Why Choose Goldberg & Associates for Your Asset Protection
- Our firm has supported clients in Atlanta and the surrounding areas since 1999. We will leverage our skills and experience to protect your assets.
- We provide each of our clients with personalized attention and dedication. We will take the time to learn about your needs and goals and how we can best serve you.
- Our firm always acts with the highest degree of integrity and trust. We will always be available to answer your questions and respond to any concerns that you may have.
Personalized Care That Works For Your Specific Needs
Asset planning involves making prudent decisions today to protect yourself, your business and your hard-earned assets from loss due to creditors, bankruptcy and lawsuits.
Our asset protection attorneys have experience representing clients in asset protection matters involving:
- Trusts
- Retirement accounts
- Liability insurance
- Business entities
- Asset protection
How Does Asset Protection Work?
Asset protection is a complex area of law that aims to protect certain assets from liability. Devastating lawsuits and other losses could affect your personal property, even if the legal matter is related to a business. By employing certain asset protection strategies, you can protect your interests in these events.
Many people believe that asset protection is only for wealthy individuals or corporations. This is not the case; if you own any property, such as a home, you should have asset protection as part of your overall estate plan.
Atlanta Asset Protection
It’s sad but true—we live in a highly litigious society. People file lawsuits over just about anything. Worse, you never really know what a jury might decide, regardless of how frivolous the lawsuit may appear. Moreover, the high cost of long term healthcare can quickly erode your life-savings. This helps explain why Asset Protection Planning is such a rapidly growing area of the law, and why it is so important for you to have an effective plan of your own.
Your Asset Protection Plan should accomplish two main goals: Protecting you and your spouse from predators looking to make a claim on your assets while you are alive, and protecting your children’s inheritance against creditors and predators after you are gone. The latter can involve such issues as ensuring your child’s inheritance is safe should he or she get divorced—no minor concern when you consider that 50 percent of all marriages today end in divorce. Similarly, your grandchildren may need protection to ensure they receive their inheritances if your child dies and your son-in-law or daughter-in-law remarries. And your children may even need protection from their own decisions if they are not ready or able to handle a large inheritance.
It should be noted that certain people are particularly vulnerable to predatory lawsuits: physicians, attorneys, business owners and construction professionals, to name a few. With Assisted Living and Nursing Home care costing from $3,000 – $7,500 each month monies can quickly be exhausted.
We can show you many methods to protect your assets for your enjoyment during your lifetime, and for the enjoyment of your loved ones after you are gone. Of course, none of these methods are available to you if you don’t have a well-designed plan. The best time to make one is now, with an attorney experienced in Asset Protection Planning, Nursing Home Plans, Medicaid, and VA Pension planning.
Why You Need to Protect Your Assets in Georgia
Business can be unpredictable. Lawsuits can pose significant financial risks to business owners and independent professionals alike. While you could purchase business insurance and other types of coverage, you may require stronger asset protection strategies in certain situations.
For example, if you are a small business owner, you want to ensure that you would not be personally liable for any business debts, judgments, or injuries. You could establish your business as an LLC in order to separate personal and business assets.
If you are a doctor or a nurse, you may have malpractice insurance to protect your interests in case of a lawsuit. Unfortunately, you may be financially liable for any judgment that exceeds your policy limits. To eliminate personal risk, working with an attorney on asset protection can help.
The following situations may put your personal assets at risk.
- Personal injuries that occur on your business premises
- Liability that occurs due to the misconduct of an employee
- Lawsuits that former business partners file against your company
- Liability due to the actions of corporate officers or directors
- Personal injuries that occur in a motor vehicle accident
These incidents can occur at any time. Insurance coverage can help, but it may not adequately protect against potential litigation. In these situations, it is always best to be prepared and employ the right asset protection strategies.
By working with an attorney, you can identify strategies to shield your personal liability and protect your interests. Your lawyer can handle all complex legal matters on your behalf, alleviating the burden and stress of the asset protection process.
Can You Shield Assets from Creditors in Georgia?
