• HOME
  • WHO WE ARE
    • About Our Firm
    • Attorney And Staff Profiles
    • Speaking Events
  • Communities We Serve
    • Kansas
      • Kansas City, KS
      • Lansing, KS
      • Leavenworth, KS
      • Leawood, KS
      • Lenexa, KS
      • Mission, KS
      • Olathe, KS
      • Overland Park, KS
      • Paola, KS
      • Prairie Village, KS
      • Shawnee, KS
      • Topeka, KS
    • Missouri
      • Gladstone, Mo
      • Independence, MO
      • Kansas City, MO
      • Lee’s Summit, MO
      • Liberty, MO
  • SERVICES
    • Asset & Business Planning
    • Elder Law & Medicaid Planning
    • Estate And Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Power of Attorney
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Resources
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Gladstone Elder Resources
        • Kansas City Elder Resources
        • Lenexa Elder Resources
        • Missouri and Kansas Elder Resources
        • Olathe Elder Resources
        • Overland Park Elder Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Workshops
    • Frequently Asked Questions
      • Asset Protection Planning
      • Estate Planning
      • Estate Planning for Young Families
      • Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Special Needs Planning
      • Trust Administration & Probate
      • Trusts
      • Wills
    • Presentations
    • Probate and Trust Administration
      • Probate Resources
        • Gladstone Probate
        • Kansas City Probate
        • Lenexa Probate
        • Olathe Probate
        • Overland Park Probate
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration Checklist
      • Trust Administration & Probate Definitions
    • Published Books
    • Video Resources
  • Workshops
    • Granite City
  • Reviews
    • Our Reviews
    • Review us
  • CONTACT US
  • Blog

Gaughan & Connealy Estate Planning Attorneys

Creating Comprehensive Estate Plans in Kansas & Missouri

Connect with us today(913) 262-2000

Attend a Free Workshop

Wonders of Wildlife to Open in Springfield, Missouri

September 15, 2017asset protection

asset protection strategiesSpringfield will become home to Wonders of Wildlife, an anticipated world-class attraction opening in the busy intersection of Sunshine Street and Campbell Avenue. The attraction will be surrounded by many businesses which, as one developer hopes, will bring a great deal of traffic and business in the area. Another source of heavy traffic is the fishing and hunting mega-store, Bass Pro Shop. When it comes to businesses, it is important for owners to take advantage of the many asset protection strategies available.

The intersection of Sunshine Street and Campbell Avenue has changed

According to an interview with Dr. Michael Pfander of Cottage Veterinary Hospital, there have been some very substantial changes to the area over the years.  His business is the oldest on that corner, opened back in 1952 by his parents. He can still recall when, “Sunshine Street was the city limits, Campbell Street south of Sunshine was a gravel road. And where Bass Pro is today there was a large dairy farm.”

Four businesses at that intersection will be torn down and/or relocated to make way for the Wonders of Wildlife. A new development featuring restaurants and retail businesses will be completed a few months after the Wonders of Wildlife museum and aquarium opens on September 21st.

What are the best asset protection strategies?

While you may not be considering the need for asset protection now, if you have substantial wealth, there are several asset protection strategies that you should know about. This is also true if you anticipate receiving an inheritance, lawsuit settlement or judgment, sale of stock options, or there is some other situation that will dramatically increase your wealth.

Increase your liability insurance

Your first line of defense against potential litigation, especially if you own a business or work in a professional field such as medicine or the law, is liability insurance. If you don’t have coverage already, obtaining coverage should be a priority.  If you already have a liability policy, consider increasing your liability limits. The key is to make sure your personal umbrella liability coverage is at least equal to your new net worth. It is usually wise to take care of this before you actually receive the inheritance or settlement.

Create an irrevocable trust

Protection from creditors can be accomplished with different types of trusts, but the most efficient type is an irrevocable trust.  When a trust is “irrevocable” that means the terms of the trust cannot be modified or rescinded once it has been created. When you transfer your property to the trust, that property then belongs to the trust.  Because it is irrevocable, the assets are no longer considered yours.  As a result, that property is no longer subject your creditors or other legal liabilities.  Irrevocable trusts are a great way to protect assets that you do not presently have a need for.

Restructure your jointly held accounts

Any money you deposit into a joint account with your spouse, child, parents, roommate, or business partner is at risk based on any liabilities that other person may have. For example, if your business partner files for divorce or incurs a lawsuit judgment, the entire account could be wiped out, including your portion.  If you must have a joint account, keep the balance as low as possible.

