You work hard in life, and you accumulate specific assets as a result. Perhaps you have a home, a business, jewels, or other liquid assets you’ve acquired over the years. These assets are important to you and your family, and they’re invaluable in your mind. That’s why an NYC asset protection lawyer might be your best option if you want to protect what you own from creditors whether they are personal or business assets. If you owe money to anyone and worry you might not be able to repay your debts, it’s time to protect your assets.
Asset Protection Laws in New York
There are specific laws that differ from state to state, and New York laws are no exception to this rule. There are certain aspects of the law protecting specific assets you might have without using an asset protection lawyer to help. All real estate with a value of $75,000 to $150,000 is protected against creditors. Animals, clothing, and books are protected. If you have rings or a watch worth up to $1,000, they are also protected.
Who Can Sue Me and Put My Assets At Risk?
Now that you know certain items are protected in case of a lawsuit, you need to know who can sue you and put your assets at risk.
– Your spouse
– Consumer debts
– Business partners
– Business associates
– Victims of a car accident
– Victims of an accident in your home
– Medicaid for nursing home costs
– Corporate officers or directors
– Shareholders of your business
– Customers of your business
The list is long, and that’s why you must call an asset protection lawyer to ensure your assets are protected. There are certain steps your attorney can take to help you protect what’s yours in the event someone decides to sue. You must know what this protection looks like.
How to Protect Your Assets
Asset protection lawyers work hard to ensure your assets are protected in the event someone decides to one day file a lawsuit against you. They work to protect your assets in the event your spouse decides to leave you and sue you for half of what is yours. They also work to prepare you by going over your assets and figuring out how you will pay for your nursing home expenses and allocating for that. Long-term care costs are figured so you don’t worry about a potential future lawsuit.
Additionally, your asset protection lawyer helps you avoid excess taxation on your assets with different legal methods of protection. Finally, your asset protection attorney is going to create a trust and an estate so that your assets cannot be legally taken to court in case something happens and a creditor comes after you. This also protects your children and grandchildren who might inherit your assets upon your death.
– Wills and trusts
– Special needs trusts
– Asset protection trusts
– Medicaid planning
– Elder law planning
– Revocable and irrevocable trusts
These are examples of what your asset protection attorney will do for you to help you in the event something like this should happen. You have the right to protect yourself. You have the right to hire an attorney to help protect you.
Should I Hire An Attorney?
You might not know the answer to this question right now, and that’s all right. There is no wrong time to protect yourself. You know how you work and live, but you never know if someone else is a person who likes to take advantage of those they perceive is doing well in life. You want to protect yourself against fraudulent lawsuits with this type of protection. It’s what makes your life easier and more enjoyable, and it’s how you can protect what you own as well as your family in the event the worst occurs.