As an increasing number of people seek to protect their assets from potential lawsuits, the need for asset protection planning has never been greater. Asset protection planning is the process of structuring one’s affairs in order to minimize the risk of losing assets to creditors. There are a variety of techniques that can be used in asset protection planning, including the use of trusts, LLCs, and other entities. While no single strategy is perfect, a well-designed asset protection plan can go a long way towards protecting one’s assets from creditors. With the help of an experienced asset protection attorney, individuals can develop a plan that meets their specific needs and provides them with peace of mind.
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Elder law attorneys in the nassau and suffolk county area are specialists in the needs of seniors and elders with regard to estate planning | asset protection | medicaid planning and family law in the state of new york.
Our new york elder law attorneys understand the complex issues of long-term care in new york and can use our experience in elder law to help you or a loved one plan for long-term care without depleting your income and assets in your golden years.
Has served clients in areas including long island | new york city | manhattan | queens | brooklyn | bronx | white plains | mineola | hempstead | levittown | massapequa | bethpage | syosset | oyster bay | glen cove | port washington | manhasset | great neck | woodmere | valley stream | elmont | floral park | flushing | kew gardens and forest hills | new hyde park | east meadow | plainview | merrick | westbury | long beach | oceanside | franklin square | huntington and rockville center.
Suffolk county bar association | nassau county bar association | new york state bar association | suffolk county matrimonial committee | nassau county matrimonial committee | suffolk county criminal.
Almost all elder law attorneys practice estate planning but most estate planning attorneys do not practice elder law.
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New york city including manhattan | the bronx | brooklyn | queens | staten island | nassau county | suffolk county | and westchester county. We provide free consultations for revocable and irrevocable living trusts | medicaid asset protection trusts | medicaid applications | special needs trusts | probate | estate administration | estate tax planning and all other areas of elder law estate planning. Powers of attorney | living wills | living trusts | life estates | health care proxies | estates | guardianships | probate | estate litigation | special needs planning | personal injury | medical malpractice | elder abuse | bed sores cases | nursing home accidents | and real estate closings in melville | new york | suffolk county. The long island-based law firm serves clients throughout suffolk county and nassau county | including smithtown | huntington | brookhaven | babylon | bayshore | islip | amityville | bayport | bellport | blue point | bohemia | brentwood | center moriches | centereach | centerport | central islip | cold spring harbor | commack | copiague | coram | deer park | east northport | east setauket | farmingdale | farmingville | greenlawn | hauppauge | holbrook | holtsville | huntington station | islandia | kings park | lake grove | lake ronkonkoma | lindenhurst | manorville | mastic | mastic beach | medford | melville | middle island | mt. Estate planning | elder law | medicaid and estate law can be daunting and confusing to the general public | those who work in the health care field and even attorneys who do not truly practice in this specific area. New york lawyers team offers families in the metro new york area an throughout the state the extensive experience and skill of lawyers who are regionally and nationally recognized in eldercare planning and advocacy. The law firm provides legal help in suffolk county with estate planning and other elder law matters. In these unprecedented times | our dedicated attorneys and staff continue to diligently provide skilled and knowledgeable legal representation in the areas of elder law | estate planning | medicaid planning and eligibility for home care | assisted living | and nursing home care | trusts and estates | probate and estate administration | and real estate. While many estate planning firms focus exclusively on wills and trusts and give little consideration to elder law or estate tax issues | our team of skilled attorneys takes a comprehensive approach to estate planning | estate tax | elder law and estate litigation matters.
We represent clients in suffolk county | nassau county and the new york city area with offices in northport | suffolk county and uniondale | nassau county. However | because of the complex asset protection | promissory note and federal and state medicaid laws and regulations | estate planning attorneys do not get involved in elder law. If you have visited our site because you need a nassau county elder law attorney dealing with any of the areas of law in which we practice | you will see at once that you need look no further. Our new york elder law attorneys can provide proper elder law legal assistance for you or your loved ones.
Focuses on elder law | medicaid law | long-term care cost planning | trust formation | estate administration | senior medical crisis management and asset preservation. With significant practical experience and a long history of client satisfaction | our lawyers can assist you with a wide-ranging array of legal matters relating to elder law | long-term care planning | estate planning and estate administration matters.
How To Design an Asset Protection Plan?
Asset protection planning is a complex area of the law, and there are a number of factors to consider when designing a plan. One of the most important considerations is the type of assets that need to be protected. For example, retirement accounts and life insurance policies are typically exempt from creditors’ claims, so there may be no need to take special steps to protect these assets. Other assets, such as real estate and investment accounts, may be more vulnerable to creditors’ claims. Another important consideration is the jurisdiction in which the asset protection plan will be implemented. Different jurisdictions have different laws governing asset protection planning, and it is important to choose a jurisdiction that is favorable to the plan.
Why Use of Trusts for Asset Protection?
Once the goals of the asset protection plan have been identified, the next step is to choose the right strategies for implementing the plan. The use of trusts is a common asset protection strategy. There are many different types of trusts, and the choice of trust will depend on the specific goals of the plan. For example, an irrevocable trust can be used to protect assets from creditors, but it cannot be changed once it is created. A revocable trust, on the other hand, can be amended or revoked at any time, which makes it a more flexible tool for asset protection. Another common type of trust is a spendthrift trust, which can be used to protect assets from creditors and also to prevent the beneficiaries from squandering the trust fund. Trusts can also be used for tax planning purposes. For instance, a grantor retained annuity trust (GRAT) can be used to minimize estate taxes. The use of trusts is a flexible and powerful tool for asset protection, and the right trust can be customized to meet the specific needs of any asset protection plan.
When To Use of LLCs for Asset Protection?
An LLC, or limited liability company, is a popular asset protection strategy for individuals and businesses alike. An LLC offers its members liability protection from the debts and obligations of the LLC. This means that if the LLC is sued, the members’ personal assets are protected. Additionally, LLCs can be used to hold assets such as real estate, investment accounts, and businesses. One of the benefits of using an LLC for asset protection is that the LLC can be structured to allow for the transfer of assets to family members or other beneficiaries without triggering a taxable event. This makes the LLC an attractive option for those looking to minimize their tax liability.
When Do We Recommend Asset Protection for Families?
Most families have a certain amount of assets that they have acquired over the years. These assets could be in the form of property, investments, or even just savings. No matter what form they take, it is important to protect these assets from potential risks. One of the best ways to do this is to create a family trust. A family trust is a legal arrangement in which a trustee holds and manages property for the benefit of the beneficiaries. This can help to shield assets from creditors, lawsuits, and even taxation. The settlor of the trust can also control how and when the assets are distributed. As a result, a family trust can be an essential tool for asset protection.
Another way to protect assets is to purchase insurance. Insurance can provide protection against a number of risks, such as fire, theft, and liability. Many policies also offer coverage for accidental damage or death. By insuring valuable assets, families can help to ensure that they are compensated in the event of loss.
There are a variety of other strategies that families can use to protect their assets. However, these two methods are some of the most effective. By implementing them, families can help to safeguard their hard-earned belongings.
Do You Need an expert?
(888) 851-2272. With over 20 years of experience, she knows how to help you safeguard your hard-earned money. Whether you’re looking to create a trust, set up a will, or simply get your finances in order, Lisa can help. She’ll work with you to understand your unique situation and develop a plan that fits your needs. So don’t wait another day to get started on protecting your assets. Call Lisa Singer today at (888) 851-2272.