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Why Do I Need Asset Protection?

If you have assets, you need asset protection, especially as part of your estate plan. Even if you do not have any significant debts, you never know when a claim against your assets may arise. The best time to protect your assets is before a claim emerges.

In many cases, you can also do your asset protection planning as part of your estate planning. Based in Jericho, NY, the Adler Law offers estate planning and asset protection services throughout New York.

Your Assets Are Vulnerable

From creditors to the federal government, there are many parties that can come after your hard-earned assets. According to the American Bar Association (ABA), very wealthy individuals can become targets for creditors due to their net worth, and high-risk occupations – like doctors and real estate developers – often need asset protection in the event of a lawsuit.

Assets can also become an issue when you get married, and some people use asset protection as an alternative to a prenuptial agreement (prenup).

Unfortunately, your assets will become even more vulnerable once you pass away. Even if you have an estate plan in place, creditors may contest your final wishes and come after the assets you leave to your loved ones. Adding asset protection to your estate plan is another way you can control what happens to your assets after your death.

Whether you’re a doctor living in Garden City or a newlywed in Hicksville, our firm is here to help.

Trusts and LLCs

When trusts are properly drafted and funded, the assets inside of them are protected. You can form an irrevocable trust and leave your assets to a trustee or form an asset protection trust. As Forbes explains, trusts limit your control over your assets, so creditors and other parties have a harder time linking you to your trust.

Additionally, trusts funded at death include a Spendthrift Clause, so the trustee will decide how the trust should be used to support your beneficiaries.

While businesses should never be used as personal piggy banks, investing your assets in a Limited Liability Company (LLC) can also affect your tax obligations and keep your assets out of reach for creditors and lawsuits. Keep in mind that your business may be easily linked back to you, so trusts may be a better option for those with high-risk professions.

We can help you form an LLC or trust in Plainview and beyond.

Estate Planning Is About More Than Saving on Taxes

With asset protection, estate planning can be just as important while you are alive as it is when you pass away. Managing and protecting your assets well before claims arise can keep them safe from any claims that arise in the future.

Adler Law can help you preserve your comfort now and protect your future for years to come. We put 50 years of combined experience on your side to create personalized results that work for you and your family.

To learn more about what our team can do for you, please call us at (516) 740-1184 or contact us online – we are responsive to all client inquiries.

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