Rockland County Asset Protection Lawyer

Rockland County Asset Protection Attorney

Whatever stage of life you might find yourself in, it is wise to look for ways to protect your hard-earned assets and safeguard the future and financial stability of your loved ones. Upon your death, you want to ensure that your assets are divided and distributed according to your preferences and that they are protected from creditors, certain tax liabilities, and even potential legal claims. A Rockland County, NY, asset protection lawyer can help you take the steps to do just that.

What Is Asset Protection in Rockland County?

Asset protection is a legal estate planning tool that allows the protection and safeguarding of your wealth against entities that may hold a claim against it. These entities can include litigants or creditors. Additionally, asset protection takes an approach toward your estate which can help you pass your assets onto heirs while mitigating the damages of both estate taxes and probate court hearings.

The primary focus of an asset trust is the protection of your wealth, real estate, and other personal valuable belongings. Another component of a comprehensive asset protection plan is tax planning. With the help of an attorney, you can work to address any tax liabilities that may affect your wealth and your dependents following your death.

Asset protection can be used to protect your estate in a variety of scenarios during your lifetime as well, including:

• Facing a legal claim from a business partner
• Facing a claim for consumer debt
• Facing a legal claim filed by a former spouse
• Facing a legal claim from a customer if your assets include a business

Strategies for Comprehensive Asset Protection

Comprehensive asset protection can typically include a combination of tools and legal strategies tailored to fit the circumstances of your unique place in life and the nature of the assets you own. These tools can include:

• Trusts. A wide range of trusts are available to help shield against creditors or legal claims, such as an asset trust or irrevocable living trust.
• Homestead exemption. An attorney can help you utilize the homestead exemption of New York to protect a portion of the equity of your home from creditors.
• Retirement accounts. Setting up an IRA or 401(k) can offer some protection in the event of bankruptcy from creditors.
• Insurance. An attorney can assist you in purchasing certain insurance coverages, such as liability insurance, to offer you and your assets a further layer of protection.
• Offshore asset protection. If you are an individual with a high net worth, offshore accounts or trusts can allow you additional security.
• Family limited partnerships. This tool allows you to keep control and management over your own assets while you are in the process of transferring these assets to family members.
• Limited Liability Companies. Creating an LLC for the ownership of certain assets can allow you an extra safeguard as you separate your personal liabilities from those involved in a business.

Speak With a Trusted Rockland County Asset Protection Lawyer

If you are searching for ways to protect your hard-earned assets or are hoping to set up an asset trust, the team at Greco Law is here for you. Contact our offices today to learn more.