Business Wealth Protection in Valparaiso

Business Wealth Protection in Valparaiso

If you are a business owner, developing and running that business is no doubt one of your most notable life achievements – something that you’re proud of, and a legacy that you want to leave behind. For many business owners, passing on the business to a child or another family member is incredibly important; for others, recovering the most value possible at the time that the business is sold or otherwise dissolved is a top priority. In either case, however, business wealth protection is critical. For services for business wealth protection in Valparaiso from our CERTIFIED FINANCIAL PLANNER™, call Harvest Financial Planning, LLC today.

Why You Need a Business Wealth Protection Plan

If you don’t have a business wealth protection plan in place, you could lose everything that you’ve worked so hard to build over the decades. Through the results of a lawsuit, a tax claim against you, debt, or another serious financial event, you could lose some or all of your business’s assets if you don’t have a business wealth protection plan. What’s more, if your business assets are tied to your personal assets, you could also be at risk of losing your personal assets. The easiest way to mitigate this risk is to work with a skilled financial professional to develop a business wealth protection plan.

Elements of a Business Wealth Protection Plan

There are various strategies and methods you can employ to protect your business’s wealth and your personal wealth, too. These include, but are not limited to:

  • Buying insurance. This may sound simple, but having a good insurance policy–which means have the right type of insurance and enough insurance–can shield you from liability in the event that your business is sued for whatever reason. Rather than having to pay a settlement out of the business’s coffers–or your own–your liability insurance policy will kick in, protecting you from thousands of dollars in losses. Insurance is also important in the event that your business is damaged in an accident, such as a fire or flood, or is vandalized, burglarized, etc. 
  • Creating the right business entity. Did you know that certain business entity types may make owners more vulnerable to personal liability and loss in the event of certain events? For example, sole proprietorships (self-employed individuals who do not have a registered LLC, corporation, etc.) may be at risk of personal liability for business losses. An LLC, which is a limited liability corporation, on the other hand, creates space between personal and business liability.
  • Sheltering assets in other entities. Depending on your business type and structure, you may not be able to benefit from personal protection from liability. However, there are other entities that can be used to shelter assets and protect you from personal liability in many cases. For example, a trust can protect personal assets even if you are sued, as can a family limited partnership. 

Call Our Financial Professionals Today

We care about your business and your business’s wealth. If you have more questions about strategies for business wealth protection in Valparaiso, call our team at Harvest Financial Planning, LLC for the financial support and guidance you need. We provide personalized services. 

 

Private Advisor Group, Harvest Financial Planning and LPL Financial does not provide legal or tax advice. Please consult your legal or tax advisor regarding your specific situation.

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