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Asset Protection, Elder Law Attorney, Woodstock, GA


One of the worst nightmares for wealthy people is to lose all of their assets to creditors. They have some options to protect against that possibility.

One potential creditor that wealthy people do not often think about is their spouse. In a divorce, a spouse can quickly turn from a former partner to someone whom the deceased wealthy person owes a lot of money.

For years, the wealthy have sought to guard against that possibility by entering into prenuptial agreements. However, many later find that their prenuptial agreement has holes in it. In fact, their agreement may not limit the amount they owe an ex-spouse, or at least as much as they thought it would.

Recently, Private Wealth discussed that possibility in “Cracks In Your Assets?

Another possible way of protecting assets, such as an individual business, is to turn that business into a partnership or LLC. However, that is not a perfect solution, since the creditor can still intercept any payments from the entity to the wealthy debtor.

A newer solution is to create a self-settled asset protection trust. After a short period of time, assets in these trusts are untouchable by creditors.

Seventeen states now allow these trusts.

Another possibility is to use an offshore trust since U.S. courts do not have jurisdiction over them in most cases.

If you would like to make sure your assets are protected in the future, then talk to a wills and trusts attorney about your options.

Reference: Private Wealth (April 21, 2017) “Cracks In Your Assets?

 

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben