NYC ASSET PROTECTION LAWYER
Morgan Legal Group PC
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ASSET PROTECTION LAWS IN NEW YORK
You work hard in life, and you accumulate specific assets as a result. Perhaps you have a home, a business, jewels, or other liquid assets you’ve acquired over the years. These assets are important to you and your family, and they’re invaluable in your mind. That’s why an NYC asset protection lawyer might be your best option if you want to protect what you own from creditors whether they are personal or business assets. If you owe money to anyone and worry you might not be able to repay your debts, it’s time to protect your assets.
There are specific laws that differ from state to state, and New York laws are no exception to this rule. There are certain aspects of the law protecting specific assets you might have without using an asset protection lawyer to help. All real estate with a value of $75,000 to $150,000 is protected against creditors. Animals, clothing, and books are protected. If you have rings or a watch worth up to $1,000, they are also protected.
WHO CAN SUE ME AND PUT MY ASSETS AT RISK?
Now that you know certain items are protected in case of a lawsuit, you need to know who can sue you and put your assets at risk.
- Your spouse
- Consumer debts
- Business partners
- Business associates
- Victims of a car accident
- Victims of an accident in your home
- Medicaid for nursing home costs
- Corporate officers or directors
- Shareholders of your business
- Customers of your business
The list is long, and that’s why you must call an asset protection lawyer to ensure your assets are protected. There are certain steps your attorney can take to help you protect what’s yours in the event someone decides to sue. You must know what this protection looks like.
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Morgan Legal Group
PRACTICE AREAS
WILLS AND TRUSTS
WILLS AND TRUSTS
It is never too early to make out a will. The thought of dying is not one that most people wish to dwell on....
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MEDICAID PLANNING
MEDICAID PLANNING
For many people, thinking about long-term care is a topic that is often put off as long as possible. However, in doing so, they are setting....
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ASSET PROTECTION
ASSET PROTECTION
You work hard in life, and you accumulate specific assets as a result. Perhaps you have a home...
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PROBATE
PROBATE
If you need an attorney to help you with probate issues during difficult times of grief in New York City, Morgan Law Group PC can help you...
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ESTATE PLANNING
ESTATE PLANNING
Mortality is a grim but stubborn fact of human life. You cannot live forever, and it is important...
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BUSINESS PLANNING
BUSINESS PLANNING
You pour your life into starting, growing and managing your business. As you work hard to keep your business driving in the right direction, it can be easy to lose sight of the long term...
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ELDER LAW
ELDER LAW
With the population of the United States consisting of more and more older adults, it’s important...
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GUARDIANSHIP
GUARDIANSHIP
Guardianship is a serious matter. When you ask the court for rule over another person, you are mostly taking on the challenge of overseeing their life...
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BUSINESS FORMATION
BUSINESS FORMATION
Starting a new business can be exciting, challenging, and certainly scary — especially if you don’t have proper legal support to protect you from the litany of laws...
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CHARITABLE PLANNING
CHARITABLE PLANNING
There may be nothing quite as fulfilling — or financially beneficial — to do with your assets than to plan for charitable giving here in NYC. If you are going to donate large amounts of money...
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RETIREMENT PLANNING
RETIREMENT PLANNING
We work our whole lives to set ourselves and our families up for long-term security when we retire — so why do so many individuals take retirement planning lightly?
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ESTATE AND TRUST TAXES
ESTATE AND TRUST TAXES
One of the easiest ways to lose money when setting up a trust or estate is to not understand the complex tax laws that pertain to your unique scenario...
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TRUST ADMINISTRATION
TRUST ADMINISTRATION
If you or a loved one has taken the time to set up a trust, you’re on the path to protecting your assets in one of the most responsible and financially optimal ways possible.
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ESTATE ADMINISTRATION
ESTATE ADMINISTRATION
No one likes to think about what will happen when they are gone, but when you have significant assets to protect or loved ones to support, it is critical that you do...
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TRUST AND ESTATE LITIGATION
TRUST AND ESTATE LITIGATION
If you have set up a trust in the past or even just considered properly protecting your estate, you know that there are far more steps in these processes than one might think.
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Starting a business is really stressful. You’ve got to take risks but at the same time you have to think twice or you’ll go bankrupt in no time. Luckily Russel Morgan helped me with asset protection and, well, now I feel like he untied my hands. I can take risks and I know that I won’t have to sleep outside if something bad happens.
Pleasure working with Morgan Legal Group. You can see that Russel Morgan and his staff care for their clients. They answer any question you may have almost immediately. They have helped my company to buy real estate for our own office and they continue consulting us on different problems we face. Hope to continue working together for many years to come!
