Georgia Asset Protection Attorneys

Asset Protection
Asset protection involves a review of the client’s personal and professional assets and focuses on good risk management and asset allocation. Then, a strong asset plan is crafted that shields and protects assets by creating walls between unrelated assets and thus shields a portion of the person’s assets from the claims of certain creditors.
An effective protection plan also looks not only inward at what assets should be protected but also outward at which assets are exposed. For example, consider a family who is renting out their second home. In a case such as this, the tenant renting the home, the tenant’s guests and anybody injured by the tenant could be a potential plaintiff against the homeowner. One possible protection from this type of situation would be to form a business entity, such as a limited liability company (LLC) and transfer the rented home into the LLC to separate the personal residence or other assets from being subject to the claims of these potential plaintiffs.
Worthwhile asset protection also includes rigorous bookkeeping, robust insurance policies, and recognition that business assets should be owned separately from personal assets.