Over the course of a lifetime, individuals often accumulate substantial assets. These include real estate, vehicles, bank accounts, investments, and retirement funds. These valuables can be vulnerable to many threats that can arise at any time. A business lawsuit, a liability claim from an accident, a lawsuit from a creditor, or even the death of a loved one are just some of the potential risks. A skilled New York asset protection lawyer can evaluate and protect your assets against these potential threats, ensuring that your wealth is secured.
Our legal team will work with you to create a customized asset protection plan that is specific to your individual needs and circumstances. The goal of an asset protection lawyer is to shield you and your family’s hard-earned wealth from those who would seek to take it away, providing peace of mind and security.
The most popular and effective strategy is to establish an irrevocable trust. With the guidance of an asset protection lawyer, the creator agrees to relinquish control of the assets included in it. The trustee then manages the trust and its assets. Upon your death, the trustee distributes these assets to beneficiaries according to your wishes. This type of trust is designed to protect the assets from creditors and estranged spouses during your lifetime and after you pass away.
Other strategies involve creating a limited liability company (LLC) or limited partnership (LP). An asset protection lawyer can help set up these structures to wall off your personal assets from the assets of the business, protecting them from lawsuits and other liabilities stemming from your business activities. They can also assist in establishing private foundations and trusts that offer protection from creditors, taxation, and other issues that can impact your finances.
Our lawyers have extensive experience assisting clients with asset protection. They work to understand your goals and use their knowledge of New York laws and federal regulations to develop a unique legal strategy for protecting your assets. An asset protection lawyer can help you avoid future headaches and stress from legal threats that can affect your financial stability and peace of mind.
An additional benefit of protecting your assets with the help of an asset protection attorney is the sense of security it provides for you and your loved ones, especially for entrepreneurs and small business owners who face significant risks daily. Having an asset protection attorney in place can give you the confidence that your hard-earned investments are secure, allowing you to focus on your business and future goals. Contact us today to get started with a qualified attorney who can ensure your plans comply with existing and evolving New York laws.
Many people have spent their whole lives building up wealth and amassing property, and one unfortunate lawsuit could potentially destroy everything they’ve worked so hard to build. That’s why it is important for individuals to seek preemptive measures in order to protect their assets. An asset protection lawyer can help individuals understand their various options for safeguarding their wealth against claims from litigants and creditors.
New York has very high estate taxes, and that’s why it is crucial for individuals to take steps to ensure that they don’t pass along too much to their loved ones when they die. An asset protection lawyer can guide you in creating a comprehensive estate plan that includes a Last Will and Testament, trusts, and other estate planning tools to help mitigate the risk of high taxation. A trust, for example, can be an excellent way to reduce estate taxes, avoid probate, and dictate that your properties go to specific recipients upon your death.
In addition, a trust can also protect your assets against creditor claims. The trust structure itself determines the level of protection, but an asset protection lawyer can also advise on other ways to enhance your protective status. For example, revocable trusts and self-settled irrevocable trusts do not offer protection from creditors, but a domestic asset protection trust (DAPT) and non-DAPT irrevocable trusts can offer protection from creditor claims.
Another important consideration is insurance. An asset protection lawyer can guide you in protecting your personal assets from speculative or unanticipated claims by acquiring various types of insurance coverage, such as umbrella plans, errors and omissions insurance, professional liability insurance, and cyber liability insurance.
For individuals of all ages seeking comprehensive estate planning and asset protection advice, consulting with an experienced asset protection lawyer is essential. They have an in-depth understanding of the state laws and regulations surrounding asset protection, elder law, and real estate and can help you preserve your wealth and pass it down to your heirs with minimal taxes and delays.
You work hard to build your assets, and you want to pass them on to the next generation in a secure manner. Unfortunately, this can be difficult in a litigious society. An accident at work, a family feud, or a lawsuit can quickly devastate your estate. Asset protection planning takes proactive measures to safeguard your hard-earned wealth. An asset protection lawyer can help you put the right legal mechanisms in place to protect your property from creditors and other risks.
Our lawyers understand how important your estate is to you and your loved ones. We use our extensive knowledge of New York law to develop effective strategies that preserve your assets throughout retirement and beyond. An asset protection lawyer is key in ensuring that your estate is safeguarded against unforeseen threats.
Our approach is not to conceal your assets or engage in illegal transfers, fraudulent transfer, or tax evasion. Instead, we work with our clients to identify all possible options for protecting their assets and utilize those solutions that will best suit their needs. An asset protection lawyer can draw on their backgrounds in family law, taxation, and trusts and estates to provide the full range of services that our clients need.
The first step is to evaluate your current situation and determine which assets are at risk. An asset protection lawyer can review your estate, including real property, investments, personal possessions, life insurance policies, and other investments. They can also examine your current debts and legal liability, helping you transfer your valuables to a protected trust or structure, putting the asset outside the reach of future creditors or litigants.
Depending on your circumstances, we can create an estate plan that includes spendthrift trusts, domestic asset protection trusts (DAPTs), and dynasty trusts. These trusts, established with the guidance of an asset protection lawyer, can be used to protect your assets from a variety of issues, including divorce, lawsuits, and creditor claims.
In addition to protecting your assets from others, an asset protection strategy can help you qualify for Medicaid benefits if you require long-term care. An asset protection lawyer is often sought to establish a Medicaid Asset Protection Trust.
Our firm is well-versed in New York state laws regarding these trusts, as well as federal laws related to the protection of assets. An asset protection lawyer can help you understand the benefits and limitations of these trusts, enabling you to make an informed decision about which one is right for you.
It is important to contact an asset protection lawyer as early as possible. Once your assets are targeted by a creditor or other claimant, it may be too late to take action. That is why we recommend speaking to a lawyer soon after accumulating significant wealth, as they can help you protect your assets from predators and creditors during your lifetime as well as when you pass them on to the next generation.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St #301, Brooklyn, NY 11232, United States
(718) 713-8080