Westchester County Asset Protection Lawyer

Westchester County Asset Protection Attorney

Preserving and protecting your wealth requires a detailed estate plan and the use of careful, legal strategies. No matter your age and whether you hold a considerable amount of wealth or a smaller net worth, an asset protection plan can help you secure your legacy against certain tax liabilities, creditors, or legal claims that may try to erode your wealth. A Westchester, NY, asset protection lawyer from Greco Law can help.

Westchester, NY, Asset Protection Strategies

An asset protection plan can help shield your wealth from legal claims or judgments, creditors, the courts, or even former spouses. It will often involve the implementation of various legal strategies to transfer your assets into holdings that offer more protection. This legal estate planning tool can be vital for high-net-worth individuals or for individuals who own businesses as it can allow financial security and stability for generations.

Some of the most common and effective strategies for asset protection in Westchester, NY, can include the following:

• Trusts. This is the most common and effective tool for asset protection. Depending on your unique estate and the goals and risks you are willing to take, there are several kinds of trusts you may be able to establish. Assets held within asset trusts can be difficult for creditors to access and can also provide protection for generational wealth transfers against estate or inheritance taxes. They can also protect assets from legal claims.
• Limited Liability Companies. Otherwise known as an LLC, a Limited Liability Company is one way to restructure your business or investments in order to shield your own personal assets or property from any liabilities that may arise and affect the assets held by your business.
• Tenancy by the entirety (TBE). This is a form of legal joint ownership often held between married couples in which each individual owns an undivided interest in the real property held within the legal arrangement. This is a separate entity, and the laws involved can restrict creditors from taking liens out against the spouses in order to seize the assets held within the TBE.
• Family limited partnerships. The establishment of Family Limited Partnerships, or FLPs, can allow you the ability to transfer assets to your family members while still having control over the assets held within. It can also have the potential to reduce gift or estate taxes.

Reasons to Consider Asset Protection in White Plains

Asset protection should be considered by individuals for a variety of reasons. These reasons can include:

• Protecting your property and assets from claims made by creditors
• Reducing liability for any business debts
• Defending you and your assets from any professional legal claims that may be made against you

Speak With a Trusted Westchester County Asset Protection Lawyer

If you are seeking ways to protect your hard-earned assets or are thinking about setting up an asset trust in Westchester, NY, or in White Plains, the attorneys at Greco Law can help. Contact our offices today and schedule a Legacy Planning Session to learn more about our services.