Asset Protection Lawyers and Attorneys in Columbia, SC
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The asset protection lawyers at the Jolley Law Group can help you protect your assets in Columbia, South Carolina. Asset protection lawyers help clients work within the limits of the law to protect their assets from taxes, debts, creditors, and seizure. Asset protection lawyers use legal means to help clients insulate and protect their assets. Generally, asset protection is a proactive process that businesses, high net-worth clients, and individuals use before problems arise, because many of the asset protection methods cannot be used after problems arise. There are several methods an asset protection lawyer can use to protect your assets and legacy. These methods include trusts, limited partnerships, and jointly-held property arrangements. Asset protection is often a crucial part of estate planning that individuals perform to ensure that their children and heirs receive their inheritance.
According to Forbes, the rules of asset protection include being proactive rather than reactive (make plans early before problems arise), keep your asset protection plan simple, and never hide assets. When protecting assets, having a lawyer on your side can make a difference and oversee everything to make sure you are doing this within the limits of the law. Asset protection is often performed in concert with the formation of trust and estate planning. Contact the asset protection law firm at the Jolley Law Group in Columbia, South Carolina today to learn more.
Who Needs Asset Protection?
Individuals who need asset protection are generally those who may be more vulnerable to lawsuits. Think doctors, lawyers, and other individuals who engage in higher-risk business activities. Asset protection in this case may involve the formation of a corporate structure or business entity to separate the business from the individual.
That said, even if you don’t practice in a high-risk field, things can happen. If you have significant assets or property, you may want to speak to an asset protection lawyer today to protect your legacy tomorrow. High-net worth individuals may engage in asset protection planning as part of their estate plan and trust formation plan. Asset protection planning can often work best when considering how you’ll transfer wealth to the next generation.
Basically, if you have assets you may want to protect, you may want to contact an asset protection lawyer today. The Jolley Law Group is a Columbia, South Carolina asset protection law firm that may be able to help you. Our firm can help you with trusts and estate planning matters to protect your assets for the next generation.
When Can Asset
Protection Not Be Used?
Asset protection can’t be used after a creditor has made a demand or a lawsuit has begun. Generally, by this time, it is too late. Trying to make asset protection plans after a claim arises generally isn’t in your best interest. Before doing anything, contact an asset protection law firm. Asset protection must be done carefully, because sometimes individuals use a trust or transfer of assets only to learn that they then no longer have access to these assets or that they have given their wealth away without the ability to get it back, or they made a transfer after a claim has already been made, and they learn that this is illegal. Proper asset protection planning balances the need for a protection structure, while working to reduce risk. Simple asset protection is often the best, for example, a trust created to benefit your children or putting real estate in both your name and your spouse’s name to protect your home. Many asset
protection plans are part of estate and trust plans. The Jolley Law Group is an asset protection law firm in Columbia, South Carolina that may be able to help you.
When making asset protection planning, individuals should prepare to have the plan questioned in court, and may need to explain their reasoning for the plan. If the plan is put in place explicitly to avoid debtors or lawsuits, then this can be seen as problematic, may be rejected by the court, and can even put you in legal trouble. However, asset protection planning performed in conjunction with estate planning, trust formation for your legacy, and philanthropic gifting, could be simple ways to protect your legacy and intention of your wealth. Before making any steps in asset protection planning, it is always a good idea to consult with an asset protection lawyer first so that you understand your rights and obligations.
The Jolley Law Group is an asset protection law firm in Columbia, South Carolina that can review your situation and help you understand whether asset protection is appropriate or even legal given your intention and situation. Contact our asset protection law firm in Columbia, South Carolina today to learn more. We are here to help.
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