NYC ASSET PROTECTION LAWYER

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.

Asset Protection Laws in New York

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.

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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.

PRACTICE AREAS

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  • Guardianships
  • Wills and trusts
  • Special needs trusts
  • Asset protection trusts
  • Medicaid planning
  • Elder law planning
  • Revocable and irrevocable trusts

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.

Frequently Asked Questions

Still open questions?

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 Klueger & Stein, we can help plan ahead to reduce both the pain and the costs of a divorce.

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.

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.

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.

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.

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