Asset Protection Services for Charleston Residents

What is Asset Protection?

Asset protection is the process of safeguarding your assets, such as property, investments, and business interests, from potential creditors, lawsuits, and other financial risks.

Why Asset Protection is Important

Asset protection is essential for individuals and businesses alike. It can help you:

1. Protect your assets from creditors in the event of a lawsuit or bankruptcy.
2. Preserve your wealth for future generations.
3. Reduce your tax liability.
4. Protect your assets from seizure by the government.

Asset Protection Strategies

There are various asset protection strategies available, including:

1. Trusts: Trusts are legal entities that separate legal ownership of assets from beneficial enjoyment. This can make it difficult for creditors to access the assets.
2. Business Entities: Business entities, such as corporations and limited liability companies (LLCs), can protect assets by separating personal property from business liabilities.
3. Strategic Transfers: Strategic transfers of assets to family members or trusted individuals can remove them from your name and protect them from creditors.

The Role of an Asset Protection Attorney

Asset protection is a complex area of law. It is important to seek the advice of an experienced asset protection attorney in Charleston. An attorney can help you:

1. Assess your assets and identify potential risks.
2. Develop a customized asset protection plan.
3. Draft and implement legal documents, such as trusts and business formation documents.
4. Monitor and update your asset protection plan as needed.

Asset Protection Trusts

Trusts are a common tool used in asset protection. There are various types of trusts available, including:

1. Asset Protection Trust: An irrevocable trust that is designed to protect assets from creditors.
2. Medicaid Asset Protection Trust (MAPT): A specialized irrevocable trust that is designed to protect assets from Medicaid estate recovery.

Contact an Asset Protection Attorney in Charleston

If you are concerned about protecting your assets, it is important to contact an experienced asset protection attorney in Charleston. An attorney can help you develop a customized asset protection plan that meets your specific needs.