Atlanta comprehensive asset protection involves various legal strategies that shield your properties and assets from creditors, lawsuits, bankruptcy, divorce, taxation, or any other circumstances that can deplete your wealth. An experienced attorney can help you create a strategy that does not violate laws related to concealment, false reporting, tax evasion, fraudulent transfer and contempt.
Trusts
A trust can be an important tool in a comprehensive asset protection plan. It can help protect assets from divorce, lawsuits, bankruptcy, and the government.
However, transferring assets into a trust does not completely protect them from creditors. It is important to work with an Atlanta estate and asset protection lawyer who can create a strategy that insulates your property from lawsuits without violating laws related to concealment, tax evasion, fraudulent transfer, contempt of court, or bankruptcy fraud.
It is also important for individuals to consider how long-term care costs may impact their financial situation in the future. Most elderly adults will need long-term care services at some point in their lives, and it is important to protect your assets before this need arises. A Medicaid asset protection trust can help you prevent your hard-earned money and assets from being lost when you need care. Contact us today for more information on establishing this type of trust.
Limited Liability Companies (LLCs)
Our Atlanta asset protection lawyers help clients establish trusts that can shield assets from business creditors. It’s important to set up these structures years before any actual debt or judgment arises. Trusts can also shelter other types of property such as a primary residence and money in retirement accounts.
Our firm can also assist in choosing and establishing the correct business entity for your company or practice. This decision can directly impact your liability and tax situation.
In addition, our attorneys can review the governing documents of your company to make sure you’re not violating state law in ways that could undermine the effectiveness of your asset protection plan. Some examples of violations include: failing to follow proper recordkeeping requirements, pledging personal property as collateral for business loans, and criminal conduct by officers or employees that results in vicariously liability under “wrongful acts” laws. Taking these steps can help protect your personal and professional wealth from lawsuits, creditor claims, excessive taxation, and divorce.
Business Entities
When it comes to launching a new business, selecting the correct business structure is an important initial step. This choice will impact liability, taxation, management and overall business operations.
The most basic type of business entity is the sole proprietorship. However, this form of entity offers no legal separation between the owner and business and exposes personal assets to any debt or liabilities incurred by the company.
Our Atlanta asset protection lawyerbusiness planning attorney can assist in setting up more complex entities like corporations and limited liability companies (LLCs). Some of these offer the added benefit of charging order protection. This prevents creditors from attaching partnership interests and assuming ownership of the entity itself. To protect assets even further, we can help establish a holding company that leases operating company assets and secures priority lien status for its loans to the operating company. This is called multi-layered protection. It takes careful planning and expert guidance.
Insurance
Atlanta asset protection lawyers often advise clients to invest in liability insurance. The goal is to shield personal assets from claims that arise from business activities, including property damage or injury to others. Moreover, the cash value of life insurance policies can also protect a person’s hard-earned savings from being depleted by nursing home costs.
Small business owners, entrepreneurs, and landlords are especially vulnerable to lawsuits. Litigators generally target those who have deep pockets, so they can make significant profits from the case. This is why our law firm recommends that individuals establish an LLC or Corporation to protect their personal assets from claims against the company.
Our experienced lawyer can create a strategy to insulate your assets without violating laws that prohibit concealment, tax evasion, fraudulent transfer, or bankruptcy fraud. Moreover, our attorney can help you make the most of state laws regarding homesteads, annuities, and life insurance to maximize your protection from creditors and lawsuits.
