Strategic Asset Protection
While some people believe that only the very wealthy require an asset protection strategy, the fact is that all people can benefit from it. A protection plan guards your hard-earned assets from frivolous lawsuits, predators, divorce, spendthrift children, opportunistic family members and other dangers.
At Emert | Yeom, LLC, we help Georgia residents create effective asset protection plans through the strategic use of entities, trusts and other tools. We explain the advantages and disadvantages of each plan, and help you maximize asset protection.
If you are interested in learning more about protecting your family’s assets, call our dedicated lawyer at 678-926-9284.
Our team will work closely with you to learn about your unique circumstances and goals. We will design a sensible, effective plan to meet your needs and to protect you and your loved ones.
Forging strong attorney-client relationships is essential to our practice. We offer a free consultation of up to two hours to discuss your goals and how to achieve them. In order to receive a free consultation, we ask that you complete our questionnaire and bring your responses to the appointment.
What Are The Benefits Of An Asset Protection Strategy?
Depending on your circumstances, an asset protection strategy can accomplish the following:
- Guard your assets from frivolous lawsuits, judgments and creditors
- Limit the impact of the estate tax, gift tax and other taxes
- Distribute assets to children over time to encourage responsible management
- Strategically distribute assets to blended families to protect the rights of children from a prior marriage
- Determine the best way to maintain a family-owned business in the event of an untimely death or incapacitation
An asset protection strategy can be an important part of your overall estate plan. Frequently, strategic trusts can also achieve many of these goals. For business owners, establishing the correct business entity – whether a limited liability company, a limited partnership or a corporation – is vital in protecting assets from creditors. We frequently partner with financial planners, insurance professionals and co-counsel specialists to maximize your protection.
As with all types of planning, being proactive is important to a plan’s success. The sooner you meet with us, the more options you will have.
Asset Protection Through Irrevocable Trusts
A revocable trust provides no asset protection during the trustmaker’s life. However, upon their death the trust becomes irrevocable and will protect the assets provided that:
- The assets stay in the trust. Once the assets are distributed to a beneficiary, they can be attacked by the beneficiary’s creditors, or their spouse’s creditors.
- The beneficiary has limited control and access to the assets. If a beneficiary has unlimited rights to the trust’s assets, so will any of the entities they may be indebted to.
Discuss Asset Protection With Our Experienced Team
Call Emert | Yeom, LLC, at 678-926-9284 or email us to schedule a consultation at our Duluth (Sugarloaf) location.
