Get A FREE Consultation!
We run out of free consultations every month. Sign up to make sure you get your free consultation. (Free $350 value.)
What is an asset protection trust in Georgia and how do they work?
In this article, you’ll learn about:
Let’s dig in.
We run out of free consultations every month. Sign up to make sure you get your free consultation. (Free $350 value.)
Let’s cover some of the basics of asset protection trusts.
An asset protection trust In Georgia is used to protect your assets from:
And they are a type of irrevocable trust.
This means that the trust cannot be undone.
The assets placed in the trust cannot be retrieved by:
Make sure you hire experienced trust lawyers like ours.
If something gets messed up, you can’t undo it.
It’s permanent.
(You can create a revocable trust, which can be undone. We’ve got you.)
And these trusts will protect you from:
There are some rules for asset protection trusts in Georgia.
These rules say that the trust:
They will protect your assets from lawsuits and creditors.
Let’s say you put a brokerage account into a trust.
You no longer personally own that account.
The trust is the new owner.
You, legally, own nothing.
This protects your assets in your trust from:
They won’t be able to touch them because they are suing you, not the trust.
This can be particularly useful if you work in high-risk professions, such as:
They also allow you to minimize estate taxes going to our government.
The benefits of an asset protection trust In Georgia include:
Here are the types of asset protection trusts available in Georgia.
A Domestic Asset Protection Trust (DAPT) is a type of irrevocable trust.
The purpose of a DAPT is to:
Unlike traditional trusts, a DAPT allows you:
You can serve as the trustee or veto certain distributions.
A self-settled asset protection trust is where you:
You both set up the trust and put assets into it.
The purpose of a self-settled asset protection trust is to:
Self-settled asset protection trusts are typically set up in states with favorable trust laws.
These are states like Delaware, Nevada, and Alaska.
Third party asset protection trusts are managed by someone else.
An example of a third-party trustee is an estate planning lawyer.
(We are trustees for many of our clients.)
The trustee of a third-party asset protection trust is responsible for:
The grantor can set specific conditions for distribution, such as:
This ensures that the assets get used in accordance with your wishes.
Here are the general steps for setting up an asset protection trust:
You should consider working with an estate planning lawyer to set this up.
This will ensure that it is:
Fill out the form on this page.
We will set up your estate plan to protect your assets.
Read More: The Biggest Mistake Parents Make When Setting Up A Trust Fund
Let’s look at some of the advantages of an asset protection trust in Georgia.
These trusts provides asset protection for your estate.
You can protect your assets from lawsuits and creditors.
This will safeguard your wealth for you and your family.
Asset protection trusts can get customized to accomplish your specific goals.
This includes things like distributing the assets to heirs when they:
This trust can be part of a comprehensive estate plan.
You can transfer assets to your beneficiaries and minimize:
Trust documents are private.
They are not public records like wills in Georgia are.
The details of the trust (i.e., the assets it contains) are not accessible to the public.
Here are some of their limitations.
These are trusts where you’re the grantor AND the beneficiary of the trust.
This blurs the line of whether you or the trust own the assets.
The Uniform Voidable Transactions Act (UVTA) determines this.
They say that your self-settled trust is voidable.
Let’s say you create the trust with the intent to hinder, delay, or defraud creditors.
This makes your self-settled trust voidable.
This allows creditors to:
Let’s say that you create an asset protection trust in Georgia to:
They could consider this a fraudulent transfer, meaning that:
Not every states’ laws are the same on asset protection trusts.
An asset protection trust in Georgia won’t have the same levels of protection in another state.
Other states’ laws may reduce the effectiveness of your trust.
These trusts will protect you against future creditors.
But not from existing creditors and lawsuits.
Or from child support or alimony.
If you have assets to protect, fill out the form on this page.
Our estate planning attorneys have the experience you need to:
Talk soon.
We run out of free consultations every month. Sign up to make sure you get your free consultation. (Free $350 value.)
Need to keep your money and property safe? We help make sure your hard-earned assets are protected. Our team knows how to create plans that guard against lawsuits and creditors. We work to keep your wealth safe for you and your family’s future.
This website is for informational purposes only. It is not legal advice. Consult an attorney if you are seeking legal advice. Check out our privacy policy.