Athens Asset Protection Lawyer

Trusted Asset Protection Attorney in Athens, TN

In Tennessee, we are fortunate to live in a state that helps its residents protect their assets. With its unique laws, your assets can be shielded from claims filed against you and other difficult legal situations. To reap the benefits of this process, you need an Athens asset protection lawyer who can answer your questions and help you through each step of asset protection.

Mark T. Young & Associates addresses debt and bankruptcy in Tennessee. We help our clients find solutions, including asset protection cases. With over 30 years of experience, we pride ourselves on our compassion and attentiveness during frustrating financial situations. Our law firm comes highly recommended from our former clients, who say we are honest and professional. Let us help you secure your assets and guide you into a brighter future.

Why You Need Asset Protection

Residents across our state work hard to support themselves, their families, and build businesses and buy property. With Tennessee’s asset protection laws, they can legally preserve their wealth for themselves and future generations while still managing their own money. This may be a way to avoid future financial issues with creditors or when facing claims filed against you.

Asset protection is a great option for many people in Tennessee. It can protect those with jobs that have a higher likelihood of litigation, such as doctors. These protection strategies can help families preserve generational wealth and large real estate portfolios. Business owners may want to separate their personal and business assets in a clear manner or protect their interests overall.

According to the U.S. Census, the median household income in Athens was $53,929 in 2024, and the median property value was $225,000. However, no matter what your net worth is, having a plan for yourself and your loved ones makes decisions less stressful in the future. There are options available to provide protections and prevent loss in the future.

Tennessee Investment Services Trusts Process

The Tennessee Investment Services Trusts (TIST) was established in an amendment to the Tennessee Investment Services Act of 2007. This is the state’s version of a domestic asset protection trust (DAPT). Tennessee is one of the few states that offers this type of law to shield wealth, making these trusts desirable to businesses and individuals.

You should hire an asset protection lawyer to assist you in completing the steps for a TIST, which include:

1. Choose a Trustee: You choose the trustee or trustees for the trust. At least one person must be a Tennessee resident or an established business within the state. They are named to oversee the trust that protects your assets. You cannot name yourself as a trustee.
2. Draw Up an Irrevocable Trust: Your Athens asset protection attorney can draft an irrevocable trust. The trust holds an inventory of your assets and their location. This trust must include a spendthrift clause and name yourself as a discretionary beneficiary. This means you can still access your assets without legally owning them. The trustee can distribute money from the trust while protecting your assets from future creditors or lawsuits.
3. Distribute The Irrevocable Trust Documents: You keep a copy, your attorney retains a copy for their records, and the named trustee also receives a copy. If you are recording real estate within the trust, documents must be presented to the McMinn County Register of Deeds at the courthouse in Athens.
4. Sign an Affidavit: It is advised to sign an affidavit stating you are not trying to avoid paying your debts and not planning on filing for bankruptcy. You must also indicate that you have no court proceedings against you.

Other Options for Asset Protection in Tennessee

There are other options for protecting your assets beyond a trust, including:

• Limited Liability: If you own a business, you can separate your business assets from your personal assets. This way, if someone brings a lawsuit against your business, your personal property cannot be considered during litigation.
• Insurance: Certain professionals are required to have liability insurance by the state, but having the appropriate policy can shield your personal assets from a lawsuit. Your asset protection attorney in Athens can help you review and select the right policies for your circumstances.

FAQs

How Much Does an Asset Protection Lawyer Cost in Athens?

The cost of an asset protection lawyer depends on your specific situation and financial needs. If you have a larger net worth with many assets, conducting an inventory may take more time. Having a knowledgeable and seasoned attorney working on your case can be worth the cost for you to have peace of mind about your assets.

Are There Any Exceptions to Asset Protection?

Yes, there are a few exceptions. Even with a TIST, the division of property during a divorce can still be done. You also have to pay spousal or child support that is court-ordered. Some pre-existing debts from creditors may need to be paid after the trust is signed. Check with a capable asset protection attorney to review your circumstances.

When Are My Assets Protected With a TIST?

Your assets are fully protected after 18 months. This applies to new creditors who try to access your assets for payment of debts after the trust is signed. You are still liable for spousal and child support. To shield your assets, it is advisable to have a TIST as soon as possible to start the 18-month timeline and ease your worry over your assets and what might happen to them.

What Are the Disadvantages of an Asset Protection Trust in Tennessee?

There are a few disadvantages to an asset protection trust. An irrevocable trust cannot be changed whenever you want. It requires specific legal procedures. This takes away some of your flexibility. You can’t withdraw money from it whenever you want. There also aren’t any estate tax advantages to this type of trust. It also can’t protect you from pre-existing debts already owed to creditors.

Hire an Asset Protection Lawyer in Athens

At Mark T. Young & Associates, our team offers strategies for your unique needs. Whether you need assistance with asset protection or bankruptcy guidance, we want to build you a stronger financial future. Our team acts as your advocate while preparing documents, filing the appropriate paperwork, and tracking the timeline. Contact us today for a free consultation to discuss your asset protection case.