Asset Protection in Long Island
Long Island Asset Protection Lawyer
An important aspect of estate planning is asset protection, the process of safeguarding property through devices like irrevocable trusts, limited liability companies and family limited partnerships for real estate and other property that would be subject to creditor claims and legal judgments, such as lawsuit settlements. Even if you do not possess a large amount of debt, your estate could still be affected by an expensive and damaging lawsuit. Protecting your assets now can secure your estate, help you avoid probate, and help you avoid serious legal penalties under the Fraudulent Transfers Act in the future.
Irrevocable and Asset Protection Trusts
Trusts are a valuable tool for asset protection. Irrevocable trusts and asset protection trusts are commonly used methods to protect assets. Irrevocable trusts cannot be altered and must be given to another individual called the trustee in order to protect your property from your future creditors.
Asset protection trusts allow you to name yourself as the beneficiary of your own trust so you retain access to the property as well as limited control over it. Limited liability companies and family limited partnerships are also useful entities to hold your assets and to keep them out of reach of your future creditors.
A Long Island estate planning attorney at the Law Offices of Steven M. Adler, PLLC can help you decide which option is right for your individual situation.
Exempt Property Laws in New York
According to federal law and § 5205 of the New York Code, certain personal property is exempt from creditors. Exempt property includes, among other things, the following items:
- Wedding rings
- Certain books from a personal library
- One motor vehicle not exceeding $4,000
Investing in exempt property protects the property from creditor claims. In addition to this exempt property, the federal government considers qualified retirement plans, such as pension, profit-sharing and 401(k) plans, "exempt" property.
The Benefits of Hiring a Long Island Asset Protection Attorney
Did you know that you can be charged with fraud for transferring assets with the intent to hinder, delay or fraud the creditor? The Long Island estate planning lawyer from the Law Offices of Steven M. Adler, PLLC can help you guard your assets for your future heirs. With over 30 years of experience, our firm understands how to best utilize estate planning tools for your benefit.
Our attorneys personally handle every one of the cases we take from start to finish. If you are seeking quality legal counsel from an attorney who will listen to your needs and desires and work toward the best possible outcome in your case, call our firm today!