Starting a business was stressful enough without worrying about going broke. Luckily, Russel Morgan helped me craft an incredible asset protection plan that lets me sleep at night while still taking the risks my business needs.
Russel Morgan's attention to detail was astounding. He scoured every single document when we were buying a home and made sure we weren't getting scammed. I never knew that lawyers could be so proactive and dedicated to providing the best possible service.
Great law firm. Very knowledgeable about Trust and Estates. Highly recommend them.
Nowadays it’s hard to find a law firm which you can trust and which can actually do what they promise to do. However, Russel Morgan has made me a believer that I can rely on their help for business litigation. Even though our negotiation process against an ex- partner’s company was very tough, my company would not have been successful without Russel Morgan’s dedication to success. If you need any help with business litigation I advise you to contact the Morgan Legal Group.
Thanks to Mr. Morgan and his company, my problem with estate planning was solved. I was struggling to find a honest and reliable, real estate and estate planning lawyer, and, therefore, I was very thankful when I got a detailed plan from Russel which was super easy to understand and to make things even better they helped me get my house got sold 2 weeks later! They also helped me with all the documentation, deed transfer and other paperwork. I highly recommend their firm to everyone who wants to receive a honest service and solve problems with estate issues!
Among a high number of law firms which offer help regarding probating your loved one’s estate. I will choose this one over any. The service that I received was exceptional. I have secured my house and an apartment left to me and my wife. Thank you!
These are examples of what your asset protection attorney will do for you to help you in the event something like this should happen. You have the right to protect yourself. You have the right to hire an attorney to help protect you.
HOW TO PROTECT YOUR ASSETS
Asset protection lawyers work hard to ensure your assets are protected in the event someone decides to one day file a lawsuit against you. They work to protect your assets in the event your spouse decides to leave you and sue you for half of what is yours. They also work to prepare you by going over your assets and figuring out how you will pay for your nursing home expenses and allocating for that. Long-term care costs are figured so you don’t worry about a potential future lawsuit. Additionally, your asset protection lawyer helps you avoid excess taxation on your assets with different legal methods of protection. Finally, your asset protection attorney is going to create a trust and an estate so that your assets cannot be legally taken to court in case something happens and a creditor comes after you. This also protects your children and grandchildren who might inherit your assets upon your death.
important things you should know
Questions And Answers
Divorces can be rending, emotionally and financially. Community property laws and the often unpredictable vagaries of judges can make the process even more painful and costly. At Morgan Legal Group PC, we can help plan ahead to reduce both the pain and the costs of a divorce.
Even if an auto accident is minor, claims against you can be substantial. You can be sued for emotional damages, physical pain or a spurious claim like whiplash. There are approximately 150,000 practicing attorneys in California. Many of them look to your assets to make a living.
In a down real estate market a lot of borrowers find themselves unable to pay back loans or perform on personal guarantees. In difficult economic times banks and lenders pursue borrowers’ assets aggressively and diligently. This means that it is not enough to set up the most basic asset protection structures like revocable trusts or fake equity strips. To defeat the claim of a lender, especially a bank, the asset protection structures used need to be sophisticated and difficult to penetrate. We find that with the right asset protection structure in place, lenders will either give up the chase for your assets or be a lot more willing to negotiate.
Many businesses and professions carry extraordinary financial risks that insurance alone can’t protect against. Medicine is a good example. Malpractice premiums are often barely affordable. Insurance does not cover many claims. Similarly impacted are real estate developers and builders and small business owners.
Over the past decade, our attorneys have represented hundreds of physicians, real estate developers, corporate directors and officers and small business owners. We know and understand the risks your business faces, and how to best shield your assets from these risks.
Do not be fooled – even if you are innocent, that does not mean the courts are on your side. Jurors often side with the plaintiff who appears to need the funds in question rather than the defendant who they assume has money to spare.
Even a judge’s own personal feelings can put you in jeopardy.
Many of our clients believe that once a lawsuit has been filed against them, it is too late to shield assets from plaintiffs. They are happy to learn that usually there is still a lot they can do to protect their assets.
Morgan Legal Group PC
SHOULD I HIRE AN ATTORNEY?
You might not know the answer to this question right now, and that’s all right. There is no wrong time to protect yourself. You know how you work and live, but you never know if someone else is a person who likes to take advantage of those they perceive is doing well in life. You want to protect yourself against fraudulent lawsuits with this type of protection. It’s what makes your life easier and more enjoyable, and it’s how you can protect what you own as well as your family in the event the worst occurs.