As you get older, there are many things you’d likely think about.
- How do you ensure that the maximum value of your assets get to your loved ones without getting diminished by estate taxes?
- What about your creditors? What if you don’t have enough to pay them off while still leaving much for your loved ones?
- What if a lawsuit is filed against you? Then those funds you’ve kept away for that grandchild may be used to settle your legal issues.
- And how do you keep your bank account safe from getting eaten up by healthcare and nursing home costs when you get old?
All of these are worries elderly people face in Long Island and throughout the United States. But the good news is that you can get peace of mind through Asset Protection.
What is Asset Protection?
Asset protection is the legal process of safeguarding your assets against any person or entity that may have a claim against it, such as creditors, litigants, estate tax, and probate, thus enabling the full value of your estate to pass to your loved ones.
The above is the core focus of a Long Island asset protection attorney. At our law firm, we have highly knowledgeable and experienced asset protection lawyers who examine all your assets, creditors, and applicable taxes among others to assess the risk your estate faces as regards future claims. Through this assessment, your attorney will then arrive at a strategy with which to structure your asset protection plan.
An asset protection lawyer Long Island is basically concerned with protecting you and your assets from getting lost through financial obligations. An experienced estate planner lawyer knowledgeable in Long Island asset protection can also help you prepare an estate plan that minimizes the risks that your assets would be lost due to future lawsuits against you or your estate.
Who can sue you and put your assets at risk?
- As a shareholder, you can be sued by other shareholders in the business.
- As a business owner, You can be sued by your customer
- Victims of an accident can sue you as the at-fault party
- As a corporate officer, you can be held liable for liabilities of the company even when it’s incorporated
- You can be sued by your spouse or former spouse
- You can be sued for traditional debts and unpaid loans
- Medicaid can sue you for nursing home costs
Note that this list is not exhaustive. and that’s why you need to call an asset protection lawyer as soon as possible to assess your risks and take the necessary steps to protect you.
How does my attorney help me achieve asset protection?
There are several ways your Asset protection lawyer can help you achieve asset protection in Long Island. The most effective is creation of an irrevocable trust.
· Irrevocable trust
An irrevocable trust is a type of trust that cannot be revoked or altered by the trust creator (grantor).
Trusts are typically used for asset transfer. Any asset funded into a trust will be transferred directly to the named beneficiary outside of probate. So already, you are protecting your assets from probate costs. But the irrevocable trust does more.
When funding assets into an irrevocable trust, you are retitling those assets into the name of the trust, i.e., the trust becomes the owner. You cannot use such assets anymore for your benefit until death, and neither can you remove them from the trust without consent from other parties involved. Those assets have therefore gone beyond your reach and ownership and cannot be counted as available resources for debt, tax, or Medicaid.
You may therefore qualify for Medicaid benefits.
Since these assets will be beyond your reach, your attorney will advise you on what assets to fund into the trust.
· Insurance policies
Liability coverage offers you protection against financial loss because your insurer will pay on your behalf in the event of a lawsuit.
· Strategic investments such as IRAs
Your attorney can also help you keep your wealth in special accounts such as IRAs, accounts that are specially protected from certain losses.
Reasons why you need to hire an asset protection lawyer Long Island
- Your assets are protected from creditors and lawsuits against you.
- An asset protection lawyer can help you qualify for Medicaid.
- You get peace of mind that all you want for your loved ones goes to them.
Get peace of mind by speaking to an experienced Long Island asset protection lawyer near you. Call us today.