Fouts Law Group, LLC provides assistance with the protection of personal and business wealth. You work very hard for the money and property you acquire. Whether you have a farm, family business, significant investments, or other valuable assets, the wealth you have built should provide you with security and should become your legacy. In order to keep your nest egg and property safe, you need to make strategic choices. We can help.
Fouts Law Group, LLC provides assistance with asset protection to clients with a wide range of different financial and professional accomplishments. Whether you have acquired a substantial fortune or are just starting to save or build a business, we can provide the personalized advice you need. Give us a call at (678) 242-8344 to speak with an Atlanta asset protection lawyer about the assistance we can provide and to get answers to questions about asset protection including:
- Is asset protection important to me?
- What kinds of asset protection help do I need?
- How Can an asset protection lawyer help?
Is Asset Protection Important to You?
Asset protection is of importance to everyone, even if you do not yet have a lot of assets. If you are starting a business or you are beginning to build wealth, you want to make the right choices from the start to keep your nest egg safe and protect the value of your labor. This means choosing the right types of accounts to invest in, such as IRAs which provide protection for your assets in case of bankruptcy. It also means selecting the right business entity if you are running your own organization, and making appropriate choices for how ownership of your property and wealth is structured.
Once you have acquired substantial assets and have achieved financial security, you do not want anything to jeopardize all that you have built. You need to make certain you have protected your wealth in case of divorce, creditor claims against you, unexpected medical expenses or nursing home care, and estate taxes. If you are leaving assets to heirs, you also must make certain those assets are protected during the process of transferring to the next generation and after heirs inherit.
For those with an established business or a family farm, protection of assets is especially important because your company or farmland should be a legacy that lasts long after you are gone and should be a legacy that you can hand down through the generations. You don’t want losses during your lifetime or after your death to make it impossible for your farm or company to continue operations.
An Atlanta asset protection lawyer can provide you with the guidance you need to understand specific risks and threats to your wealth and to make plans to protect what you have built.
What Kinds of Asset Protection Help Do You Need?
There are a variety of different asset protection tools, including different types of trusts such as revocable and irrevocable trusts. Trusts can facilitate a timely transfer of assets after death; can help reduce estate taxes; can keep wealth safe in case of nursing home care; and much more. You must select the right type of trust to accomplish your goals, as not all trusts provide the same types of benefits. Revocable trusts, for example, won’t keep your assets protected in the event you face the enormous expense of nursing home services.
Powers of attorney, incorporation, and various types of contractual agreements such as prenuptial agreements or buy/sell agreements can also be invaluable tools in the fight to protect assets. A power of attorney can allow you to designate who will control your wealth and investments if something happens to you and you aren’t able to make your own financial choices. Incorporation and the creation of contracts are especially helpful for business owners, but can have uses in other asset protection plans as well.
How Can an Asset Protection Lawyer Help?
Fouts Law Group, LLC will provide you with assistance in determining what asset protection tools you need and in making effective use of the tools that Georgia and federal law provides to you. We are focused on helping clients to develop personalized asset protection plans that address their biggest risk factors. To find out more about how an Atlanta asset protection lawyer can assist you with keeping your wealth secure, give us a call at (678) 242-8344 or contact us online to speak with a member of our legal team today.