Roanoke Asset Protection Attorney
Asset protection is an essential aspect of Virginia estate planning. Everyone should be looking to protect their assets, but it’s even more critical when you own your own business or have a professional license, such as a doctor or accountant. Without proper protection, your assets could unknowingly be at risk in numerous ways. To learn more about how best to protect your assets, contact a Roanoke asset protection lawyer at MichieHamlett Law Firm today.
How Asset Protection Can Help You
While there are countless merit-based lawsuits filed every year, you’ll also find some inflated or even frivolous lawsuits. You need to ensure that your assets are fully protected, and there is no chance of your assets being used to satisfy a frivolous lawsuit. Your assets can be vulnerable to numerous legal issues, including:
- Lawsuits by former business partners
- Malpractice lawsuits
- Personal injury lawsuits for injuries sustained on your premises
- Motor vehicle accident lawsuits
- Personal liability of directors and corporate officers
- Liability due to your own misconduct
- Liability when you are the guarantor or someone else’s debts
Shield Assets from Your Creditors
Protecting your assets from potential creditors is crucial. You need a Roanoke asset protection lawyer who can help. At MichieHamlett, our team has years of experience assisting Virginia clients with all their asset protection needs. We can help you arrange your finances, real estate, and other assets in such a way that will minimize your exposure to potential creditors.
We can establish estate plans, help you determine your insurance needs, and even set up trusts so that you can relax and feel confident knowing that your assets are secure.
Asset protection is not just for the wealthy or business owners. Anyone who has amassed any assets should be looking at the best way to protect them while minimizing your tax risks.
Asset Protection Trusts
One possible method to protect your assets is to establish a specifically designed trust for this—an asset protection trust. Virginia law allows you to establish a trust for your own benefit with assets that will not be accessible in a creditor’s claim. This type of trust is called a Virginia Asset Protection Trust, or you may see it called a Virginia Self-Settled Spendthrift Trust. You must meet certain conditions, some of which include:
- Making the trust irrevocable.
- You do not become insolvent by funding the trust.
- Trustee must be a Virginia resident or a trust company that is licensed and domiciled in Virginia.
- The trustee must have specific duties such as maintaining property custody in Virginia, maintaining Virginia records, preparing fiduciary income tax returns in Virginia, and otherwise handling material administration of the trust in Virginia.
- Any transfers to the trust must not be fraudulent.
- As the trust creator, you can only receive discretionary distributions of principal and income.
You’ll find there are many other rules and features of this trust that your Roanoke asset protection lawyer can assist with.
Contact Our Roanoke Asset Protection Lawyers
To learn more about the best ways to protect your business and personal assets in Virginia, meet with our skilled Roanoke asset protection lawyers. Contact our office today to schedule an initial consultation.