In sum, asset protection involves strategies and legal structures for safeguarding wealth without running afoul of the laws that prohibit dishonest transfers. Many people and business entities rely on asset protection tactics to legally protect their interests from creditor claims, taxes, seizure, and other losses. Without the proper planning in place, some transfers would be viewed as fraudulent acts under Virginia law, violations of federal debtor-creditor laws, or illegal concealment. Any of these scenarios can carry serious penalties that threaten the real estate or personal property you sought to protect.
Because of the potential pitfalls and financial implications, it is wise to seek assistance from experienced legal counsel when facing asset protection issues. Our lawyers at the MichieHamlett Law Firm are dedicated to identifying and developing strategies for achieving your goals, while also protecting you from allegations of misconduct. Please contact our office today to schedule a consultation with a attorney, and check out some important information on the relevant concepts.
Objectives and Legal Considerations Regarding Asset Protection
At the outset, you should understand the scenarios that may lead you to consider strategies for protecting assets you own individually or through your business.
- You executed a mortgage to purchase your home or other real estate;
- You have incurred such debts as a credit card, car loan, medical costs, a line of credit, or other financial obligations;
- You owe income, property, employment, or business taxes; or,
- You face a lawsuit or allegations of negligence in connection with a personal injury lawsuit.
As the legal process runs its course, your creditors may gain the right to attach, garnish, seize, or assume other ownership over your assets to satisfy these obligations. It would be advantageous to hide or transfer your interests to someone you know, thereby thwarting creditor efforts to collect. However, it is also illegal under Virginia fraud laws.
Options for Asset Protection in Virginia
Though there are sanctions for fraudulent transfers, there are some asset protection goals you can achieve through lawful tactics. At the MichieHamlett Law Firm, our lawyers are knowledgeable in numerous legitimate strategies for safeguarding your financial interests. We can explain such asset protection options as:
- Business entities that insulate your personal interests from the obligations of the company, such as corporations, limited liability companies, and limited liability partnerships;
- Irrevocable asset protection trusts, where you create and fund the trust – and then hand over control to someone else;
- Offshore asset protection trusts, which operate under the jurisdiction of a foreign country and can be difficult for creditors to break open; and,
- Titling real estate as tenants by the entirety, a form of ownership between spouses where a creditor of one cannot reach the interests of the other.
Discuss Your Needs with a Virginia Asset Protection Attorney
To learn more about strategies for safeguarding your real estate and personal property legally, please contact the MichieHamlett Law Firm. We can set up a consultation with an asset protection lawyer who can review your circumstances and learn more about your objectives. Once we assess your situation, we can advise you on legal strategies.