Asset Protection Lawyer New York
When people are looking for a New York Asset Protection Lawyer they may have many questions. Most of them are unsure whether or not they need asset protection. Others think that asset protection is only for the ultra-wealthy.
The reality is that almost anyone in New York could benefit from meeting with an attorney to discuss asset protection. However, it's especially important for the elderly.
What Is Asset Protection?
Asset protection is a component of financial planning intended to protect one's assets from creditor claims.
Asset protection can safeguard you in the event that you are sued. If you're at-fault in a car accident or are sued for another reason, then the plaintiff may be able to go after a considerable amount of your assets. However, if you have worked with an attorney to protect your assets, then it should be difficult for any creditor to lay a claim against them.
Bear in mind that NY asset protection cannot guard you against the prior claims of creditors. In other words, it's not retroactive. It only begins to protect you against debts incurred after your protection plan is in place.
While asset protection can help you to preserve your financial situation if you're sued, many elderly individuals use it to protect themselves from the cost of residency in a nursing home or for other long-term care.
The costs of living in a nursing home are constantly on the rise. It's not unusual for people to pay $9,000 per month or more for living in an assisted living facility or a nursing home. If they are paying out of pocket, then they may soon exhaust their assets.
However, smart NY asset protection lawyers will safeguards your assets so that they can be passed on to your heirs or otherwise used to make your life safer and more secure.
Avoiding Tax Consequences and Other Uses for Asset Protection Planning
Some asset protection measures are used to avoid the tax consequences of inheritance. This means that your heirs get more of your assets while the government gets less. It's an attractive option for many people, and it's perfectly legal and ethical to take advantage of these strategies.
Asset protection planning also may be used to protect assets that belong to minors or to those who are not capable of managing money. For instance, these tools may be used to plan for a more secure future for young children or grandchildren or to provide for a disabled adult dependent.
Some people use asset protection to guard themselves against someone who might seek to abuse their trust. This is especially useful if you worry about one day being unable to make financial decisions for yourself. If you have a relative or other individual who you fear may take advantage of you, asset protection can safeguard you against this possibility.
Asset protection also may be viewed within the context of Medicaid eligibility. Whether you are contemplating a future need for Medicaid to cover the expenses of long-term care or are currently in need of a way to pay for a nursing home, asset protection planning may be helpful to you.
Nursing home care costs quickly can become devastating to a family. Fortunately, Medicaid helps to defray these expenses. Medicaid eligibility is a complex subject, and many people don't realize that they don't have to exhaust their personal assets in order to be eligible. Instead, meeting with an elder law attorney to discuss asset protection may reveal that you're closer to Medicaid eligibility than you think. You may even be able to restructure your assets to protect them from the nursing home.
The Law Offices of Kyle Steller
When it comes to seeking an asset protection lawyer New York residents have many options. However, it is wise to go with a legal professional who has a stake in the local community and a record of dedication when it comes to helping the elderly protect their assets.
Kyle Steller combines compassion, foresight and commitment to provide her clients with services that they can trust. If you're worried about being sued, caring for a disabled dependent or protecting your assets from a nursing home, schedule a consultation with Kyle today. She's a reputable elder law attorney in New York who genuinely makes a difference in the lives of her clients.
Frequent Questions About Asset Protection
Immediately! The idea is to avoid the appearance of impropriety should anything at all happen. Whether you are a doctor, lawyer, or business owner, you encounter high-risk situations as your career progresses. You must take action well in advance of that happening.
A judge will look at the timeline of events when making decisions in the case of a lawsuit or bankruptcy filing. You don’t want to risk either a judgement against you or being held in contempt of court. Protect your assets at the start of your career. Things happen unexpectedly.
Like anything, it works when it’s used properly. You must file for asset protection well in advance of anything happening in your career. As stated above, the appearance of impropriety must be avoided.
Asset protection will not help you if you participate in fraud, schemes, or voidable transactions. But if you are doing your job and abiding by the law, it will protect you in the case of a lawsuit.
This does not often work. A court can undo the gift if they decide it was to avoid an action against you.
In addition, you lose control of the asset once you give it. You will lose the subsequent revenue and may incur gift taxes.
This is generally not a good idea. You will nearly always want to preserve your sources of revenue if you encounter an expense like a lawsuit. Asset protection is a much better plan.
Many people need asset protection. This can include young entrepreneurs as well as people in high-risk professions like real estate or medicine.
You also will want asset protection if you are:
- A homeowner who is having trouble paying their mortgage or other financial obligations.
- Under a lot of credit card debt.
- Concerned about whether your business will succeed.
- Obligated with many business debts.
- Suffering from market loss to the point where your home is your most valuable asset.
- A debtor or guarantor.
- About to inherit or receive a significant amount.
- Indebted to the government.
- Involved in a lawsuit.
Why Do You Need an Asset Protection Attorney?
Asset protection is not a do-it-yourself project. This is a complex legal issue that requires an expert. Put yourself in good hands by taking action early. Use a preferred attorney who knows this type of law.
The earlier to protect your assets, the more peace of mind you will have. You will also be positioned much better should anything happen during your career or during retirement.
For a consultation on protecting your assets, contact the Law Offices of Kyle A. Stellar at (845) 489-8712