what does an assett lawyer in new york do

New York Asset Protection Attorney – What We Do A New York asset protection attorney can help you protect your assets from creditors and predators. You worked hard to get to where you are today, and it makes sense to reduce financial risk by protecting your assets from lawsuits, medical expenses, divorce and creditors.

Full Answer

Why do you need an asset protection attorney?

You should hire an asset protection attorney because they will have all of the knowledge necessary to safeguard your assets and properties. The laws they understand include wills, probate, property rights, trusts, and taxes.

What assets can be taken in a lawsuit NYC?

When you own real estate in your own name, for liability and debt purposes, your real estate is treated just like any other asset. If a plaintiff or creditor can take your cash, your cars, or your other assets, it can take your New York real estate (or at least an interest in your New York real estate) as well.

What is considered an asset in a lawsuit?

This may include bank accounts, wages, real estate, vehicles, boats, personal items, and more. In this article, I will discuss five steps you can take to protect your assets before you get sued.

How do I protect my personal assets from a lawsuit?

Protecting Your Portfolio from LawsuitsKeep a Retirement Lifeline. Putting money into retirement accounts is one way to guard your wealth. ... Use Asset Protection Trusts. ... Transfer Ownership of Real Estate. ... Use an Insurance Umbrella. ... Incorporate and Isolate.

What assets are protected in a lawsuit?

This is a powerful way to protect your assets if you are sued. Asset-protection trusts can hold a wide variety of assets, including cash, real estate, stocks, and more. We can help you decide which assets to place in the trust and how doing so may change the way you deal with these assets in the future.

Will a lawyer take a losing case?

If your case isn't winnable, no lawyer will want to waste your time, or the court's time, pursuing legal action. However, if you have a case where the facts and evidence are in question, but the damages you could recover are high, an attorney with extensive experience in cases like yours might take the case.

What assets can be seized?

Assets that creditors can seizeBank accounts.Investment accounts.Inheritances.Assets owned by your spouse.Personal homes (different from state to state)Rental properties.Vehicles.Business equipment.More items...•

What happens when you lose a lawsuit?

If you were the defendant in a Small Claims Court case and you lost, you become the debtor . The person who sued you becomes the creditor . If you lose your court case, the court may order you to pay money or return personal property .

How can I hide my assets?

How to Hide Assets from Public RecordLLCs.Land Trusts.Holding Trusts.Retirement Accounts.Business Ownership.Cars, Boats, and RVs.

Can someone sue you and take your retirement?

Key Takeaways. If you are sued, creditors may be able to access your retirement savings if you are required to pay a settlement. State protections for IRA funds in a lawsuit vary considerably among the 50 states. Exemptions for traditional IRAs and Roth IRAs are often different.

What is the best asset protection?

Trusts have gained a reputation for being the most effective asset protection tools known today. They have proven to be more effective than any other financial entity at protecting one's assets from creditor claims, lawsuits, and just about any type of legal threat.

How do I hide my bank account from creditors?

Open a Bank Account in a State with 100% Wage Garnishment Protection and Favorable Bank Levy Laws. In a bank levy, a judgement creditor can request the bank to freeze your bank account and take all the funds from your account, unless there are exempt funds.

The best New York asset protection attorney near you

The truth is that you spend your entire life working towards financial stability and acquiring property. While you may feel secure in your assets, it only takes one successful lawsuit to undo it all. The United States is the most litigious country in the world, with 90% of all lawsuits worldwide originating here.

Asset Protection Laws in New York

There are specific laws that differ from state to state, and the same is true for the current New York law.

What Does Asset Protection Planning Mean?

Asset protection planning is how one protects their assets against anyone who files legal claims against them. This includes:

Who Could Sue Me?

You might be surprised by the number of people who have the potential to sue you. Though it varies with your personal situation, the list includes (but isn’t limited to):

Who Is Most Likely To Be Sued?

