Asset Protection Lawyers in Manhasset NY, Helping You Safeguard Everything You’ve Worked For
The majority of people who save for retirement get started in their 20s or 30s. This allows plenty of time to build a nest egg, but even those who start saving later can accrue a significant amount of assets. Unfortunately, what you’ve earned isn’t always safe. We all face rising costs as we get older, and this is often at a time when we have less income pouring in. Fortunately, an asset protection lawyer in Manhasset, NY may be able to help.
At Marchese & Maynard, LLP, we’ve seen what rising healthcare costs and other expenditures can do to even the most responsible economic stewards. A single accident, lawsuit, unexpected illness, and other unforeseen occurrences can quickly deplete everything you’ve worked hard for. Our law firm is dedicated to ensuring that doesn’t happen to our clients. Contact us today for a free consultation. We’ll help you understand all your asset protection options.
Is Asset Protection Really That Important?
Many people fail to realize just how important asset protection can be. Perhaps they don’t think they’ve earned enough to need legal assistance over time. There are also those who have earned so much that they don’t believe their overall financial future could be in jeopardy. Unfortunately, individuals in both of these situations often realize too late that they’re wrong. For instance, let’s take a look at medical expenses.
Once a person reaches the age of 65, their annual medical expenses will climb to more than $11,000. Even if this person only lived to the age of 75, they’d spend well over $100,000 just in healthcare costs. This doesn’t even account for potential accidents or serious diseases. Medicaid is available to cover these costs, but you won’t be eligible if you exceed certain financial thresholds. Fortunately, it’s possible to restructure your assets so that you become eligible.
This is just one of the many things an asset protection lawyer in Manhasset, NY can assist with.
What Are Common Asset Protection Strategies?
The best strategies for asset protection will depend on your unique situation. For instance, if you’re hoping to protect your assets from a potential professional lawsuit, creating a Limited Liability Corporation (LLC) would prove useful. However, our Manhasset, NY elder law attorneys more often work with people who are concerned with what rising costs, healthcare expenditures, and unexpected events can do to their savings.
In most of these instances, creating a trust is a solid strategy. You can make a trust within your will or create it entirely separately. Doing so will take assets out of your possession as far as the government is concerned, so they typically won’t be countable for Medicaid eligibility and unexpected costs you may encounter. There are also powers of attorney, property transfers, and various other ways to safeguard your assets.
Our Manhasset, NY asset protection lawyers can help you determine what works best in your situation. Contact us today.
How Will New York Laws Affect Your Strategy?
New York law will have a significant effect on your asset protection strategy. This is obviously true for those who create LLCs to protect personal finances from business debts, but state law also heavily influences how aging individuals can protect what they’ve earned. For instance, New York recognizes spousal refusal. This means it’s possible to transfer properties to your spouse so they’re not counted toward Medicaid eligibility. This simplifies asset protection in many ways.
It’s also important to recognize that asset protection strategies are often intertwined with estate planning. For instance, much of the money and properties that people leave behind when they die are exposed to taxes and creditors. Utilizing trusts and other strategies can reduce this exposure, so New York estate administration law is often heavily involved. Fortunately, an asset protection lawyer in Manhasset, NY can help you understand these nuances.
Contact An Asset Protection Lawyer in Manhasset, NY Today
In a perfect world, we’d all be able to get older and do nothing but relax on a Long Island beach somewhere. Unfortunately, things aren’t always this simple. Even if everything goes right in your life, the cost of living relative to income increases dramatically as we age. It’s essential that you take steps now to protect what you’ve earned. Otherwise, you may find that everything you’ve worked for can disappear quickly.
At Marchese & Maynard, LLP, we’ve spent years serving the people of Long Island and New York. We know just how quickly a nest egg can turn into debt, and it’s our goal to ensure our clients don't face such an outcome. Things can get expensive as we age, but state and federal laws are on your side if you know how to navigate them. Contact us today by calling 516-869-1111 to schedule a free consultation. Our asset protection lawyers in Manhasset, NY are ready to help.
