Financial planning is a craft that involves both legal and financial knowledge. You have likely worked long and hard to establish yourself financially in the interest of living a comfortable life. Maybe you have saved up to buy a property, invested your money, or created a business in pursuit of that goal. In order for you to continue to benefit from the fruits of your hard work and so that your family can gain a similar advantage, it would be in your best interest to protect your assets.
If you think that you are at risk or if you have liabilities that may cause asset loss in the future, consulting with a skilled asset protection attorney is important. Our qualified Long Island estate planning lawyer Seth Schlessel and our team at Schlessel Law PLLC can evaluate your financial situation and recommend asset protection options that will best suit your needs.
An asset is defined as a resource that has an economic value. It may be tangible or intangible and can be thought of as something that either possesses value by itself or can generate cash flow.
Assets can have different forms:
The more assets you accumulate, the more likely you are at risk of lawsuits from creditors or other parties who may take an interest in your assets.
Asset protection is a set of financial strategies that prevent creditors from suing for a claim on your assets. Asset protection planning aims to insulate assets without the risk of being sued for tax evasion or perjury for covering up ownership of assets.
Asset protection can be used as a way to defend against liabilities or to be able to save your assets for your children or beneficiaries. Depending on your financial situation, a skilled Long Island estate planning attorney should be able to recommend measures that would allow you to secure your assets. At Schlessel Law PLLC, experienced asset protection attorney Seth Schlessel has helped many Long Island residents defend their property against risks and safeguard their futures.
To schedule a consultation, call us today at (516) 574-9630.
Just as you can accumulate assets all throughout life, there are also instances when you can lose assets not just by selling or spending them, but due to legal disputes.
Such instances include:
If you are at risk of one or more of these factors, it may be beneficial to consult with an asset protection attorney. An experienced asset protection attorney may be able to assist you in establishing legal ways of protecting your estate and ensuring that asset losses are minimal to none in the event of a claim.
At Schlessel Law, PLLC, we take a comprehensive approach to estate planning that involves the inclusion of asset protection measures. We may be able to help you in planning for the protection of your hard-earned assets. Attorney Seth Schlessel, an experienced Long Island, NY asset protection attorney, and our team of estate planning lawyers will take a careful look at your financial situation and recommend options that fit your needs.
Contact us today at (516) 574-9630 to schedule a free consultation.
The best ‘time’ to start planning for asset protection is before you need it. Asset protection involves being ten steps ahead of potential sources of liabilities that may jeopardize the ownership of your assets.
Most people think that asset protection is only done when people have already reached an advanced age, meaning, you’d have to be elderly before initiating the asset protection process. However, like any good insurance plan, you will only realize the benefits of proper asset protection planning once you need it. By the time a claim has been made on your asset, any measures to reduce losses may be too late.
Safeguarding your assets means keeping up to date with your life milestones too. When you enter a new stage in your life, it is beneficial to consider the possible financial repercussions and act accordingly to minimize risk.
Even if you think that you don’t have enough assets to warrant undergoing asset protection measures, it is still helpful to take a pause to evaluate your current situation. One lawsuit may be all it takes for you to suffer significant asset loss. Without the proper strategies in place, it may be too late for any asset protection measure to be beneficial. Consulting with a skilled asset protection attorney is crucial. Our team of attorneys at Schlessel Law, PLLC may be able to help you find the right strategy that will fit your needs.
To schedule a consultation, call us at (516) 574-9630.
The best asset protection strategy is one that is tailored specifically to your needs. A competent attorney should conduct a comprehensive evaluation of your finances before suggesting options. The right kind of asset protection for one person may not be the best fit for another.
One of the most common ways to protect your assets is to put them in an irrevocable trust. Creditors would only be able to sue you for assets that are under your name and that you legally control. Once you have established and put your assets and property into an irrevocable trust, ownership of the assets and property will effectively transfer over to the trust. Control over the trust will then be passed over to a trustee who will take over management of the trust for the beneficiaries.
Just as there are many ways to protect your assets, there are also many types of trusts you can use for this purpose. Before making a decision, it’s important to talk to an experienced trusts attorney.
