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.
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 Seek Assistance From Our Asset Protection Lawyers
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.