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Masterful Marietta Asset Protection Attorney

For many individuals and families in Marietta, asset protection is a crucial part of estate planning. Baskin & Baskin, P.C., provides trusted legal guidance in this area, with Carol Baskin at its helm. Her legal career spans nearly half a century, marked by an unwavering commitment to her clients. She has earned a reputation for excellence and is deeply respected by both those she represents and her legal peers.

Fortifying Your Financial Fortress: A Primer On Asset Protection

Asset protection is the strategic safeguarding of one’s assets against potential legal threats. It serves as a bulwark for individuals facing financial hardships, legal disputes or personal upheavals such as divorce. However, asset protection is also a wise consideration for those without immediate concerns, ensuring long-term financial security and stability.

Strategies For Shielding Your Wealth

The traditional asset protection vehicle is called an asset protection trust (APT). APTs are a form of irrevocable trust that, once established, can place your assets beyond the reach of creditors and legal judgments.

Two different types of APTs exist: domestic and foreign. The primary difference between domestic APTs and foreign APTs is where people’s assets are housed. For legal purposes, domestic APTs keep people’s assets housed within the United States, whereas foreign APTs house them abroad.

It is worth noting that, while Georgia law does not allow the creation of domestic APTs, residents have the option to establish such trusts in other states. Alternatively, they can create foreign APTs, which, though more expensive to establish, afford greater privacy.

The process of establishing an APT involves appointing a reliable trustee, selecting beneficiaries and detailing the trustee’s role in managing the trust’s assets, which can encompass business interests, cash reserves, investment portfolios and real property. Funding an APT can be complex, often requiring the creation of an LLC, but represents a strategic investment in the continuity of your financial legacy.

FAQs About Asset Protection

Estate planning lawyer Carol Baskin is dedicated to providing clear, strategic guidance on the asset protection process. Her experience has taught her that navigating the complexities of this process often leaves people with questions. Below are answers to four of the most common questions her firm receives.

What is asset protection?

Asset protection is a proactive legal strategy focused on securing your assets against potential future creditors, lawsuits or judgments. By employing asset protection strategies, you can ensure that your wealth is preserved for you and your family, providing peace of mind and financial security.

What is an asset protection attorney?

An asset protection attorney specializes in creating legal frameworks to shield your personal and business assets from potential liabilities. With a deep understanding of trust and estate administration, these attorneys provide experienced guidance tailored to your unique situation.

How can an asset protection attorney protect my assets more than a financial planner?

While financial planners can offer valuable advice on growing your wealth, asset protection attorneys have the specific background to create robust legal structures to protect it. From setting up an APT to funding it, an attorney offers a specialized level of defense that goes beyond basic financial planning.

Who needs asset protection?

Asset protection isn’t just for the wealthy: it’s a crucial consideration for anyone looking to secure what they’ve earned and acquired. Business owners, property owners, professionals at risk of litigation, and anyone with personal property or a legacy to protect can benefit from consulting with an asset protection attorney.

Partner With A Trusted Marietta Asset Protection Attorney Today

Securing your assets doesn’t have to be an overwhelming task. With the support of Baskin & Baskin, P.C., you can create a robust defense for your financial future, beginning with an initial consultation. Initiating this partnership is as simple as picking up the phone and dialing 770-679-3568 or filling out the firm’s online contact form.