Many people want to hold on to their financial stability as much as possible. Unfortunately, economic downturns, pandemics and many other unforeseeable circumstances could easily leave someone with a considerable net worth scrabbling when investments or other financial assets take a dive. As a result, most Georgia residents with considerable wealth are interested in asset protection.
Fortunately, protecting one’s assets from the economical ups and downs as well as other issues that could put their wealth at risk does not have to be overly difficult. In fact, it is often a matter of separating ownership from oneself and the assets. While that may not seem like something desirable, using the right options can help individuals retain access to the assets with also affording them the protection of ownership separation.
Some common useful options for asset protection include:
- Trusts that maintain ownership of the assets while allowing the assets to be used for specific purposes and the trusts’ beneficiaries
- Private purpose foundations that do not necessarily separate ownership but that can have beneficiaries, making it a mix of a trust and business entity
- Options that offer flexibility and privacy that comply with tax laws and other regulations
Because the asset protection options available are not one-size-fits-all, it is important that Georgia residents thoroughly explore these avenues. Trusts, foundations or other options may best suit a particular scenario, and fully understanding these opportunities before making a decision is wise. It is also a prudent step to have the assistance of legal professionals throughout this endeavor in efforts to avoid unnecessarily legal complications.
