Personal Assets With Examples In Georgia
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Unless you take steps to protect them, most assets are not protected in a lawsuit. One of the few exceptions to this is your employer-sponsored IRA, 401(k), or another retirement account. At Bratton Estate and Elder Care Attorneys, our lawyers recommend putting an asset protection plan in place before you need it.
Georgia generally provides unlimited protection to pensions, including Georgia 401(k)s and for Georgia Self-Directed IRAs and Georgia Roth IRAs, as long as the funds remain within the retirement plans.
Make Use of Exemptions: Certain assets are exempt from creditors in Georgia, such as your primary residence (up to a certain value) and retirement accounts. Proper planning can ensure the protection of these assets.
Personal property in the State of Georgia is generally defined as any movable property; that is, property that is not permanently affixed to and part of real estate.
Establishing Retirement Accounts: Retirement accounts, such as Individual Retirement Accounts (IRAs) and 401(k)s, offer not only tax advantages but also asset protection benefits. In Georgia, these accounts are generally protected from creditors, making them a valuable tool for shielding your assets.
The home and cars are the most common pieces of marital property. But 401(k) contributions, gifts that were made between the spouses, and other debts and assets also count.
If a creditor files a lawsuit against you and wins a judgment, they can seize quite a few assets. They can garnish your wages, levy your bank account, and even go after your personal property. This includes everything from cars and furniture to clothing and household goods.
All property in Georgia is taxed at an assessment rate of 40% of its full market value. Exemptions, such as a homestead exemption, reduce the taxable value of your property. Let's say this homeowner has a standard homestead exemption of $2,000. The taxable value is then multiplied by the millage rate.
Georgia exempts a property owner from paying property tax on: Items of personal property used in the home if not held for sale, rental, or other commercial use. All tools and implements of trade of manual laborers in an amount not to exceed $2,500 in actual value.