SC Asset Protection and Estate Planning Attorneys in Myrtle Beach
For many clients, asset protection strategies are an important part of their estate plan that protects your property from potential creditors, relatives, business associates, or excessive tax penalties.
Your asset protection attorney at Axelrod and Associates can help you to preserve your assets by:
- Arranging your estate plan to minimize estate taxes, gift taxes, and generation-skipping transfer taxes;
- Creating spendthrift trusts to hold assets and protect them from wasteful spending or unsound decisions by the beneficiary;
- Business formation or restructuring of your business to protect your assets from business creditors or lawsuits;
- Creating retirement plans, annuities, or insurance policies that meet your financial needs;
- Protecting your beneficiary’s inheritance from the beneficiary’s creditors; or
- Drafting prenuptial agreements (prenups) prior to a new marriage.
There are many other methods that we can use to protect your assets and preserve them for your beneficiaries, and each client’s estate plan or asset protection plan is carefully tailored for each client’s unique situation.
Business Asset Protection Attorneys in SC
Proper business formation will protect you and your family from business creditors and lawsuits against your businesses.
Choosing the wrong type of business entity can have serious tax consequences and could expose your personal finances to creditors and lawsuits – your unique situation may require the formation of:
- A limited liability company (LLC);
- Limited partnership;
- General partnership;
- Corporation (C-Corp);
- Closely held corporation (S-Corp);
- Professional service corporation; or
- Sole proprietorship.
Understanding how your business income is taxed, who the stakeholders are, if and when you or your beneficiaries will be exposed to personal liability for business debt or lawsuits, and how your business assets will pass to your beneficiaries are critical to preserving your assets for yourself and future generations.
Spendthrift Trusts in SC
Spendthrift trusts are designed to prevent the beneficiary from making poor financial choices and, in some circumstances, to protect the assets from the beneficiary’s creditors.
You cannot set up a SC spendthrift trust for yourself, but you can create one for your beneficiary or beneficiaries. There are statutory limitations on what we can and cannot do with spendthrift trusts, but your estate planning attorney can help you decide if the spendthrift trust or another form of trust will meet your needs.
Avoiding Fraudulent Transfers in SC
Although there are many perfectly legal and above-board methods to protect your assets, fraudulent transfers can be undone by creditors, former spouses, or others.
South Carolina’s version of the “Statute of Elizabeth” states that any transaction made “to delay, hinder, or defraud creditors and others” can be voided. In some situations, a fraudulent transfer can lead to civil or even criminal liability.
Asset protection is full of risks for inexperienced individuals or their attorneys. Before engaging in any type of asset protection, it is critical that you consult with an asset protection attorney in SC to make sure that your transfers, trusts, or corporate structures achieve the desired goals and comply with SC law.
Your SC estate planning and asset protection attorney at Axelrod and Associates will help you to protect your money, property, and business assets and preserve them for future generations. Call today at 843-353-3449 or complete our contact form to set up an initial consultation to find out how we can help.