Memphis Asset Protection Attorney
Tennessee firm helps clients shield property from creditor actions
Through careful asset protection, you might be able use legal means to safeguard property, savings and investments from creditors. When a creditor has a claim against you or your business, they might use aggressive tactics to recover what they believe they are owed. Assisting clients in Tennessee, Mississippi and Arkansas, Parham Estate Law in Memphis has experience with the various legal strategies that might help you protect your wealth while still benefiting from your assets.
What is asset protection?
There are various methods of asset protection that might be able to help you accomplish your goals, including:
- Strategic estate planning
- Establishment of a trust
- Special needs and long-term care planning
- Insurance as an asset protection tool
- Domestic Asset Protection Trusts
- Tennessee Investment Services Trusts (TISTs)
- Tenancy by the Entirety Trusts (TBE Trusts)
By developing a comprehensive protection strategy, you can minimize your exposure to liability and have peace of mind that your assets are safe. My firm will examine your situation and tailor an asset protection plan best suited to your needs and financial goals.
What assets can be protected in Tennessee?
Tennessee law offers options that allow individuals and businesses to protect their assets. You might be able to protect real estate, financial accounts, vehicles and personal property by taking proactive steps with the advice of a seasoned attorney. Business owners can insulate their personal assets from their business creditors, including those who have won a legal judgment against their company.
Tennessee Investment Services Trusts (TISTs)
Tennessee allows individuals and businesses to protect their own assets through self-settled asset protection trusts, or Tennessee Investment Services Trusts (TISTs). This allows you (the grantor) to create an irrevocable trust, naming yourself as the beneficiary. Two years after placing your assets into the trust, they are protected from creditor claims that are brought against you. However, TISTs must be properly executed in order to receive these protections and they cannot be used to guard assets against existing creditor actions. My firm provides counsel on completing the necessary documents to ensure your TIST is in compliance with Tennessee law.
Why is asset planning important?
Asset planning can help prepare you for unexpected events and protect you from creditors. Anyone can find themselves facing a lawsuit, even for something as common as a car accident. Others face creditors for credit card debt, unpaid medical expenses and other allegedly unpaid obligations. By having an asset protection plan in place, you create safeguard your assets and survive difficult circumstances without undue disruption to your daily life.
Asset planning can assist in building generational wealth as well preserving family finances. Domestic asset protection trusts can prevent any irresponsible spending by regulating spending and setting withdrawal limits. Asset planning might also be useful if you’re going through a divorce or another type of legal matter that affects your personal finances.
Contact a knowledgeable Tennessee attorney to help protect your assets
Safeguarding your assets by working with an experienced attorney can make a major positive difference for you and your family. Call Parham Estate Law at 901-602-3361 or contact me online to schedule a consultation at my Memphis office.