Georgia Asset Protection Lawyer

There are several strategies you can implement to protect your assets before a claim or liability happens. While this is a complex topic, the following core asset protection ideas should be discussed when you consult with our estate planning attorney.

It’s a common practice to add your children to your bank accounts as you age. The idea is to make the finances more accessible in case of an emergency. However, many people are unaware of the risk involved in this relatively simple practice.

The money you deposit into a joint account with your kids, senior parents, or business partner is at risk. How? Should a joint owner later become divorced, have a tax problem, or be on the losing end of a lawsuit, then your money in the joint account will also be at risk.

If you truly must have a joint account (e.g., so your responsible adult child will have access to funds for your funeral), then try to maintain the lowest account balance possible. By the way, the same advice applies to any type of asset you may own. For example, in situations involving Medicaid, it’s very important to make sure your assets do not exceed maximum levels of allowed value, specifically including your home.

As with jointly held accounts, when you operate a business venture as a partnership (whether formal or informal), you are responsible for the actions of your partner. A better solution may be creating a limited liability company (LLC) or corporation to give you a greater degree of legal protection from your business activities.

If you run any type of business, create a business entity. This is an important step, because if you own a small business, such as a sole proprietorship, then all of your personal assets are at risk if you are involved in a lawsuit. Consider transitioning your business activities into a more formal entity, such as an LLC or a corporation to limit the risks to the business itself. This move can shield your personal assets.