Asset Protection Planning With Strategic Forest Hills Attorneys
Last updated on August 1, 2024
An estate is more than wealth. It is a reflection of your life’s work. Located in the Forest Hills and proudly serving the Queens community, DeCandido & Azachi, PLLC, is dedicated to helping you protect what matters most.
As seasoned estate planning and asset protection attorneys, we go beyond simple planning. We ensure your assets, including complex assets such as retirement accounts and business interests, are secure today and for generations to come.
Our Proactive Asset Protection Strategies
Our approach to safeguarding your estate is both strategic and personalized. An asset protection attorney at our firm can provide you with:
- Comprehensive risk assessments to identify potential threats
- Legal structures, such as trusts and business entities, tailored to your needs
- Guidance on state and federal exemptions to maximize protection
- Estate planning that integrates asset protection for a robust defense
Choosing an asset protection lawyer means you’re taking a proactive step toward securing your financial future. We help shield your assets from unforeseen creditors and liabilities, empowering you with the knowledge to mitigate risks effectively. Our team takes pride in building close relationships with our clients. This allows us to get to know you and how best to serve you in your estate planning process.
Debunking Common Asset Protection Myths
Asset protection is often shrouded in misconceptions. Let’s clear the air. These are some of the most common myths about asset preservation:
- MYTH: All types of trusts offer the same level of protection.
- MYTH: Transferring money to your children shields it from creditors.
- MYTH: Hiding assets will not lead to legal consequences.
- MYTH: Utilizing asset protection tools makes you lawsuit-proof.
These statements are all false. Our lawyers can give you even more frank talk about false beliefs that you might have about asset protection planning. Understanding these realities is crucial to building a solid estate plan that truly shields your wealth.
Answering Your Top Asset Protection Questions
When it comes to safeguarding your hard-earned assets, knowledge is power. Our asset protection attorneys frequently receive the following questions from clients looking to protect their wealth:
Which properties are exempt from creditors in New York?
In New York, certain properties are considered exempt from creditors, meaning they cannot be seized to pay off debts. These include your primary residence (up to $170,825 in equity for married couples), personal belongings and household items, a portion of your wages/income, retirement accounts like 401(k)s and IRAs and public benefits. However, exemption laws are complex – consulting an asset protection attorney ensures you fully understand how to protect your assets.
Can you protect your assets by gifting or giving them to your spouse or children?
Gifting assets to loved ones is a common asset protection strategy, but it must be done properly to avoid being considered a fraudulent transfer. In New York, there is a look-back period where transfers can be undone if you face litigation or bankruptcy within a certain time frame after gifting assets away. An experienced attorney can guide you on how to gift while protecting those assets.
What’s the difference between protecting assets with an LLC and a trust?
Limited liability companies (LLCs) and trusts are both useful asset protection tools but work differently. An LLC creates a legal firewall, separating your personal assets from those owned by the LLC business entity. A properly structured trust, meanwhile, allows you to legally transfer assets into it, removing them from your personal estate. LLCs and trusts can even be combined for enhanced protection. The ideal solution depends on your specific situation and goals.
Which asset protection strategies protect me from litigation?
There is no one-size-fits-all strategy, as effective asset protection requires a customized plan based on your unique circumstances, assets and risk exposure. Common litigation protection tools include liability insurance, properly structured business entities (LLCs, corporations), asset protection trusts and creditor-exempt assets like retirement accounts and primary residences. Our attorneys assess your situation to determine the ideal legal strategies to protect what you’ve worked so hard for.
Contact A Queens Asset Protection Lawyer About Your Financial Future
Don’t wait until it’s too late to think about asset protection. Contact DeCandido & Azachi, PLLC, now to ensure your wealth is preserved for those you cherish most. Let us help you craft a legacy that endures.
Call us at 718-690-7715 or use our online contact form to schedule a free consultation.