As another year passes by, you take some time to reflect on your life. You have a wonderful family, and you and your spouse are satisfied with your jobs and social lives. Over time, you and your spouse have amassed a large amount of wealth. Due to your financial stability, you feel secure. However, life is unpredictable, and your assets could be at risk without proper planning and protection. For example, maybe you are going through a divorce, and your spouse is trying to claim your assets, whether your wealth or property. Without the proper protection, you may relinquish parts of your hard-earned assets. So if you want to protect your funds, consider working with an attorney to create asset protection strategies.
Atlanta asset protection attorneys will devise an asset protection plan to help secure your wealth. They will create a plan that is specific to your circumstances. Through asset protection, you can rest easy knowing that you have financial protection from creditors and lawsuits. At Edwards Family Law & Estate Planning, we understand that your assets and, more importantly, your family must be protected. That is why working with a reliable attorney is beneficial to start asset protection planning.
Contact an Atlanta asset protection attorney from Edwards Family Law to schedule your consultation.
Asset protection is the process of securing your assets through various financial strategies. A lawyer can help you with proper asset protection planning. They will find legal ways to protect your wealth against divorce, creditors, bankruptcy, lawsuits, and more. If you have creditors filing a claim against you, a common asset protection strategy is to put your assets in a trust so that you do not legally own the funds. Therefore, the creditors cannot claim your wealth. It is best to start asset protection sooner rather than later. Starting earlier provides more security to your wealth. It might be too late to protect your assets if you wait until you face legal issues. Asset protection is complex and time-consuming—contact an Atlanta asset protection lawyer to get started.
Since a common asset protection strategy is to move your funds into a trust, it is essential to know what a trust is. A trust is a fiduciary relationship between three parties: a grantor, a trustee, and a beneficiary. The grantor is the person who creates the trust and defines the conditions of the trust. Meanwhile, the trustee is the person who owns and distributes the trust funds once the trust is established. Finally, the beneficiary is the person who receives the trust funds. There are two common types of trusts: a revocable trust and an irrevocable trust. A revocable trust can be changed or revised at any time, while an irrevocable cannot be changed. Both types of trusts have advantages and disadvantages; however, an irrevocable trust may be more beneficial regarding asset protection. Since a revocable trust can be changed, it leaves you, the grantor, some power over the trust. This means that creditors can claim your trust funds if they have a judgment against you. An irrevocable trust revokes your control over the trust, meaning that you no longer own the trust. Therefore, creditors or your spouse cannot claim your trust funds.
While you are not legally required to hire an asset protection lawyer, it is advisable to do so. They understand asset protection laws and regulations, so they will ensure that you protect your funds appropriately. Additionally, an attorney can help you look into the future and create asset protection strategies to keep your funds safe, avoiding estate taxes, probate, and potential litigation. Asset protection can be complicated, so working with an experienced and trustworthy attorney is crucial. Edwards Family Law & Estate Planning is here to help you protect your assets. We are passionate about our client’s successes and have the tools and resources to help you. If you own a business entity (limited liability companies, sole proprietorships or corporations, etc.), our Atlanta asset protection attorneys can help ensure your business thrives for years to come.
Contact our law firm today if you are interested in asset protection.
Each case is different, but we can share what clients typically struggle with when they make their initial calls to us:
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Highly Recommend!!! Regina and her team provide an incredibly smooth client-experience where you know exactly what is expected of you, and what they are going to do for you. Their communication policy is odd at first, but results in excellent communication, they have tremendous knowledge of the law, and do what they say the will do.
A judgment is a ruling from a lawsuit in court. For example, a creditor may file a debt collection lawsuit against you. The judge may award the claimant a judgment depending on how the case goes. The judgment forces you to pay the creditor. Your attorney can develop asset protection strategies to fight against judgments.
You can start asset protection planning at any time. It is never too early to begin this process. If you have any wealth you wish to protect, you should consider asset protection. If you are already facing legal trouble, starting asset protection planning may be too late. You can always consult with a lawyer to learn about your options.
While asset protection strategies do not fully guarantee financial security, they can significantly discourage lawsuits. If a debt collector or, in case of a divorce, your spouse sees that they do not have access to your funds, they may reconsider suing you.