Northern Virginia Asset Protection Lawyers Ensure Your Hard Work is Protected
Using proven strategies to safeguard your assets
Individuals who have experienced financial success want to protect the assets they worked so hard for or received through their loved ones’ hard work. Asset protection keeps creditors, soon to be ex-spouses and litigants from tightening their grip on certain assets. Additionally, asset protection strategies can be employed to help ensure that someone will still be able to receive certain medical benefits without having to dispose of all of his or her assets.
Our experienced Northern Virginia asset protection attorneys at Altman & Associates bring years of experience to the table, protecting millions of dollars in assets. Contact us to find out ways that we can help protect your assets.
One proven way to protect assets is through the use of a spendthrift trust. A spendthrift trust is one that prevents the beneficiary from raiding the trust assets or pledging a trust interest for a loan. Under Virginia law, a spendthrift trust can help prevent a creditor from reaching into the trust even if the creditor has a judgment against the beneficiary unless a special exception applies.
In order for a trust to provide this level of protection, several criteria must be met, including:
- The trust is irrevocable according to Virginia law
- The trust includes a spendthrift trust provision
- The trust is an inter vivos trust
- The trust names at least one other beneficiary besides the settlor
- The trust must contain some property interest in Virginia
- The trust must be governed by Virginia law
- The settlor does not retain a veto right related to the distributions from the trust
- The trust names at least one independent and qualified trustee
- Discretionary benefits are based on ascertainable standards
Strategic marriage plans
Another important way to protect your assets in northern Virginia is to make strategic decisions before and during marriage. A strong prenuptial agreement keeps business assets separate from personal assets in the event of divorce. A prenuptial agreement also identifies separate property and works out arrangements regarding how certain property will be affected in the event of divorce or death.
Another important strategy to employ during a marriage is the use of owning property as tenants by the entirety. This is a special form of ownership that is unique to married couples. Any property owned in this fashion is considered to be owned by the couple as a unit rather than as by either individual. As a result, if a creditor only has this status over one member of the unit, the property owned in this manner cannot be attached.
For spouses who plan to own and operate a business together, one strategy worth considering is leaving one of the spouses out of the corporation and off of the debts of the business. Many creditors require a personal guarantee. By leaving one spouse out of this arrangement, only the other spouse will be legally liable for such guarantees.
Northern Virginia asset protection attorneys provide legal experience you can depend on
The Northern Virginia asset protection lawyers at Altman & Associates take all steps permitted under Virginia law to protect the assets of our clients. You deserve knowledgeable legal counsel that is targeted at providing you the most security and certainty about your future. Schedule a consultation by calling us at (301) 468-3220 or contact us online to meet with us in our convenient location in Northern Virginia.