(610) 609-7828
Watch Our Webinar
Home » Elder Law » Asset Protection
Curran Estate & Elder Law, PLLC
Book an Initial Call Now

Asset Protection for Professionals and Business Owners in Pennsylvania

Serving Clients in Berks County and the Surrounding Area

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. Asset protection 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.

Exempting Assets in Pennsylvania

State and federal laws exempt some of your assets from the claims of creditors. Important to note is that while some states allow you to choose either the state or federal exemptions, in others you must use the state exemptions … and federal bankruptcy exemptions are not available.

Once you have identified the protected asset classes available to you under applicable law, it may be prudent to maximize your protection by converting non-exempt assets into exempt assets.

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. During your asset protection planning, take time to understand both the risks you have retained and the risks you have transferred.

If you have questions about how to protect your assets, schedule a call with us today. Click here.

A Team That Truly Cares

Book A Call With Us Today

To get started, please book an initial 15 Minute Consultation with Curran Estate & Elder Law, PLLC
Book an Initial Call Now

Client Success Stories

Very helpful. Staff genuinely cared about our needs.
Dan Clouser
October 26, 2022.
A delight to work with. Curran Estate Services are truly in the business of helping people!
Julie Krasley
September 29, 2022.
Very thorough. Friendly, compassionate, knowledgeable staff.
Ron Hirneisen
August 31, 2022.
5 Stars is not enough! If I could, I would give Curran Estate & Elder Law a 10-star review … and here is why: • They listen to you and your situation. The first question Sean asked me was, “How about we begin with you telling us about your family and the need for our services?” I had come to them as a caregiver for a spouse with a diagnosis of Alzheimer’s. Both of us were in need of Medical and Financial Powers of Attorney, Last Will & Testaments, and Living Wills. • They really do care about you and your family. The February day we were to meet with Sean to have the legal documents signed, a snowstorm began. Rather than have my homebound spouse go out in the weather, Sean, Lois, and Susan came to our home. The Curran Estate & Elder Law team takes a genuine interest in you. As we were going through the process of selecting persons to be our Powers-of-Attorney, the Curran Team wanted to know about each person we chose. • They know what they are doing. Sean and the Life Care Team reviewed our particular situation and made recommendations based upon our needs. They do not have a “one size fits all” approach to their work. • They communicate very well and explain things thoroughly. Each staff member is very good at explaining what each legal document means. • They completed the necessary work in a timely manner. In a surprisingly brief amount of time, we were notified that all the legal documents were complete and could be reviewed at our convenience. The Life Care Plan offers the expert services of the law firm plus a compassionate Elder Care Coordinator. I have leaned on the Elder Care Coordinator for helpful guidance and suggestions. I have received an immense amount of help from the Elder Care Coordinator when placing my loved one in various skilled nursing and memory care facilities. I am relieved in knowing I have the Elder Care Coordinator as a trustworthy guide through these days. For the last 18 months, by utilizing the services of Sean Curran and the Life Care Program Team, I have found relief and peace of mind in knowing that my loved one will be taken care of for the balance of her life. With gratitude, Rev. Paul L. Jones
Bahia Paw
July 20, 2022.
Fantastic top-notch law firm . They do professional and thorough work. They have fantastic and helpful work ethic. Great personalities and thoughtful. Our family feels protected and satisfied with the work Curran Law does. Thank you all.
james walker
May 31, 2022.
The entire Curran Estate and Elder Law team is fabulous! They are so kind, caring and patient. Not like your typical lawyers. Highly recommend them to help navigate the complex elder law and Medicare system.
Nancy Panza
May 10, 2022.
Suffering the loss of a loved one and having to deal with the probate process can be overwhelming. Gina was very professional and compassionate while helpng me through the process. What was becoming a nightmare for me was completely and quickly resolved. Everyone I came in contact with in the office was very kind and helpful.
Joanne Malys
May 5, 2021.
Sean deserves 10 stars ! But I can only give him 5 stars! He is caring & honest.. I am from out of state, and I needed help with elder care law concerning a family member. Sean returned all my phone calls and emails in a timely fashion. His prices were reasonable. I'd recommend Curran Estate & Elder Law to anyone who needs elder law services!
Ed K
March 18, 2021.
Extremely compassionate, knowledgeable and understanding during an extremely stressful, life changing event. Thank you for your patience and support.
M M
March 8, 2020.
Curran Estate & Elder Law, PLLC

1212 Liggett Ave.
Reading, PA 19611

Get Directions
IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by
camera-videophonechevron-down