Atlanta Asset Protection: Shielding Your Assets From Lawsuits

 

Speak with a trusted Asset Protection Attorney in Cherokee County, Georgia.

Atlanta’s Expert Asset Protection Lawyers

An excellent asset protection strategy created by an attorney experienced with this practice area can help protect the assets of individuals and business owners during their lifetime. Learn more here.

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Author: Stan Faulkner, Founder, Perigon Legal Services, LLC

Mr. Faulkner is an experienced counselor and litigator with 15 years of experience, having held bar licenses in four states (Mo, Il, Ct and Ga). Stan Faulkner uses this experience and focuses his skills in the pursuit of assisting individuals in probate (trust and estate) matters, guardianships and conservatorships, estate planning, business disputes and contract disputes. Published on March 31, 2021.

If you have assets in Atlanta, Georgia, you want to keep them safe for yourself and your loved ones. Asset protection strategies aim to protect your key assets from the potentially damaging effects of lawsuits, creditor claims, or other penalties.

While you may initially think that an asset protection attorney in Atlanta, GA, is only necessary for the ultra-wealthy, the fact is that anyone who has built up a nest egg or retirement assets might benefit from a strategic asset protection plan to protect those items and meet their financial goals. If you are a homeowner, asset protection should also be part of your plans for the future.

While asset protection encompasses multiple areas of law, including estate law, corporate law, and family law, our skilled estate planning lawyers can work with you to develop an effective plan to address various concerns, provide protection, and minimize risk.

Whether you’ve worked hard to build your wealth or received a significant inheritance, make sure you protect your wealth from liability. Without proper asset protection planning, you risk exposing your wealth.

Whether you are concerned about creditors, lawsuits, or other potential challenges to your ability for asset protection, an Atlanta, GA, asset protection lawyer can work with you to develop strategies to shield your hard-earned assets from danger. An estate planning attorney can provide extensive analysis and advice about the financial arrangements you can make to protect your assets from judgments, creditors, excessive taxation, or divorce.

By consulting with an experienced lawyer, you can prepare all the necessary documents for your asset protection.

The founding attorney at Perigon Legal Services, Stan Faulkner, is an experienced legal counselor and litigator with over 18 years of experience. He uses this experience and focuses his skills on assisting individuals in estate and trust matters, business advising and disputes, and real estate matters.

How Can Our Asset Protection Attorney in Atlanta, GA, Help You?

Our Atlanta asset protection attorneys have extensive experience protecting our clients on multiple fronts, using a legal strategy to keep essential property safe. There is not only one path to protect your asset; the best choice depends on your unique circumstances. However, there is often an effective, legitimate option to shield your wealth in many different circumstances through both financial and legal planning.

A law practice focused on protecting assets will have a comprehensive checklist of documents. It will concentrate on preparing all elements of estate strategies, including powers of attorney, trusts, wills, payments of estate taxes, and health care instructions to guarantee your household is safeguarded. Any estate plan without these and other estate elements is not complete.

By acting early on, you will be better suited for long-term, effective protection before an immediate threat looms. Laws forbid fraudulent conveyance — the transfer of money to another person to evade a debt or a judgment. If you plan before there is a debt or judgment, you will have a far greater shield to keep you safe later on. This may mean you never take advantage of your asset protection plans; however, it can significantly boost your peace of mind and keep your estate safe and available for your beneficiaries.

Most individuals are not experienced enough to navigate this area of the law, and estate planning is not something they can do on their own without an extensive legal background. Perigon Legal Services provides advanced strategies for estate plans and the preservation of your assets, working to protect your belongings and property during your lifetime and pass them along to your heirs successfully.

How Can Our Asset Protection Attorney Atlanta GA Help You

Expert Counsel for Asset Protection

Best Asset Protection Strategies for Small Business Owners

There are multiple asset protection strategies that you may choose. In most cases, these involve relinquishing legal control and authority over the assets while retaining access to or benefits from them. In many cases, this involves establishing a corporate entity or a trust of some kind that provides your assets with a different legal personality and identity from you.

Your Atlanta estate planning lawyer will advise you of the best asset protection options for your needs, concerns, and situation. Some of the asset protection choices you may pursue include:

  • Limited liability companies (LLCs): This type of business entity has a separate legal personality from its owners. In most cases, your personal property and those of the LLC are considered separate in case of a lawsuit.

