Hilton Head Asset Protection Lawyers

What is Asset Protection?

Asset protection is a strategy used by businesses and individuals alike to protect property and wealth from certain types of creditor claims, for example, a negligence lawsuit. It is incredibly important to note that asset protection never works once a lawsuit has already been initiated, and strategies for asset protection are proactive strategies, not reactive strategies. You cannot use asset protection to protect wealth once debts have fallen past due and lawsuits have been initiated. If you try to use asset protection once a lawsuit has been initiated or because you see a lawsuit coming, the courts will most likely reverse any asset protection plan you put in place and you could face accusations of fraud.

Most individuals and companies begin asset protection strategies once significant wealth has been acquired, to protect the wealth from the possibility of predatory lawsuits or other issues. There are many types of asset protection options available when they are initiated proactively. These can include the establishment of a trust to ensure that your family’s wealth passes on to the next generation in the manner that you wish. It can include the strategy of sharing ownership of property. Or it can include establishing a family limited liability company.

An asset protection plan will often involve several “moving parts.” This includes accounting for the wealth you’ll need for retirement, the wealth you’ll want to pass on to beneficiaries or children, and an estimate how your wealth may grow going forward. Asset protection is never something that can save you from a lawsuit, debt, or creditor, but it can be a great proactive strategy to protect your wealth and future from future creditors or other risks. Asset protection can often move in conjunction with estate planning and other legacy-protecting strategies.

Do you have questions about asset protection? Contact the Hilton Head asset protection lawyers at the Jolley Law Group today to learn more about your options. We can help.

How an Asset Protection Law Firm in Hilton Head, South Carolina Can Help You

An asset protection law firm can help you by reviewing your situation, helping you understand your options and rights under the law, and helping you with an asset protection and estate plan that can work for you. Asset protection is a legal means of protecting assets from creditors. It is distinct from illegal means of asset protection, which can include fraudulent transfers, hiding assets, tax evasion, and bankruptcy fraud. If you are thinking about an asset protection strategy, the best time to do so is before trouble arises. You may want to speak to a lawyer before initiating any asset protection strategy, because there are certain circumstances where the strategy may be perfectly legal and other situations where it might be considered fraud. If you are not sure about the next step to take, you may want to speak to a lawyer.

Asset protection can include many of the same strategies that individuals use for estate planning purposes. Irrevocable trusts, limited liability companies, shared title to property, and even insurance policies can protect your assets should you face a lawsuit. For example, an irrevocable trust can be used to pass on assets to a child or other beneficiary, protecting your child’s inheritance from creditors, and protecting your legacy. Do you have questions about asset protection? The Jolley Law Group is an asset protection law firm in Hilton Head SC that may be able to assist you. We can review the various strategies for asset protection that may be available, especially if you have considerable wealth or own a business you would like to protect.

The Jolley Law Group is an asset protection law firm in Hilton Head, South Carolina. Our lawyers work closely with individuals facing a range of estate planning challenges. You don’t need to be incredibly wealthy to benefit from asset protection. In fact, asset protection can be used to protect your home, or other major assets you may have.

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