Long Island Asset Protection Lawyers

Safeguarding Your Legacy

You’ve worked for years to provide a comfortable life for yourself and your loved ones. Still, you may not realize your financial situation is precarious without the assistance of 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, asset protection planning is 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 most effectively, ensuring they avoid being 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 an assessment of 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
LLCs
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 Types of Assets Can Be Protected?

Virtually all assets can be protected. However, specific protections will vary depending on the type of asset. Common assets that can be protected include the following:

Real estate: This may include homes, vacation homes, and rental properties.
Business interests: It is important to protect ownership interests in a company or partnership.
Investments: Stocks, bonds, and other financial investments are valuable assets.
Retirement accounts: 401(k)s, IRAs, pension funds, and other retirement accounts should be protected.
Cash and bank accounts: Checking and savings accounts and other liquid assets should be included in your asset protection plan.

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, you should reach out to our award-winning 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:

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 company – A limited liability corporation, or LLC, is a popular business structure that separates an individual’s personal assets from his or her 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 lawyers 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!

Are There Strategies for Protecting Assets From Divorce?

New York is an equitable distribution state, meaning that marital property (assets and debts acquired during marriage) are distributed fairly but not necessarily equally. Certain strategies, such as prenuptial agreements, postnuptial agreements, and irrevocable trusts (made before the marriage), can help protect assets. By establishing clear legal arrangements before or during a marriage, you can reduce the risk of an unfair divorce settlement. It is essential to plan in advance, as asset protection strategies must be in place before any legal claims are made.

Can Asset Protection Be Used to Avoid Paying Creditors?

No, asset protection strategies cannot be used to evade legitimate debt. New York law prohibits fraudulent conveyance, which is transferring assets with the intent to defraud creditors. Asset protection plans must be created in good faith and with full transparency. Working with an experienced estate planning attorney ensures strategies that are legally sound and executed in a way that will hold up in court.

When Should I Start Asset Protection Planning?

The best time to start planning for asset protection is as early as possible. These strategies are most effective when set up well before any potential claims or lawsuits arise. It is particularly important to consider asset protection during significant life events, such as getting married, starting a business, purchasing property, or acquiring wealth. An early start allows you time to explore and implement the right strategies for your needs.

Can I Change My Asset Protection Plan Over Time?

Asset protection plans can be adjusted over time to reflect changes in your life or financial situation. However, some strategies, such as irrevocable trusts, cannot be easily modified once they are established. It is important to work with a skilled estate planning attorney to regularly review and update your asset protection plan as needed.

What Should I Look for When Hiring an Asset Protection Attorney?

Picking an asset protection attorney 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.
Familiarity with Multi-State and International Strategies
Tax and Compliance Integration
Litigation Awareness

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

Should You Hire A New York Asset Protection Attorney?

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 consultation.