Asset Protection Legal Services in Marietta, GA
The Importance of Protecting your Assets
One of the main goals of estate planning is to protect assets while you are alive. Everyone with assets are a potential candidate for some type of asset protection. If you are a business owner, investor or just want to ensure your wealth is secure for future generations. Our team at Farrell Law will guide you to the plan that is right for you.
Asset Protection Tools
Asset protection planning involves multiple tools and strategies to safeguard one's assets from the impacts of taxes, divorce, bankruptcy, legal judgments, or any other claims that individuals or businesses might assert against their property.
Insurance
Trusts
Asset Ownership
Homestead Exemption
Asset Protection and Trusts in Georgia
To protect your assets during your lifetime, consider using a Hybrid Domestic Asset Protection Trust, or Hybrid DAPT. Only a select number of states allow DAPTs. So, what can residents of Non-DAPT states like Georgia do? Enter the Hybrid DAPT.
A "hybrid DAPT" offers a balanced approach. Initially, you are not a beneficiary, which reduces potential risks. However, if you need funds later, the trustee or trust protector can add you as a beneficiary, turning the trust into a DAPT.
Protection from Lawsuits and Litigation
Creditors have a variety of legal options at their disposal to collect on judgments. Asset protection involves understanding these creditor tools, analyzing their effectiveness against your assets, and configuring your assets and income to obstruct collection. This protection strategy can be effective even post-lawsuit or post-judgment.
Each state has a set of laws that partially or completely shield certain personal assets from the claims of creditors. While every state is different and Georgia is a very creditor-friendly state, certain assets may be protected, such as:
Life Insurance
Certain amount of wages
Qualified retirement plans, such as 401(k)'s and IRA's
Social Security benefits; Disability insurance payments
What Is the Difference Between
a Will & a Trust?
Wills
Wills differ from a trust in a few ways. A will only goes into effect when the person who makes the will dies and it is formally recognized by the court.
Trusts
A revocable living trust goes into effect at the time it is signed. Should the person who established the trust be unable to manage the assets at any time, the successor trustee will take over that responsibility.
Best of Cobb
The Farrell Law Firm, PC earned accolades from Cobb Life Magazine as a top-tier law firm, with Attorney John P. Farrell being celebrated as one of the top three lawyers in Cobb County, Georgia, for the past two consecutive years.
Learn How to
Protect Your Future
Having a trustworthy and detailed Marietta lawyer can make a difference in how well your wishes are implemented.
At The Farrell Law Firm, our estate planning attorney provides clients in both Georgia, Tennessee and Texas with high-quality estate planning guidance and representation. We are a full service firm who gives far more than legal advice. We can help with anything from legal documents and public records to estate taxes to issues with family members and minor children.
