Updated: Jan 2
Planning make perfect.Protect your loved ones and your assets!
Asset protection is the process of legally categorizing your assets in a way that helps to protect them from creditors, lawsuits, and other potential risks. In Georgia, there are various strategies that both individuals and businesses can use to protect their assets, including the use of trusts, LLCs, and other legal entities.
One of the most effective ways to protect your assets in Georgia is to use a trust. A trust is a legal arrangement in which a person (the “settlor” or trust maker) transfers ownership of their assets to another person (the “trustee”) to hold and manage for the benefit of one or more beneficiaries. There are several types of trusts that can be used for asset protection, including: (a) self-settled spendthrift trusts; (b) domestic asset protection trusts; and (c) offshore asset protection trusts.
Another option for asset protection in Georgia is to use a limited liability company (an “LLC”). An LLC is a legal entity that is separate from its owners and members. The owners and members of an LLC are generally not personally liable for the debts and obligations of the LLC, which can help to protect their personal assets from creditors.
Alternatively, assets can be protected through the transferring of said assets to a spouse or using corporate structures to separate business assets from personal assets. It is important to note that the use of trusts and other legal entities for asset protection can be complex and may not always be effective.
As there are a plethora of strategic solutions for protecting your assets, it is important to consult with a legal professional to determine which option is best for your specific needs. If you are interested in learning more about asset protection in Georgia, schedule a consultation with our trusted team today!