Everything You Need to Know About Atlanta Asset Protection

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Whether you’re a business owner or an individual property owner, an Atlanta asset protection attorney can help protect your wealth from potential lawsuits. Learn more here.

Author: Paul Black

Paul’s experience as the son of two parents with big health challenges is what led him to the work he does today and gives him first-hand knowledge of the challenges that many caregivers and family members face. After graduation from GSU Law, Paul was chosen from dozens of applicants nationwide as one of three 2010-2011 Borchard Foundation Law & Aging Fellows. Paul has been named as  a SuperLawyers “Rising Star” in the area of Estate Planning and as a member of Georgia’s “Legal Elite” by Georgia Trend magazine. Published on: April 13, 2021.

What Is Atlanta Asset Protection?

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Having an Atlanta asset protection plan is a vital component of sound financial planning. In the most basic terms, asset protection planning refers to the process of using various techniques to protect one’s assets from the adverse actions of creditors. 

For example, adverse judgments in lawsuits can quickly deplete the assets of individuals and families. An experienced law firm can create a plan to insulate your assets without violating laws associated with concealment (hiding your assets), tax evasion, fraudulent transfer, contempt, or bankruptcy fraud. In this way, you can ensure that your wealth is protected and that your beneficiaries receive the full value of your estate. 

Explore Your Options With an Asset Protection Attorney Atlanta GA

There are a variety of asset protection strategies that our asset protection attorney in Atlanta, GA, can put to work for you. 

For example, many individuals and business owners choose to form limited liability companies or family limited partnerships. Experienced asset protection attorneys are able to help their clients select the best asset protection strategies for preserving their wealth and incorporate them into an estate plan. 

Why You Should Consult an Asset Protection Lawyer Atlanta Before Legal Action Is Taken

It is important to understand that asset protection strategies must be implemented prior to an adverse legal judgment or similar occurrence. By the time a lawsuit is brought against you or your business, it will be too late to take action to shield your assets from creditors. At The Law Office of Paul Black, our experienced and knowledgeable estate planning lawyers can provide you peace of mind by helping you limit your liability so that your assets are passed to your heirs intact.

Certain assets, such as retirement plans, cannot be reached by creditors under a law known as “ERISA” (Employment Retirement Income Security Act of 1974). Many states also have exemptions for the equity that an individual has in their primary residence (known as the “homestead exemption”). States take varying approaches, but each state offers some form of protection for the owners of corporations, including limited partnerships, limited liability corporations (LLCs), and other business forms.


Asset Protection Atlanta for Property Owners

At The Law Office of Paul Black, our estate planning attorneys are experienced in providing a variety of asset protection services. One such strategy involves putting property or assets under the name of family members or other trusted people. For example, it may be beneficial to gift ownership of real estate or other property to a family member while you retain use of the property for the remainder of your life. 

Another strategy often employed in the area of asset protection is the transfer of financial resources to offshore banks. By moving your money to an offshore account, you can legally avoid having to pay taxes against these resources. Contact our office today to schedule a consultation, where we can discuss estate planning and the strategies for asset protection that will most benefit you and your family.

Why You Should Seek Assistance From Our Asset Protection Lawyers

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One of the most important reasons for hiring an experienced law firm to handle your estate planning and asset protection issues is to avoid violating what are known as Fraudulent Conveyance Laws (FCL)

Under Fraudulent Conveyance Laws, if it is determined that you transferred assets in order to avoid payment of a judgment against you, the transfer will be considered void. There are two types of fraud under the law: explicit fraud and constructive fraud. 

Explicit fraud refers to a situation where an individual transfers assets with the knowledge that an existing creditor will seek to attach those assets in a lawsuit. Constructive fraud refers to a situation where someone transfers an asset under circumstances that are suspect. For example, if you transfer for an asset in exchange for an unreasonably low amount of consideration, or transfer such a large portion of your assets that you no longer have a reasonable amount of capital, that may lead to an inference of constructive fraud. 

Because of the Fraudulent Conveyance Laws, it is vital to begin the process of incorporating asset protection strategies into your estate planning prior to the point where creditors begin trying to obtain your assets. At The Law Office of Paul Black, we have the experience and know-how to guide our clients through the asset protection process with ease. Asset protection and estate planning are complex areas of law, so you need to make sure you select an attorney who understands the ins and outs of the law and who understands that each individual’s financial situation is unique. 

Other Asset Protection Services for Protecting Assets from Lawsuits

Another option for asset protection that many people use involves funding a trust for their beneficiaries, usually a spouse and/or children. 

There are several ways to structure a trust to ensure that your assets are used according to your wishes. These include granting discretionary powers to an independent trustee on how to distribute the trust’s assets, placing restrictions on the purposes for which trust assets can be distributed (many individuals choose to limit the use of trust funds to items such as education, health, maintenance, and support), or including provisions that limit the use of property to personal use. 

By proactively placing your assets into a trust, you can ensure that the trust assets are not vulnerable to attachment following an adverse judgment in a lawsuit. 


Best Asset Protection Strategies for Business Owners

One of the most popular strategies for asset protection is the formation of a Limited Liability Corporation (LLC). Once you have formed an LLC, you are able to transfer assets into the company and creditors will generally not have the right to access those funds. However, it’s important to remember that you cannot simply form an LLC and then ignore it. If you do not treat your LLC like an active business, a creditor can obtain the right to “pierce the veil” of your corporation and seek the assets you sought to protect. 

Contact The Law Office of Paul Black today for a consultation. We are experienced in the field of asset protection and look forward to putting our knowledge to work for you. 

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