Business Wealth Protection

Business Wealth Protection

As a business owner, having strategies in place to protect your business’ wealth–and your personal wealth if you are legally liable for your business’ debts–is extremely important. In order to put a strategic wealth management plan in place, it is important to first understand your business’ worth and risks and liabilities that you may face as your company navigates the future. At Harvest Financial Planning, LLC, our experienced financial advisors are here to help you to understand the options available to you for the protection of your wealth.

Don’t Risk Losing Your Assets in an Instant

The most important reason for putting in place a wealth protection plan, and using the tools available to you to protect your wealth, is that if you do not, you can lose everything you have worked hard to build over the years. In fact, depending upon the type of business model you operate, you may not only be at risk of losing your business’ assets, but your personal assets, too.

There are multiple risks that a business takes simply by virtue of operating, including loss of profits due to market changes. One of the biggest threats to your company, though, is a lawsuit; you do not want to wait until you’ve been sued to take action to protect your assets.

Asset Protection Strategies and Options Available to You

The good news is that there are a number of asset protection strategies and options available to you. These include:

  • Invest in or increase your liability insurance. If your business isn’t already operating with liability insurance in place, you’re making a big mistake – in the event that you are sued and don’t carry insurance, you may have to pay for a settlement out-of-pocket, which could devastate your business’ finances. If you already carry liability insurance, think about increasing your policy amount. In any litigation, your first line of defense is your insurance – carrying more than you think you may need probably isn’t a bad idea.
  • Create a business entity. If you are running a business that is structured as a sole proprietorship, this can be good in terms of easily recording profits and losses, and not having to worry about the actions of a partner or decisions of a board, but it can be bad when it comes to liability. The best way to protect yourself is to create a business entity that separates your personal wealth from the wealth of the business.
  • Put assets in a trust. One way to protect your assets from most creditors, and to potentially mitigate certain taxes too, is to put some of your assets in a trust. We can guide you through the workings of trusts and the benefits that they provide for business owners.

Contact Us Today to Learn More About Wealth Protection Strategies for Businesses in Indiana

If you are the owner of a business in Indiana, we urge you to take steps today to protect your wealth and shield yourself from personal liability if your business is sued. We can help you to explore simple, yet effective, solutions for wealth management and protection as your business grows. To learn more, please schedule a meeting with our financial planning firm today by calling our Schererville office at 219-864-5050.

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