Formalize any informal business partnerships

Business partnerships can easily be a source of liability. Why? Similar to joint accounts, you are responsible for the actions of your partner, which includes any liabilities. However, unlike a joint account, a lawsuit against your partner can put all of your assets at risk. For instance, if you and a friend come to an informal agreement to provide consulting services and your “partner” is involved in a legal dispute regarding your consulting services, your personal assets could likewise be at risk.  The best advice is to avoid basic partnerships and create an LLC or other business entity that will provide you with legal protection.

Create business entities to protect your assets

If you own a small business or do part-time work on the side without a formal business structure such as an LLC or a corporation, then you are operating as a sole proprietorship. Although being a sole proprietor means it’s just you, unlike a partnership, all of your personal assets are at risk if you are sued because there is no real delineation between you and the business.  So, be sure to create a business entity that will protect your personal assets from lawsuits against your business.

Speak to your attorney about all possible asset protection strategies

Estate planning can accomplish many things, including protecting your assets.  Guarding your property against creditors is essential to preserving your estate for your heirs.  Creditors include bill collectors and anyone else who may have a legal judgment against you.  Everyone can benefit from an asset protection plan, but you must create that plan before it is too late.

If you have questions regarding business asset protection strategies or any other asset protection planning matters, please contact the experienced attorneys at Gaughan & Connealy for a consultation. You can contact us either online or by calling us at (913) 262-2000. We are here to help!

  • Author
  • Recent Posts
Chris Gaughan

Chris Gaughan

Known for his ability to provide a wide-range of custom estate planning services to his clients, with a primary focus on helping them provide for the security of their loved ones, reduce estate taxes, and minimize or avoid the costs and delays of probate, Mr. Gaughan prides himself on the lifelong relationships he forms with each and every one of his clients.
Chris Gaughan

Latest posts by Chris Gaughan (see all)

  • What Does the Probate Court Do? - September 23, 2019
  • Planning is Critical - May 1, 2019
  • If You Want to Retire in Missouri, Be Prepared! - October 18, 2018

Other Articles You May Find Useful

Kansas City asset protection attorneys
Can I Protect My Assets With a Trust?
Overland Park asset protection trusts
Overland Park Asset Protection Trusts: DAPT
what type of trust protects assets
What Type of Trust Protects Assets?
Overland Park asset protection lawyers
Strategies Recommended by Overland Park Asset Protection Lawyers
asset protection lawyers
Using a Domestic Asset Protection Trust
Kansas City Medicaid attorneys
Medicaid Planning Can Protect Your Assets

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item

Testimonials

“Chris and his staff were awesome to work with. I felt like I was their only client with the personal attention and time they spent with me setting up a trust. Chris did an excellent job of making sure I understood everything I needed to and things were being set up for our families specific needs and desires. I look forward to having Chris continue to be our estate planning attorney.”
jan–
“Chris and his staff have been very accommodating, answering every question, e-mail or phone call in a timely manner. They made our Estate planning easy and comfortable-no question unanswered or looked down upon. Thank you, all.”
glenda–
“Chris and his team led us through what we felt was a complicated process in a very organized manner. Everything was explained to our satisfaction and then our decisions were executed quickly. All we had to do was sign documents. Most important, the after support has been excellent. If we have a question, the answer is always.....let us take care of that for you! Everyone in this firm is unpretentious, helpful and very knowledgeable.”
carla–
“For about 10 years my husband and I kept saying, "we need to prepare a trust or a will. We had already planned and paid for our funerals but trying to figure out the will or trust was overwhelming to us. We received an invitation in the mail to attend a seminar. After meeting with Chris we both agreed that Chris and his firm were whom we wanted to execute our Trust documents.”
kay–
“My wife and I took advantage of the free evening program put on by Gaughan and Connealy back in 2013 and later hired Chris Gaughan to do our estate planning. First thing that sold us was not only Chris's professionalism, but his knowledge and his passion for what he does. The process was very easy and thorough. Chris brought up scenarios/issues that were unforeseen but were important to have in our plans. ”
darryl–

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Where We Are

OVERLAND PARK
4400 College Blvd, Ste 190
Overland Park, KS 66211
Phone: (913) 262-2000
Secondary phone: 816-974-3030
Fax: (913) 904-1348

See Larger Map Get Directions

Map

midwest_sidbr_map

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect to us

  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item
footer-logo

Gaughan & Connealy
Estate Planning Attorneys
All Rights Reserved.
Attorney Advertisement

© 2019 American Academy of Estate Planning Attorneys, Inc.