A creditor is a party that pursues litigation against a person over a debt or judgment. If you do not have asset protection strategies in place, you could face liens on your personal assets. However, you could shield assets from potential creditors by establishing a trust or business entity.
These tools can help you reduce exposure in the event of litigation and legally protect your holdings from creditors. At Goldberg & Associates, our attorney will carefully evaluate your situations and identify the optimal ways to minimize your financial liability.
Understanding Trusts in Asset Protection
Trusts are a common legal arrangement that can help protect your assets. When you establish a trust, you are known as the trustor or grantor. You grant power to a trustee to manage assets on your behalf and for the benefit of certain beneficiaries, such as your children.
In asset protection, trusts can help protect your wealth in a variety of situations. Not all trusts provide the same benefits, however. In these situations, it is important to consult with an attorney to determine the best option for you.
Asset Protection Strategies for Georgia Business Owners
If you have assets that need protection, you need to employ strategies so that you can control them. Your attorney from Goldberg & Associates can evaluate your situation and advise you on the best asset protection options for you.
There are several tactics that Georgia residents can take, such as establishing limited partnerships, third-party trusts, and limited liability companies. Keep in mind that all of these asset protection strategies are subject to different rules from the Internal Revenue Service (IRS) and may affect your tax liability.
Limited Liability Companies
A limited liability company (LLC) is a business entity that establishes itself as separate from the owners. Because the LLC has a distinct entity, any personal property that you own and any property in the LLC is considered separate. If your LLC is facing litigation, you can protect your personal property from litigation.
Limited Partnerships
A limited partnership is an entity that you can use to shelter any wealth that you have. This family-limited partnership may also allow you to retain the benefits of the assets and continue to access them.
Domestic Property Protection Trusts
A domestic property protection trust is a type of irrevocable trust, or a trust that you cannot change or cancel once you sign it. You can establish this type of trust for your own benefit, and you can continue to access your wealth once you create it. By establishing a domestic property protection trust, you can shield assets from creditors or court judgments.
Third-Party Discretionary Trusts
A third-party discretionary trust is also known as a spendthrift trust. When you choose this financial instrument, you enable a relative to create a trust fund. However, these trusts are subject to certain rules and restrictions, offering financial protection. A third-party discretionary trust can be especially helpful if you are worried about a loved one’s spending habits.
Offshore Trusts
Offshore trusts are another type of asset protection strategy. You can establish this type of tool in a different country in another legal jurisdiction. While these trusts are usually more expensive to establish than domestic trusts, they could provide stronger protections.
Why You Need an Atlanta Asset Protection Lawyer
As an Atlanta professional, you deserve to protect your assets from corporate liability. Most people do not have the skills or experience to easily navigate this area of law, which is why it is important to consult with an attorney.
By hiring an Atlanta asset protection attorney from Goldberg & Associates, you can have an advocate who can handle all complex legal and corporate matters on your behalf. There are several benefits that an attorney can provide, such as the following.
- Your attorney will understand complex asset protection laws in Georgia. He can carefully explain the information that you need to know and advise you on steps that you can take to protect your interests.
- Your lawyer can create an asset protection plan on your behalf. By creating a plan, you can gain peace of mind by protecting all of your property and assets. Your attorney will carefully assess your goals and concerns to craft an optimal plan for you.
- Your attorney can protect your interests before a lawsuit is filed. If you employ the right asset protection strategies, you can prevent judgments or creditors from taking a portion of your personal assets. However, you will need to protect your assets before any problems arise.
Asset protection can be a very complex process. In these situations, it is important to consult with a lawyer who will take the time to understand your needs and craft a custom plan. The Atlanta asset protection lawyer at Goldberg & Associates can help you limit personal liability before potential issues can arise.
Schedule Your Consultation with Goldberg & Associates
If you have assets that need protection, it is important to consult with an attorney who takes your needs seriously. At Goldberg & Associates, our Atlanta asset protection lawyer will work tirelessly to support your needs and advocate for your best interests during each and every legal matter.
Contact us today to schedule your free consultation with an attorney and discuss your options for asset protection.