Asset Protection Lawyers in NYC, Helping Clients Keep More of What They Worked Hard For
There comes the point in everyone’s life when they start thinking about saving for the future. This can include having money in the bank, real estate ownership and many other assets to simplify life now and for years to come. Unfortunately, the hard-earned assets you’ve accumulated over the years will not always be safe. From lawsuits to healthcare costs, there are numerous issues that could come out of nowhere and deplete everything you’ve worked for during your life. Fortunately, there are ways of safeguarding your money and properties. An asset protection lawyer in NYC can help you plan ahead and safeguard what’s yours.
At Marchese & Maynard, LLP, our experienced team of attorneys has spent years helping citizens of the five boroughs protect their assets. This could include anything from transferring a single property to creating a comprehensive estate plan. The specific needs of any individual can vary based on their unique situation, but the one thing that remains consistent is that our legal team is here to help. We understand the necessary tools to avoid excess taxation, protect your assets from high healthcare costs, safeguard your beneficiaries’ inheritances, and more. Contact us today to schedule a free consultation and learn more about how we can assist.
Just How Important Is Asset Protection?
When people first sit down for a consultation with an NYC asset protection attorney, their questions often focus on whether they even need help. After all, more than two-thirds of Americans don’t even have an estate plan. This may lead you to believe that there are mechanisms in place that prevent unexpected costs from eating away at your assets. Unfortunately, this isn’t the case. Without a comprehensive asset protection strategy, you could see everything you’ve worked for disappear. This sometimes happens due to legal claims made against an individual — particularly since certain lawsuits have increased over the years — but even something as expected as healthcare costs can prove disastrous.
For instance, did you know that healthcare costs for those over the age of 65 are more than $11,000 per year? Even worse, this is just an average. You could face even higher expenses due to chronic conditions, nursing home costs, and other expenditures. In many cases, Medicaid will take the brunt of these costs, but that’s only if you qualify. In New York, you typically won’t qualify if you earn more than $11,200 in a year. There are also asset limits that can prevent you from qualifying. This means that the healthcare costs you face could eat every last dime of what you’ve worked for. This is just one of the many reasons you should speak with an NYC asset protection lawyer.
Future creditors, estate taxes, potential litigation, and countless other pitfalls await your estate. In many cases, having more assets puts you at a higher risk of losing them. Don’t let healthcare or legal complications derail your plans. Contact Marchese & Maynard, LLP, today to schedule a free initial consultation.
What Are the Important Aspects of Asset Protection Planning?
There are a variety of asset protection tools available, and depending on your situation, using several may be in your best interest. One of the most popular ways to protect your assets is through the use of trusts. Asset protection trusts designate a specific use for your money and properties. There are various types of trusts available, but they all qualify as either revocable trusts or irrevocable trusts. The former can be modified or canceled at any point during the life of the person who created the trust (i.e., the grantor). Conversely, an irrevocable trust cannot be modified in any way. However, it does offer added tax advantages.
Here are just a few of your trust options and how they work:
- Testamentary trust: This is a trust that’s included in your will. It will not take effect until after your passing.
- Charitable trust: If you’re interested in charitable giving, this trust can provide tax benefits and generate income for you while you’re alive.
- Special needs trust: You can protect the financial support of a mentally or physically disabled person through this trust type.
- Insurance trusts: The only asset held in an insurance trust is an insurance policy. This can help avoid estate taxes on death benefits.
This may seem like an extensive list, but it’s just the tip of the iceberg. An NYC asset protection attorney can give you a better idea of the many trust options available in our state. More importantly, they can help you understand which types are best for your unique situation. Of course, trusts are far from the only asset protection structures available for use. Property transfers, spousal agreements, and many other different legal methods can help shield assets from a variety of risks. Let the law firm of Marchese & Maynard, LLP, help you decide which strategies best meet your goals while caring for you and your loved ones.
What Are Other Important Parts of an Estate Plan?
Typically, an asset protection attorney does more than just shield income and property from certain dangers. They also help handle other estate planning needs. For instance, do you know what happens to your bank and retirement accounts once you pass on? Do you know which assets will go through probate — and which can go directly to a beneficiary? And although no one likes to think about it, what if something happens that prevents you from making important medical decisions on your own? These are all important parts of an estate plan, and in many ways, there’s much overlap with asset protection planning.
For instance, a charitable trust helps generate income for you, avoid estate taxes, and dictate that your assets go to a specific recipient once you’ve passed. Similarly, a domestic asset protection trust (DAPT) allows the trustee to use assets to benefit the grantor. This can protect your assets from future lawsuits while still having access to properties. However, New York doesn’t allow protection from creditors in this manner. If you take the appropriate legal approach, though, you can create such a trust under other states’ laws. You should discuss all these issues with NYC estate planning attorneys to better understand your options.
And while you’re at it, don’t be afraid to seek out information on wills, conservatorship, power of attorney, and other important estate planning necessities.
What Are the Asset Protection Laws in NYC?
When deciding on an asset protection structure, it’s important to understand the laws that apply. However, there isn’t just a single statute that dictates this area of the law. The underlying legal requirements of your situation will vary based on your specific needs. For instance, if your asset protection planning focuses on safeguarding properties during a potential divorce, you’ll need to learn more about community property laws in New York. Conversely, business owners worried about protecting their companies from creditors or litigation will need to concern themselves with corporate law in the state.
There are even a variety of statutes involved if your main consideration only involves asset protection as you get older. For instance, marital law will play a role if you’re trying to transfer assets as a form of Medicaid planning. Fortunately, New York allows spousal refusal — which means you can transfer properties to your spouse so that they’re not counted toward your income for Medicaid eligibility. The moral of the story here is that asset protection is an in-depth and complex area of law. That’s why speaking with an NYC asset protection lawyer will likely always be in your best interest.
Contact an Asset Protection Lawyer in NYC Today
During our younger years, few of us realized just how many potential risks exist when it comes to our accrued assets. You could spend decades working diligently and spending wisely, but it only takes one hurdle to destroy what you’ve earned. Fortunately, there are a variety of wealth preservation strategies that can help avoid losses of this kind. Asset protection planning is an integral part of any estate plan, and even if you’re not making end-of-life plans just yet, this task is something every responsible adult should undertake. You never know what tomorrow may bring, so make your plans today.
At Marchese & Maynard, LLP, our experienced asset protection attorneys work hard to safeguard everything our clients have worked for. While we all have increased expenditures as we get older, there’s no reason this should heighten your overall risk of losing money and properties. You can protect your assets through a variety of legal structures, and this can ensure you’re cared for in the coming years and that your beneficiaries get what they deserve. Contact us today by calling 646-362-8600 to schedule your free consultation. With the help of our asset protection lawyers in NYC, you can focus more on enjoying life than worrying about the future.