Having investments or owning a business can mean that individuals have valuable assets at their disposal. While this can seem comforting to many Georgia residents, it is important to keep in mind that those assets could fall into the wrong hands if a person has creditors or does not take steps to preserve assets for future generations. Fortunately, parties have options for protecting their property as they see fit.
First, take note that asset protection and asset preservation are different methods of maintaining property. For instance, if a person wants to protect assets from creditors, lawsuit settlements or other claims, putting those assets in a trust or funding a retirement account to the maximum yearly contributions could put those assets out of reach of undesired parties. As a result, the property is protected.
When it comes to preserving assets, individuals typically want to ensure that future generations benefit from wealth that has already been accrued. Some methods of asset preservation include:
- Using a trust to pass on assets in a controlled way
- Estate planning in a manner that minimizes estate taxes
- Working to maintain as much value of an asset as possible before passing it on
Wanting to preserve assets can come about for many reasons. Often, it takes legal measures to ensure that the preservation takes place effectively. If Georgia residents hoping to pass on their assets and make sure that they do not inadvertently diminish the value of an asset during ownership, they may want to gain information on their planning options.
