NY Asset Protection
People are increasingly using the legal system to unjustly deprive others of their life’s work. Millions of new lawsuits are filed in the United States every year, many of which are frivolous or settled for sums greater than the actual liability.
Business owners, professionals such as doctors, dentists, lawyers, accountants, and property owners in particular should be aware of the risks associated with conducting their business, practicing in their respective fields, and taking responsibility for others.
Without a massive overhaul of our legal system, the risk and potential liability are not going to decline. In fact, it has steadily increased over the past few decades.
Assets can be at risk due to a number of vulnerabilities, including:
Our law firm has a team of New York asset protection lawyers who assists professionals, small business owners, property owners, and other clients in establishing proven, legally sound asset protection strategies to safeguard assets against potential litigation, judgments, liens, and fraud.
Insurance alone does not always adequately protect against all of these threats. We help clients create a comprehensive plan for asset protection and help them preserve their wealth using a variety of strategies including the use of special trusts, business entities, and other legal arrangements.
At New York Legacy Lawyers, estate planning attorney Yana Feldman and our team of New York asset protection lawyers understand the importance of proper estate planning in New York. We know that accumulating assets over the years involves hard work. We want to help you protect your assets for the future of your loved ones. Contact us today to schedule a consultation and to learn more about estate planning in New York.
Our firm has experience in assisting clients with the arrangement of their finances, real property, and other assets in a manner that minimizes their exposure to potential creditors. We are well-versed in establishing trusts, determining insurance needs, creating estate plans, and organizing investments and business entities so that our clients are able to enjoy the highest level of confidence in terms of the security of their accumulated assets.
A creditor who initiates litigation against a person who has placed his or her assets into a trust, a foundation, or another entity may find that there are very few collectible assets actually owned by the person they wish to sue. Assets owned by a properly structured trust, foundation, or other entity are generally not subject to claims against their beneficiaries. In addition, placing assets into an asset protection entity may have the additional benefit of removing those assets from a person’s taxable estate.
We know how to evaluate current client holdings and work with our clients to identify the best ways to legally protect those holdings from a variety of creditors, such as civil suits involving negligence or malpractice.
Our firm has a solid working knowledge of:
The exact strategies employed by our firm when it comes to estate planning and asset protection may vary depending on the client, the nature of the assets, the country of origin, and the tax regulations that apply to those assets. The ultimate goal is to effectively protect assets in a manner that is effective, legal, and ethical.
Our team of New York City estate planning attorneys at New York Legacy Lawyers have years of experience helping clients explore avenues that can help them protect their assets from creditors.
Contact us today at (718) 713-8080 to learn more about asset protection and estate planning.
The family court system in New York recognizes two kinds of marital agreements: prenuptial agreements and postnuptial agreements. Prenuptial agreements are signed before a couple is married, whereas a postnuptial agreement would be signed after. Both serve the same purpose, so it is never too late to secure the financial protection you may need in the event of a divorce. We often work together with matrimonial or divorce attorneys to ensure that the proper considerations have been made to protect both partner’s assets and minimize future stress, conflict and uncertaintly.
Common reasons for considering a marital agreement include:
Discuss your options with an estate planning lawyer at New York Legacy Lawyers today to learn more. If you’re ready to speak with an estate planning attorney, do not wait to contact our firm. During your initial consultation, we can help you understand your legal options and rights in asset protection planning, so you can have peace of mind regarding your assets in case of divorce.
Often, it is recommended for those who own a business to operate them through a legal entity such as a limited liability company or LLC. If properly structured and when the appropriate formalities are followed, these entities can protect your personal assets from business-related liabilities. A plaintiff would not be able to reach assets that are not related to the business in case the business owner is sued for an action related to their business activity.
This situation is especially true for those who own an investment property that they rent out. Many people who own rental real estate properties often don’t realize they are running a business. Slipping on an icy sidewalk, or on a broken staircase can lead to a claim worth millions of dollars. By purchasing the property through an LLC or transferring the ownership of the property to an LLC, the business owner may be able to protect their family from the aforementioned scenarios. However, it is important to get approval from the lender to transfer a property into an LLC if the property is mortgaged. It is also important to check if the transfer will result in state real estate transfer taxes.
Speaking to an experienced asset protection lawyer may help you understand how these legal entities can help with your plans for asset protection. Contact New York Legacy Lawyers today to schedule a consultation about estate planning and asset protection in New York.
A good asset protection strategy takes advantage of all the legal options available to protect your wealth. An asset protection lawyer can help you create a plan for asset protection that is legally valid and effective.
With an NYC asset protection attorney, you can:
You should consult an asset protection lawyer before you face any threats to your assets. After you have had an accident or been served with legal papers, or even once you have actual knowledge of the circumstances that may lead to a legal claim, it is probably too late to begin asset protection efforts.
Asset protection is one of the most complex areas of law in New York. One mistake could render your entire strategy for asset protection invalid and unenforceable. An experienced NY asset protection lawyer is needed to make sure that your assets are protected from creditors and litigants under New York law.
At New York Legacy Lawyers, our team of attorneys for asset protection has years of experience in helping clients plan their futures. We can help you understand the complexities of asset protection planning or estate planning and help you choose the right options. Our New York estate planning attorneys are ready to help. Contact us today to schedule a consultation about asset protection.
It is best to begin asset protection planning before any problems occur. For example, if you are a doctor, it is important to make sure you have everything in order before you take on high-risk patients who could potentially sue you. This applies to almost every profession and line of work. If your assets are at stake, whether it’s because of a lawsuit or another reason, you would want to make sure that you have legal structures to protect them. This is why it is important to have an asset protection plan in place before anything happens.
At New York Legacy Lawyers, we understand the importance of creating an asset protection plan to ensure that your future is protected. Our team of New York attorneys may be able to help you create a plan that would protect your assets for the future of your loved ones. Contact us today to schedule a consultation.
You have worked so hard to accumulate the assets you have now. Protecting these assets for your and your loved ones’ futures is very important. Speaking to an experienced NYC asset protection lawyer may help you identify legal strategies and tactics that can protect you against future lawsuits or claims from creditors.
Do not wait to protect your assets. Contact New York Legacy Lawyers today to schedule a consultation with a top-rated NY asset protection lawyer.