Individuals who have medical conditions that may require long-term care in the future might want to explore Medicaid asset protection planning.
In order to qualify for Medicaid, an individual’s household income must fall within the median threshold for the state. This is often a very prohibitive amount and many individuals find themselves having to spend down their assets just to meet the qualifications. Once you avail of the government benefit, you would still have to contend with Medicaid’s look-back period. In New York, this look-back period lasts up to 5 years and your financial statements would be evaluated for any irregularities. Medicaid estate recovery rules also allow them to deduct the cost of your long-term care from your estate after you have passed.
To get the maximum benefit of a Medicaid asset protection trust, it is crucial to seek the help of a Long Island Medicaid planning attorney.
When a person is declared incapacitated, all of the assets under their name will be considered effectively frozen. For individuals at risk of being declared incapacitated, perhaps due to a medical condition, injuries due to an accident, or advanced age, having a binding power of attorney can further minimize risk. A power of attorney (POA) is a flexible tool, the creation of which can be initiated by an individual even if they are not a lawyer. Through a POA, you will still be able to manage your assets through a proxy acting in your capacity. A POA can help you retain ownership of your assets. Your loved ones will also not have to sort through legal trouble just to be able to access your frozen assets.
An important aspect to consider when deciding on an agent who will act in your stead is to make sure that you and your agent are in agreement about your goals regarding your assets. Being given the fiduciary power to decide on an incapacitated person’s behalf is a significant matter. In the wrong hands, a POA can do more damage than good.
Of course, there are legal ways to safeguard against ill intent from an agent. Even if you can create a POA on your own, it is best to discuss your options with a skilled estate planning attorney. An estate planning attorney would be able to guide you through the process of creating a POA and ensure you are not giving away too much responsibility over your assets more than what is necessary.
Whether it is creating a trust, drafting a POA, or Medicaid planning, it is beneficial to get the advice of a qualified asset protection attorney. At Schlessel Law, PLLC, our team of estate planning attorneys have committed their practice to helping individuals who are aiming to protect their legacy for their loved ones.
Contact us today at (516) 574-9630 to schedule a consultation.
A good asset protection plan allows you to be updated and conscious of your financial situation. As such, anyone can benefit from asset protection planning. Some professions or people who have businesses in certain industries are at a higher risk of lawsuits than others, however. For example, individuals in high-stakes professions such as doctors or real estate agents may be more likely to have lawsuits filed against them due to the nature of their work. People who have accumulated a great deal of wealth through their businesses are also among those who are at higher risk.
Regardless of your profession or net worth, consulting with a skilled asset protection lawyer can help you bring to light liabilities or risks you may not know exist. Individuals who have health conditions that may cause them to need long-term care can benefit from a Medicaid asset protection trust. Those who would like to pass their assets on to their loved ones without worrying about the risks involved in the probate process or want to be exempt from paying estate taxes may want to look at creating an irrevocable trust or a living trust.
You may think that having a good, legally binding will is all there is to an estate plan. However, having a will does not protect the legacy you want to leave to your beneficiaries from creditors who want to put a claim on your assets while you are still living. Estate planning also involves ensuring that you will be able to enjoy the fruits of your hard work as you age, without worrying about the risk of creditors trying to attach to the assets you’ve accumulated.
Our team of skilled Long Island estate planning attorneys at Schlessel Law, PLLC have helped many families safeguard their future through our asset protection services. We offer qualified legal counsel and may be able to assist you in navigating your options.
Contact us today or fill out our online form to schedule a consultation.
Working hard to accumulate assets is the first step to a brighter future for you and your family. The next step is to ensure that your assets are protected for your future benefit. Navigating the law and the many asset protection options available can quickly get overwhelming. We may be able to assist you.
At Schlessel Law, PLLC, we offer qualified elder law, estate planning, and asset protection services to residents of Long Island. We are here to help you find the appropriate strategy that applies to your specific financial situation. We exercise transparency and care in developing our personalized programs for the best interests of our clients.
To schedule a consultation with Seth Schlessel, an experienced Long Island asset protection lawyer, call us today at (516) 574-9630.