Long Island Asset Protection Lawyers Protecting Your Wealth
Also Serving: New York City
You’ve worked for years to provide a comfortable life for yourself and your loved ones. Still, you may not realize how precarious your financial situation is without employing an asset protection lawyer to protect your personal and business assets. The truth is that just one lawsuit can devastate your estate, leaving little for you to enjoy or for your child’s inheritance. If you have multiple beneficiaries, this makes asset protection planning even more critical.
With the litigious nature of our country, you can’t afford to ignore asset protection as part of your estate plan. Our asset protection law firm helps individuals in the Long Island area hold their liquid assets properly, so they are not vulnerable to creditors or others who bring a lawsuit against them.
Our estate planning attorneys in New York have decades of combined experience helping clients get the best asset protection structure, and we can help you with your unique situation. Whether you need a trust, LLC, family limited partnership, or to minimize your tax burden, we can help. Contact Davidov Law Group for a free consultation on how we can help protect your future. Call (516) 253-1366 to speak with our talented legal team today!
What is Asset Protection?
Asset protection refers to any action that protects your business or personal assets from anyone who could make a legal claim against you. Assets may include cash, bank accounts, cryptocurrencies, real estate, stocks, bonds, and other valuables. These items may be seized by creditors or in a lawsuit unless they are protected.
Some basic asset protection structures include:
- Asset protection trusts
- Family limited partnerships
- Irrevocable trusts
- Domestic asset protection trusts
Regardless of how much wealth you own, you should consider taking the simple step today of speaking with an experienced asset protection attorney. Your lawyer can advise you on which strategy will work best for your unique situation. If you wait until your finances are under legal attack, it may feel like it is too late, but there are still steps you could use to stop others from taking your wealth. Don’t take any chances with your hard-earned assets. Contact our law firm immediately to learn what you can do to protect your financial legacy.
What Are Some Threats to My Wealth?
Anyone in the state of New York could be at risk of being sued, as our state has one of the highest rates of lawsuits in the nation. However, some individuals, such as real estate developers and small business owners, have an increased risk of losing their assets in a lawsuit. This can occur for various reasons, depending on the nature of your business.
- Premises liability – If you own property, you could be sued by someone who is injured, such as in a slip and fall accident.
- Car accidents – If you experienced an auto accident in New York and were at fault, you could be sued for damages by the victims.
- Debt – Home foreclosure is a common reason for individuals to have their assets collected by creditors.
- Divorce – Going through a divorce is complicated enough. If you are not protected, you could lose your wealth, including retirement assets.
- Worker injuries – Owning a business comes with many risks, including the chance that an employee sues for damages when injured at the workplace. These injuries could include hearing loss in a noisy workplace, burns, trip and fall injuries, broken bones, concussions, and more.
If you are a business owner, or real estate developer, or have assets that could be at risk for any reason, you should reach out to an experienced asset protection attorney immediately. They can assess your financial situation and determine the best action to protect your wealth. Call the talented legal team at Davidov Law Group today!
What Options Do I Have to Protect My Assets?
You should not simply rely on a retirement account when it comes to providing for yourself and your loved ones in the future. These funds could be vulnerable to creditors or others looking to collect money from you. The good news is that several options are available for individuals who want to protect their hard-earned assets. While the different kinds of asset protection may seem complex, it can be helpful to understand your options.
Some excellent options in Long Island asset protection are:
- Domestic asset protection trust – This kind of trust, also known as a DAPT, is a way of holding your assets and keeping them away from creditors and predators. With a DAPT, the creator of the trust, or grantor, may also be a beneficiary. These trusts are useful because the grantor retains control over their assets while maintaining a high level of protection.
- Charitable remainder trust – These trusts allow the grantor to designate a charity that will receive a certain amount of the assets following the grantor’s death. This creates a tax deduction that can benefit the trust creator’s children and grandchildren.
- Limited liability corporation – A limited liability corporation, or LLC, is a popular business structure that separates an individual’s personal assets from their business holdings. This creates a level of protection in the case of lawsuits or creditors.
- Irrevocable trust – Irrevocable trusts offer a high level of protection because they cannot be changed without a court order or written consent from all trustees, beneficiaries, and trust creators. You should consult with a trusted legal representative before creating an irrevocable trust.
- Family limited partnership – In an FLP, family members are general partners that hold most of the ownership interest in the partnership. These can be handy tools in the estate planning toolkit, providing asset protection and control over your wealth.
With the many options available, it is critical to speak with a knowledgeable asset protection attorney before changing business structures or creating asset protection trusts. Your lawyer can help by analyzing your financial situation and discussing your future goals to determine the best course of action. They can draft essential documents for your family, including providing for the inheritances of adult children, grandchildren, charities, and any other beneficiaries you wish to include. Call today to learn more!
What Should I Look for When Hiring an Asset Protection Attorney?
Picking a lawyer in New York is always challenging, with so many options available. However, there are certain factors you can pay attention to when seeking the right asset protection attorney.
When hiring an asset protection lawyer, you should consider the following:
- Experience – The law firm should have years, even decades, of experience helping clients with asset protection.
- Focus – It is better to find a law group that focuses on one area of law, such as estate planning. Firms focusing on one legal area usually have a higher level of skill than those offering various legal services.
- Compassion – With such delicate matters as estate and asset planning, you want lawyers who care about you. Your attorney should listen carefully to your concerns and match your plan with your goals.
Should You Hire Our Asset Protection Attorneys?
Please don’t make the mistake of going with a law firm because it is the first one you find or because it offers the cheapest rates. Remember that your future depends on finding the right lawyer to develop an estate plan that matches your family’s unique needs. Contact us to speak with our caring and compassionate legal team and see what a difference decades of experience make.
At Davidov Law Group, our lawyers have been developing estate plans and asset protection strategies for over thirty years. We understand how important these steps are for you and your loved ones, and our deep knowledge of New York law allows us to make your dreams a reality. A simple step today can make a huge difference in your family’s future. Call (516) 253-1366 now for a free consultation.