should be yes. When you work hard to grow your assets or to start a company, you need to take the right steps to protect what you are building. Hedeker Law can help.
Our legal team offers assistance to clients throughout Lincolnshire and surrounding areas in Chicago with all aspects of the asset protection and business planning process. From small startups to established organization, we help companies of all sizes. We also offer help to people at all income levels and all phases of their wealth-building journey. To find out more about personalized help available from our Lincolnshire asset protection lawyers, give us a call at 847-913-5415 today. We can also provide answers to questions including:
- Why is asset protection important?
- Why is business planning important?
- How can a Lincolnshire business planning and asset protection lawyer help?
Why is Asset Protection Important?
Asset protection is important because your assets need to stay yours. You don’t want them lost because someone sues your business; because creditors come after your irresponsible heirs; because of high estate taxes; or because of costly nursing home bills.
There are myriad threats to the wealth you are trying to build, both during your life and after your death. There is even the risk of loss due to simple mismanagement if you become incapacitated and the right person does not take over in caring for your property. The good news is, there are ways to mitigate, minimize, and eliminate the things that could cause you to lose your nest egg. Asset protection is about finding the right tools to keep your wealth as secure as possible.
Hedeker Law helps you to use tools like trusts, which come in many different types and which can be used to do things like prevent an heir’s bankruptcy from wiping out the legacy you’ve left. From a power of attorney that lets you put someone in charge of assets in case you become incapacitated to the purchase of an umbrella insurance policy or the incorporation of your business, our legal team will advise you on the steps you need to take to keep your wealth safe.
Why is Business Planning Important?
Anyone who has money or property is at risk of potentially losing it because of a lawsuit, bankruptcy, bad luck, nursing home costs, estate taxes, or so many other potential risks. For business owners, however, risk mitigation is especially challenging because you have both business and personal assets to worry about.
You need to find ways to protect your company, which can serve as your legacy. You also need to ensure that your investment in the business does not jeopardize your personal assets and your personal financial security. Tools like incorporation can keep your own property safe, while protecting your business may involve making a business succession plan and using a wide variety of other legal tools and documents to ensure your organization can grow and thrive.
Estate taxes are also a substantial issue for business owners. While people with liquid assets can find estate taxes to be bothersome, for those with their wealth tied up in a company, the effects of estate taxes could be downright catastrophic. If your company and business assets make your estate appear very valuable, there may not be enough liquid assets in your estate to pay the taxes which are charged upon your death. The result of this could be that the business, or at least some of its assets, ends up having to be sold to generate money for the IRS.
You don’t want your family business to leave the family just because of tax issues- so planning ahead to prevent this is one of many important aspects of business planning to consider.
How can a Lincolnshire Asset Protection and Business Planning Lawyer Help?
There is no substitute for personalized legal advice when it comes to assessing the biggest risks to your business and your assets. You cannot afford to leave things up to chance on whether your wealth and your company can survive you, become your legacy, and change the future for your family.
Hedeker Law is here to offer you the assistance you need to make effective use of Illinois legal tools to protect all you’ve grown. To find out more about the ways in which we can help you, give us a call at 847-913-5415 or contact us online to speak with a member of our legal team.