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THE GOAL IS TO MINIMIZE THE IMPACT OF LEGAL LIABILITIES ON PERSONAL AND BUSINESS ASSETS.
Asset Protection Trust in Georgia
What is an asset protection trust?
Asset Protection Trust also referred to as Domestic Asset Protection Trust (DAPT) is a legal document used by individuals and businesses to protect their assets from potential lawsuits, creditor claims, or other financial risks.
This kind of trust is made available to the residents of the state of Georgia. Asset Protection Trusts are typically Irrevocable, meaning that once the assets are placed into the Trust, the grantor cannot easily undo the arrangement.
They are a type of irrevocable trust.
Is Asset Protection Trusts Allowed In Georgia?
Georgia is one of several U.S. states that allow the creation of Domestic Asset Protection Trusts (DAPTs). DAPTs provide individuals and businesses in Georgia with a legal means to protect their assets from creditors and legal liabilities while still retaining certain benefits. Key features of Asset Protection Trusts in Georgia include:
Features:
Georgia law allows for the creation of self-settled asset protection trusts, meaning the grantor can be a discretionary beneficiary of the trust. This enables the grantor to receive income and benefits from the trust while still enjoying protection from creditors.
Georgia has a strict statute of limitations for creditors to challenge transfers into an asset protection trust. After a specific period, typically two years, the assets are generally protected from most creditors’ claims.
Georgia’s legal framework for asset protection trusts is well-regarded for its strength and effectiveness in preserving assets. It offers a safe harbor for those looking to shield their wealth from potential financial threats.
To ensure the proper establishment and management of an asset protection trust in Georgia, it’s important to work with experienced legal professionals who specialize in this area of law.
Benefits:
The primary benefit is, of course, protecting your assets from creditors and legal judgments. This can be especially important for business owners, professionals, and high-net-worth individuals.
By placing assets into a Trust, you can safeguard them for future generations, ensuring your loved ones receive the benefits of your hard work.
Asset protection Trusts can be integrated into your estate plan to reduce estate taxes and facilitate a smooth transition of wealth to your heirs.
Georgia’s legal framework for asset protection Trusts provides flexibility in terms of the types of assets that can be protected, making it a versatile tool for different financial situations.
Asset protection trusts in Georgia offer a robust solution for individuals and businesses seeking to safeguard their wealth and assets from potential creditors and legal threats.
"They won’t be able to touch these assets because they are suing you, not the trust. This can be particularly useful if you work in high-risk professions."
– Tim Hurban
How to Set Up an Asset Protection Trust In Georgia?
The first is to select a trustee who will oversee asset management and distribution according to the trust’s terms, whether it’s a professional or a trusted individual. Draft a comprehensive trust document outlining beneficiaries, included assets, and distribution conditions. Transfer your assets into the trust to activate asset protection measures, which can include cash, real estate, stocks, and other valuable holdings. Consulting with an Estate Planning Attorney is recommended to navigate this process smoothly.
This trust can be part of a comprehensive estate plan.
We are happy to provide a free 15-minute consultation session if you need quick guidance on whether a more in-depth meeting is needed. The free 15-minute sessions can be done either through a phone call or virtually.