  • Limited partnerships: Some types of family limited partnerships may allow you to protect your wealth from creditor claims while you retain the benefits of the assets.

  • Domestic asset protection trusts: This kind of irrevocable trust is established for your benefit, allowing you to obtain beneficial access to your wealth while shielding it from creditors and judgments.

  • Offshore trusts: Foreign offshore trusts can protect your assets in many countries where laws are strongly favorable to defendants. These may be more costly than domestic trusts but provide stronger protection.

A “Spendthrift” or a Third-party discretionary trust can also be established. These trusts allow relatives or family members to create a trust fund with certain restrictions. These trusts can provide financial protection if you worry that the money you pass on to a loved one may be squandered.

However, all of these plans for the protection of assets, even if placed in a trust, are subject to tax laws, and while these plans can protect your property, they can’t be created to defeat the IRS.

Protect Your Assets From Lawsuits

You may think of an asset protection strategy as a type of insurance to protect your assets from lawsuits. You can indeed purchase insurance, and your Atlanta, Georgia, lawyer will provide legal advice about where insurance may be an essential part of your strategy for protection from judgments.

If you are a small business owner or entrepreneur, it can also be essential to ensure that your enterprise is established appropriately to protect you from personal liability for debts, injuries, or judgments associated with your business activities.

For example, if you are an independent professional, such as a doctor, you will likely have malpractice insurance. Even so, an asset protection plan can take additional money off the table in case of a potentially significant judgment since insurance does not eliminate personal risk.

As a small business owner, you have to make sure the structure of your enterprise is strong, and your financial interests are secure by hiring a competent asset protection and business attorney. Stan Faulkner of Perigon Legal Services provides premium asset protection services, including consultancy, advocacy, and legal advice. Let his legal team handle your regular deals and help you draft contracts, assess agreements, and assist with other, more complex business and corporate legal tasks.

Protect Your Assets From Lawsuits

Useful Asset Protection Strategies

Implementing Trusts, Partnerships, and LLCs for Asset Protection

Asset protection can be robustly fortified through strategic use of trusts, limited partnerships, and LLCs. Establishing a trust offers a dual advantage: it shields assets from many legal challenges while ensuring they are passed on according to the grantor’s wishes.

Trusts can be especially effective, as they remove the ownership of assets from the individual, placing them under the trust’s protection, thereby reducing vulnerability to claims.

Similarly, forming a Limited Partnership (LP) or a Limited Liability Company (LLC) can segregate personal assets from business risks. In an LP, partners have limited liability to the extent of their investment in the partnership, whereas an LLC provides its members comprehensive protection from personal liability for business debts.

These structures not only safeguard assets but also offer significant tax advantages. Implementing these strategies requires precise legal knowledge and planning to ensure compliance with Georgia’s laws and maximize the protective benefits. Engaging a skilled attorney to navigate these complexities can provide substantial long-term security for your assets.

Steps to Take When Dealing with Unclaimed Assets in Probate

Useful Asset Protection Strategies

How to Establish a Property Protection Trust

You may establish a property protection trust inside the United States or overseas. A domestic trust is an easier option that provides greater tax advantages than many offshore options. It also requires fewer resources to establish and fewer people involved in its establishment. However, to protect your assets, the trust must be irrevocable — that is, permanent.

The legal title to your assets will be permanently changed when you set up this trust. Your attorney will provide detailed options for determining the right choice to protect your property. Once you have selected the right plan, your attorney should work closely with you to ensure that all of your property is considered. Afterward, he should ensure it’s properly deeded and titled in the name of your newly-created trust.

Once these steps are completed, your assets become protected from creditors and judgments. This protection may provide peace of mind for small business owners and entrepreneurs for whom the bulk of their assets may be invested in a business or other commercial enterprise.

Contact an Atlanta Asset Protection Lawyer for Assistance

Our law firm is dedicated to providing exceptional advice on asset protection and estate planning, built on years of experience and relationships of trust with our clients. We realize that every one of our clients has different goals and objectives. That is why our legal team is dedicated to helping you understand the laws that affect your particular case and offer individualized representation.

Call our law office today to schedule an appointment for a free consultation. We’re eager to help you shield your assets and protect your interests from legal action. Let us show you how to establish a strong asset protection plan for the future of your personal and business assets. Please don’t wait until it’s too late! Contact us now for expert legal advice and assistance protecting what’s yours.

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