Even if Georgia residents do not consider themselves materialistic, they understand the importance of protecting what they earn in life. Many circumstances could arise that result in a person facing creditor issues or possibly a lawsuit that could put their property and assets at risk of being claimed by another person or entity. Fortunately, there are options for asset protection that could help mitigate those risks.
The time to start planning this protection is well before any claims against the property are even a possibility. If a monetary judgment comes against a person that gives the creditor a right to claim property, that person cannot start trying to protect those assets. It is not possible because laws protect creditors and their rights, so if a judgment rules in a favor of a creditor and the debtor tries to essentially hide assets, that person could be accused of fraud.
If no property is currently at risk, individuals who want to protect their assets may want to start considering certain details, including:
- Short-term financial goals, including those relating to saving and near-future spending
- Long-term financial goals, including retirement goals and a desired amount of assets left to bequeath to loved ones
- Estate planning goals, including how a person wants to distribute assets to loved ones and how long-term care should be handled if needed
With these goals in mind, Georgia residents may be better able to determine the estate planning tools that could help them with asset protection. For example, irrevocable trusts could protect property from creditor claims and ensure that those assets are available for bequeathment in the future. Fortunately, there are various options in addition to trusts that could help interested parties achieve their planning goals.
