(724) 841-0004

info@heritageelderlaw.com
318 S. Main Street, Butler, PA 16001
Heritage Square Professional Building, Suite 250, 7031 Crider Road, Mars, PA 16046
2400 Ansys Drive, Suite 102, Canonsburg, PA 15317
1001 State Street, Suite 1400, Erie, PA 16501

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Asset Protection for Professionals and Business Owners in Pennsylvania

Serving Families and Business Owners in Butler, Cranberry and Grove City, Pennsylvania, and the Surrounding Towns & Counties


Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is especially prudent for professionals and business owners, whose personal assets could be at risk due the nature of their employment.

Statistically and anecdotally, we all know that the number of divorces, lawsuits and bankruptcies is staggering. While no one believes lightning will strike them, wealth created through a lifetime of work, saving and investing can be lost overnight if these forms of man-made lightning do strike. To protect your assets from such disaster, proper risk management strategies should be given careful consideration. These strategies include exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk through insurance.

Limiting Liability for Professionals & Business Owners

Many entrepreneurs operate their businesses as sole proprietors rather than through a legal entity, such as a Corporation or a Limited Liability Company. Whether their business is home-based or in the Fortune 500, these business owners are attracted by the informality of sole proprietorship. They also do not want to incur legal fees to create and maintain a legal entity. However, in addition to other advantages, conducting business through a legal entity may offer substantial risk management benefits.

While lawsuits brought against a sole proprietorship are really lawsuits against the owner's personal assets, lawsuits against a properly created and maintained legal entity are really lawsuits against the entity's assets. Nevertheless, the selection of an appropriate legal entity is critical for managing your risk.

Transferring Risk with Insurance

When was the last time you reviewed the details of your liability insurance program with your insurance professionals? Are your policies current? Are the coverage limits adequate and are the deductibles reasonable? Have you scrutinized the policies for loopholes? Remember: the fundamental philosophy of any insurance coverage is to pay a premium you can afford to transfer a risk you cannot afford. Take time to understand both the risks you have retained and the risks you have transferred.


Heritage Elder Law & Estate Planning, LLC. (located in Butler, Pennsylvania) is a full service Pennsylvania Estate Planning Law Firm. Heritage Law focuses on fundamental estate planning, Elder Law, Veterans benefits, wills & trust planning, powers of attorney, Medicaid application & qualification, long-term care planning, probate & estate administration, Medicaid crisis planning, special needs & disability planning, Aid & Attendance qualification, charitable planning, estate tax planning, business and corporate planning, business succession and sales, and asset protection. Heritage Law serves families and individuals in Butler, Cranberry and Grove City, Pennsylvania, and the surrounding towns & counties, including; Kittanning, Slippery Rock, Clarion, Indiana, and New Castle, PA.


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