After a lifetime of hard work, many people amass significant assets, including money in the bank and real estate ownership. This is a great accomplishment and one that many people are proud of, but unless you have proper protections in place, your hard-earned money and properties may not be safe from unexpected legal issues. An asset protection lawyer in NYC can help you safeguard what’s yours from creditors, lawsuits, and even unexpected healthcare costs.
The first step is to create an estate plan that is customized to your needs. A comprehensive strategy, often developed with the assistance of an asset protection lawyer, can protect your hard-earned assets from legal threats and allow you to pass them on to future generations.
An important tool available to you is a trust. The trustee can be a family member, friend, or professional to manage the trust assets on your behalf. With the guidance of an asset protection lawyer, the assets can be sheltered from creditors and other claims in the event of a lawsuit or business failure, and they can be passed on to your loved ones without incurring excessive taxes or legal proceedings.
In addition, the trustee can be granted broad discretion to decide when and how to distribute assets amongst beneficiaries, which will offer the greatest protection for trust assets in New York state. However, consulting an asset protection lawyer is crucial as this type of trust is not ideal for high-risk individuals, because the trustee’s discretion can be challenged based on certain grounds, such as undue influence or self-dealing.
Another option for protecting your wealth is to establish a domestic asset protection trust, or DAPT. An asset protection lawyer can explain how the DAPT offers the same creditor protection benefits as the trust mentioned above and allows for greater flexibility when it comes to transferring the assets to beneficiaries.
Finally, a third option is to set up an offshore trust. While this can offer more tax advantages, it’s not an option for most high-net-worth individuals. Additionally, the laws governing offshore trusts vary greatly from those of the U.S., and an asset protection lawyer can help navigate these complexities.
The United States is the most litigious country in the world, and it is easy to see why. 90% of the world’s lawsuits originate here, and it is all too often that a single court case can destroy years of hard work or leave you bankrupt. This is why it is important to have an asset protection lawyer in New York, specializing in estate planning, create a comprehensive plan for you and your family.
Our asset protection lawyer are experts in the laws of this area. We will work with you, employing the skills of a seasoned asset protection lawyer, to identify the legal strategies and tactics that can protect your assets from future litigation. We will also ensure that your asset protection plan is in accordance with the laws of your state, county, and city.
Laws in the United States and the State of New York allow prosecutors to confiscate money or property from an individual if they suspect that it was obtained through illegal means. This is done through both criminal and civil forfeiture. Engaging an experienced asset protection lawyer can help in navigating these complex legal waters. Criminal forfeiture is less common because it requires a conviction in court. Civil forfeiture, on the other hand, is done by the NYPD and District Attorney’s office and rakes in millions of dollars each year.
Civil forfeiture can be used against real estate, cars, jewelry, business assets, and even cash. However, with the assistance of an asset protection lawyer, individuals and businesses in New York can establish effective legal defenses. The goal of federal and state laws is to prevent criminals from profiting off their illegal exploits, but these laws can also threaten people who are trying to build a legitimate life.
Fortunately, there are many legal defenses to civil forfeiture that our New York estate planning attorneys can help you assert. A critical defense strategy, often recommended by an asset protection lawyer, is to argue that the plaintiff did not have probable cause for search and seizure, as required by the Fourth Amendment to the Constitution. Another is to argue that the debt that you are being sued for was discharged in a previous bankruptcy.
If you have been charged with a crime and are worried that your assets may be seized, our lawyers, specializing in asset protection, can work to arrange property transfers before charges are filed. Our attorneys can also assist with revising wills and trusts to make them more protective. The rules regarding these types of transfers are complex and vary from state to state. However, courts will likely overturn transfers if they appear to be an attempt to hide assets in anticipation of being investigated for a crime.
We have extensive experience handling criminal and civil forfeiture cases in New York. If you are concerned that your assets may be subject to seizure, contact us today to schedule a consultation with one of our New York attorneys specializing in asset protection. We will develop a tailored plan that is designed to safeguard your hard-earned assets from the threat of future litigation and creditors.
Whether you’re a business owner or high-net-worth individual, nothing strikes fear into the hearts of many people like the threat of a lawsuit. The United States is arguably the most litigious nation in the world, and one successful claim can decimate everything you’ve worked so hard to achieve. That’s why working with an asset protection lawyer, well-versed in the legal implications of different strategies for safeguarding assets against creditors, litigation, and government claims, is crucial.
The most common way that people protect their wealth is through trusts, which are internal agreements between the creator, trustee, and beneficiaries. An asset protection lawyer can ensure that these structures, while not filed with the state, are enforceable under New York law and adequately shield assets from creditors. The main benefit of a trust is that it protects the assets from being claimed by creditors or other parties who may be seeking to recover debts.
However, before putting assets into a trust, consider that not all structures are creditor-friendly. An asset protection lawyer can guide you in creating a trust that is carefully drafted to protect against creditors. Understanding the implications of a fraudulent conveyance, any transfer hindering a creditor from recovering assets, is also crucial.
Another reason for pursuing asset protection is to help pay for healthcare costs and other expenses that can eat into wealth. Consulting an asset protection lawyer is important when seeking solutions, such as private medical insurance policies or offshore options, to protect against estate depletion by healthcare costs.
The benefits of protecting your assets against potential claims are numerous, but it's vital to work with an asset protection lawyer who can help evaluate your options and craft the best solution for your unique circumstances. These professionals can also aid in preserving and passing on your legacy to future generations.
To learn more, schedule a consultation with our team of attorneys today. We are happy to answer your questions and provide you with the information you need to take action.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St #301, Brooklyn, NY 11232, United States
(718) 713-8080