A person’s wealth can come from a variety of sources. Georgia business owners may have found financial success through their companies, or residents could have been smart with their investments or inheritances. Whatever the case may be, most people do not want to put their financial security at unnecessary risk. Fortunately, there are asset protection methods that could help mitigate possible risks.
In particular, it may be wise for individuals to take steps to protect their assets from lawsuits or creditor claims. Even if a person or business owner believes that they are smart with their funds, an unexpected event could result in a lawsuit or substantial debt. If parties have not taken the time to protect their funds, all unprotected assets could be at risk of going toward paying off a judgment or substantial liability.
Fortunately, there are various ways that individuals could protect their wealth. Among those options is an asset protection trust. This method could be useful in the following ways:
- Removing assets from a personal estate
- Protecting assets from current and future creditors
- Holding stocks, LLCs, real estate, business property and cash
While an asset protection trust may not be right for every Georgia resident, it may be worth looking into. In the event that this type of trust does not suit one’s needs, there are various other options to explore that may be useful. To gain reliable and applicable information regarding this type of protection, interested parties may which to speak with attorneys experienced in this area of law.