How Can I Keep My Finances Safe in Tennessee?

Everyone deserves to enjoy the wages of an honest day’s work. Every day, countless Americans get up, do their jobs, and contribute to the fabric of society. Others rest easy knowing they’ve earned some peace through years of dedication, caring for their families, serving their countries, and more. However, certain situations may come up that threaten your fiscal security. Unexpected expenses arising from debt, accidents, and more can potentially risk your bank account and your financial future. One measure to guard yourself and your loved one is an asset protection strategy.

Asset protection is a legal strategy that allows individuals the opportunity to protect themselves from potential risk. In most instances, once someone has been sued or is facing a court judgment, it may already be too late to protect oneself. That’s why it’s vital for anyone concerned about their financial security to contact J. Anthony Bradley at The Bradley Law Firm, PLLC. He can help you effectively strategize an asset protection plan that doesn’t leave you or your family vulnerable.

Why Do I Need to Protect My Assets?

Many people think that asset protection is only for the extremely wealthy. This couldn’t be further from the truth. Anyone’s financial security can be threatened at any time. Creditors, banks, and the courts don’t care if you’re wealthy or middle-class. If you lose a lawsuit or judgment, your bank account and other assets may be at risk. Examples of reasons your finances may come under threat include, but are not necessarily limited to:

• Personal Injury Lawsuits (Such as Following a Car Accident)
• Credit Card Debt
• Medical Debt
• Foreclosure
• Business Lawsuits

These are only a few potential examples of experiences that may jeopardize your and your loved ones’ financial security. Remember, anyone can be sued. Under most circumstances, if you’ve already lost a lawsuit or are facing creditors, it’s already too late to engage in asset protection. In most situations, the law will not permit you to place assets into a trust or engage in other strategies if you already owe money.

This is why it’s important to consider asset protection regardless of your income level or financial status. It’s always best to be prepared for a rainy day and to strategize to keep specific resources where they can’t be touched.

What is Asset Protection?

Asset Protection is a legal strategy that situates your assets and finances so they are not subject to seizure by creditors or the courts. There is no one set method of protecting your assets. Different asset protection strategies may be effective for you depending on a variety of factors, including your precise financial situation, whether you’re a business owner, and more. For instance, if you own a business, there are specific potential resources available that would not otherwise be an option.

There is no “one size fits all” approach to asset protection planning. Everyone’s situation is unique, and the best asset protection plans are tailor-made to an individual’s precise needs and circumstances. That’s why J. Anthony Bradley works with each of his clients to develop custom protection plans that are specially tailored to their needs and situations.

What Are Some Asset Protection Strategies?

One of the most popular options for asset protection is an asset protection trust. A trust is an arrangement in which you transfer ownership of assets to a legal entity. This entity is managed by an individual called a trustee. As long as the assets are in the trust, you are no longer the legal owner—they belong to the trust. Because these assets are no longer yours, they are not subject to being seized by creditors. By naming a trusted individual as the trustee and yourself as the beneficiary of the trust, you can ensure your assets remain safe from creditors while still being able to reclaim them at a later date.

Another potential strategy involves an LLC. If you are a business owner, you can either form an LLC or transfer assets into an existing LLC. This can potentially shield certain assets from creditors if you adhere to specific laws regarding the co-mingling of personal and business assets.

A TIST is another effective strategy. TIST stands for Tennessee Investment Services Trust. This is a special type of trust unique to the state of Tennessee. TISTs were created in 2007 precisely to allow private citizens to protect their assets from creditors. A TIST is a type of trust called an irrevocable trust. This means that once you place assets into it, you cannot access them for a specific period of time. Once you place assets into a TIST, they remain off-limits for two years until they become untouchable.

These are only a few potential asset protection strategies. Not every approach is right for every individual. There are countless more options available based on your specific circumstances.  J. Anthony Bradley can review your finances and potential concerns and help develop a strategy based on your needs.

What Should I Do if I Want to Protect My Assets in Tennessee?

No matter how much money you have, it’s worth protecting. That’s why if you or a loved one wants to protect your assets in Tennessee, you must call J. Anthony Bradley at The Bradley Law Firm, PLLC. J. Anthony Bradley has an extensive background in both financial law and finance, including being a (currently inactive) CPA. His vast experience with and background in asset protection make him an ideal candidate to serve you and your family’s legal needs.

You worked hard to earn what’s yours. Why take risks with it? If you or a loved one needs to protect your assets, contact Bradley Law Firm, PLLC today at 901-441-8215 to schedule your consultation.