Get Started Here
Family Crisis
Protect My Assets
Income Tax Planning

Font Size:

Asset Protection for Professionals and Business Owners in Missouri

Based out of Kansas City • Serving Clients Nationwide


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.

Exempting Assets in Missouri

State and federal laws exempt some of your assets from the claims of creditors. Click here to download a listing of Missouri's exempt assets; note that while some states allow you to choose either the state or federal exemptions, in Missouri 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. Take time to understand both the risks you have retained and the risks you have transferred.

Send Us An Email:

Kansas City based Law Firm, Lehnardt & Lehnardt is a full service law office. They provide comprehensive legal help in the areas of Estate Planning, Elder Law/Care, Medicaid Application/Eligibility, VA Benefits & Application, Long-Term Care Planning, Wills & Trusts, Power of Attorney, Medical Directives, Probate Avoidance Planning and Court, Living & Revocable Trusts, Business Succession, Small & Corporate Business Plans and Business Transfer, and Commercial Real Estate Transactions. Lehnardt & Lehnardt is located in Liberty, MO, a suburb of Kansas City. They serve clients all throughout the nation and the globe.

"The choice of a lawyer is an important decision and should not be based solely upon advertisements."

Advertising material: commercial solicitations are permitted by the Missouri Rules of Professional Conduct but are neither submitted to nor approved by the Missouri Bar or the Supreme Court of Missouri.

Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.

Lehnardt & Lehnardt, LLC
20 Westwoods Drive, Liberty, MO 64068 | Phone: 816 407 1400 | Fax: 816 407 9088 | stephen@lehnardt.com
Website Design and Marketing system for Estate and Elder Law Attorneys by Integrity Marketing Solutions