You have spent years working to get the wealth you now have. That business, home, bank account, and others are all from hard work. But unfortunately, your assets could be taken or significantly reduced due to lawsuits. And as fate would have it, the United States is the most litigious nation in the world, with about 90% of the world’s total lawsuits occurring here. Hence, it is crucial that you take adequate steps to protect yourself and your assets from future lawsuits from creditors that can eat up your estate. This you can achieve by seeking the esteemed services of a Long Island asset protection lawyer.
An asset protection lawyer can employ legal strategies to protect your assets against creditor claims in the future, thus enabling your loved ones to inherit the full value of your life’s work in peace.
Talk to an asset protection lawyer Long Island by calling us today.
What is asset protection and why do you need it?
Asset protection is the legal process of safeguarding your assets against any person or entity that may have a claim against it, such as creditors, litigants, estate tax, and probate, thus enabling the full value of your estate to pass to your loved ones.
The above are the core focus of a Long Island asset protection attorney. At our law firm, we have highly knowledgeable and experienced asset protection lawyers who examine all your creditors, assets, and applicable taxes, among others to assess the risk your estate faces as regards future claims. Through this assessment, your attorney will then arrive at a strategy with which to structure your asset protection plan.
Notably, if you currently owe people money in Long Island and worry that you may not be able to repay before you pass away, then you would need a Long Island asset protection lawyer.
An asset protection attorney or an experienced estate planner lawyer knowledgeable in asset protection can help you prepare an estate plan that minimizes the risks that your assets would be lost due to future lawsuits against you or your estate.
Asset protection laws in Long Island
Just like most other laws, asset protection laws vary from state to state. The asset protection laws of New York will vary a little with some other states, so you have to ensure you hire an attorney practicing in your state. As a borough in New York, Long Island asset protection is bound by NY laws.
Typically, there are certain assets that are automatically protected by NY asset protection laws. Any real estate valuing between $75,000 and $150,000 is protected from creditors. Animals, clothing, and books are also protected. Jewelries up to $1,000 are also protected.
Who can sue you and put your assets at risk?
- As a shareholder, you can be sued by other shareholders in the business.
- As a business owner, You can be sued by your customer
- Victims of an accident can sue you as the at-fault party
- As a corporate officer, you can be held liable for liabilities of the company even when it’s incorporated
- You can be sued by your spouse or former spouse
- You can be sued for traditional debts and unpaid loans
- Medicaid can sue you for nursing home costs
Note that this list is not exhaustive. and that’s why you need to call an asset protection lawyer as soon as possible to assess your risks and take the necessary steps to protect you.
When should I start planning for asset protection?
It goes without saying that the best time to do asset protection is before problems surface. Prevention is always better than cure. You do not have to wait before a lawsuit is filed against you before you start attempting tp protect your assets. By then, the chances of the protection working will be almost zero.
Think of it this way. A claim is filed against you or your business, putting you asset at risk. Then you try carrying out asset protection. If any judge finds out that you’re trying to do that in anticipation of losing the case, it may automatically make you lose the case.
In summary, you don’t want to wait before your assets are at risk before making plans to protect them. Your assets would be well protected if only the shield is up long before issues arise.
How will my asset protection lawyer protect my assets?
Our experienced asset protection lawyers Long Island will help you in the following ways:
- Evaluating your high-risk litigants. This could be shareholders or customers if you’re a businessman or your former spouse if there’s an impending divorce.
- We evaluate your assets to prepare you for long-term care costs
- Our estate planning attorneys specialize in keeping your assets out of probate court and estate tax imposition.
Asset protection lawyer near me Long Island
Looking for an asset protection attorney near you in Long Island? Our experienced and highly proficient Long Island lawyers are here to help. Give us a call today.