Discover how Atlanta asset protection can help protect your investments. Learn the strategies and laws employed to safeguard your financial future.
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?
It’s never too early to start planning for your family’s future.
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An Atlanta asset protection plan is vital to sound financial planning. In the most basic terms, asset protection planning refers to 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 Atlanta asset protection lawyer 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 in Atlanta GA
There are various asset protection strategies that our asset protection attorney in Atlanta, GA, can put to work for you. Depending on your needs, we can help you create an asset protection plan that may include the following:
Utilizing corporate entity structures such as limited liability companies (LLCs), family limited partnerships, and domestic asset protection trusts
Taking advantage of federal and state exemption laws
Setting up offshore trusts
Making use of annuities, life insurance policies, and other similar instruments
Exploring bankruptcy and insolvency options
At The Law Office of Paul Black, we have extensive experience in asset protection planning. Our goal is to protect your assets now and provide for your family’s financial security in the future. We understand that the laws and regulations governing asset protection plans can be complex, and we are here to assist you in navigating the tricky legal waters.
Why You Should Consult an Asset Protection Lawyer in Atlanta Before Legal Action Is Taken
Understanding that asset protection strategies must be implemented before an adverse legal judgment or similar occurrence is essential. When a lawsuit is brought against you or your business, it will be too late to shield your assets from creditors.
At The Law Office of Paul Black, our experienced and knowledgeable asset protection attorneys 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 an individual’s equity 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 various 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 asset protection strategy is the transfer of financial resources to offshore banks. By moving your money to an offshore account, you can legally avoid having to pay estate 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
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 to avoid payment of a judgment against you, the transfer will be considered void. There are two types of fraud under the law: explicit and constructive.
Explicit fraud refers to an individual transferring assets with the knowledge that an existing creditor will seek to attach those assets in a lawsuit.
Constructive fraud is when someone transfers an asset under suspicious circumstances. For example, if you transfer an asset in exchange for an unreasonably low amount of consideration or transfer such a large portion of your assets, you no longer have a reasonable amount of capital. In that case, that may lead to an inference of constructive fraud.
Because of the Fraudulent Conveyance Laws, it is vital to begin incorporating asset protection strategies into your estate planning before creditors try 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 easily. Asset protection and estate planning are complex areas of law, so you need to select an attorney who understands the law’s ins and outs and 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 the following:
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)
Including provisions that limit the use of the property for 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 asset protection strategies is forming a Limited Liability Corporation (LLC). Once you have formed an LLC, you can 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 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 an Experienced Atlanta Asset Protection Attorney
At The Law Office of Paul Black, our attorneys have decades of experience helping clients create the best family limited partnership structure to protect their business assets. We understand the financial risks of owning a business and can help you properly navigate the various regulations and laws to protect your hard-earned assets.
Contact us today for a free 15-minute consultation to discuss your financial protection needs. We look forward to helping you protect your financial interests. With our knowledge and experience, we can help you create an asset protection plan tailored to your specific financial situation. Protect your financial future and contact us today.