Since lawsuits usually end with the transferring of wealth from one party to another, some individuals are at a higher risk than others. This includes:

Combine your estate plan with asset protection

It is highly recommended to complete a properly prepared wealth plan with a comprehensive asset protection strategy. You will want to synchronize your estate plan and asset protection structure in a way.

How Can Our New York Asset Protection Attorney Protect You From Creditors?

Anyone who has ever had to deal with a creditor knows how aggressive they can be. Thankfully, there are a number of different legal strategies attorneys can use to protect you and your assets from creditors.

Why do not every law firm have lawyers?

Because of the sensitive and often complicated nature of asset protection, not every law firm has lawyers that specialize in it. There are laws and regulations specific to shielding your assets from creditors and creating a long-term protection plan.

What is asset protection?

The goal of asset protection is to protect wealth, property, and other assets from creditor claims. Asset protection strategies are used both by individuals and companies. They help limit creditor access to valuable assets and properties in a legal fashion.

What is the lowest tier of asset protection?

To get a better idea of how to decide what to do, the lowest tier of asset protection may include buying a homeowners or auto insurance policy. Altering the deductible and coverage level helps you create the right coverage for your personal or business property. Moving up in the asset protection continuum could include setting up a limited liability company (LLC) or corporation. An LLC may provide protection for rental property or other real estate. A corporation can own your business. The protection of an LLC or corporation comes from protecting your identity, separating you from your asset in the eyes of the creditor. Plus, it could be a good idea at this level to set up a life insurance trust to protect the cash value of your life insurance policy. A powerful strategy further up on the continuum often includes creating an asset protection trust.

When should you start an asset protection plan?

The Ideal Time to Act. Any asset protection plan should ideally begin before a lawsuit arises. The law makes it more difficult to block current creditors from accessing assets, and implementing protective measures in the middle of a lawsuit.

What does ABA stand for in estate planning?

Thus, the attorney you choose must know these laws in order to help you create a plan. The American Bar Association (ABA) suggests inquiring as to your attorney’s experience in handling estate plans. Membership in certain bar associations and organizations can show a certain level of dedication from your attorney.

Can you get sued for asset protection?

Asset protection planning might seem like something only for the super wealthy. Elder Law explains that anyone can get sued. Lawsuits can come from a variety of places, including car accidents, credit card debt, foreclosures, unhappy customers, and more.

Is there a one size fits all asset protection plan?

A final thing to note with asset protection and your attorney is that there is no “one size fits all” plan. Asset protection operates on a continuum, varying in complexity and coverage based on the individual or company’s need. Like any profession, with attorneys, There are good and bad ones.

What if a person intentionally threatens harm, but was acting in self-defense?

There are several defenses to allegations of assault, including consent, self-defense or defense of others, protection of property.

Our Lawyers

Our lawyers are screened and approved – they have all gone through an application and interview process. Each lawyer we recommend has been screened for significant experience, knowledge of ethics codes and rules, and law office practices, including customer service skills and handling of fees and billing.

What is the state tax rate in New York?

Some New York City residents will pay the highest state and local tax rate in the United States (14.7% , on top of federal income tax), as Governor Cuomo acknowledged in his announcement. COVID-19 has resulted in many taxpayers leaving New York City, and the tax increases will further the trend as more people flee.

What are the benefits of estate planning?

In addition to lowering estate taxes and getting more to your heirs and less to the IRS, proper tax and estate planning also provides the following benefits: Family governance and centralization of family assets. Legacy and succession planning (including family business and personal assets) Income to beneficiaries.

Is NYC tax based on working in New York?

This is true irrespective of whether the worker travels to the NYC job from the worker’s home within New York State or from home in New Jersey or Connecticut. New York State income tax is based on working at the job inside New York, even if one commutes to that job from one’s home outside New York State.

The Main Objective of a Probate Law Firm

Most people turn first to the Surrogate’s Court for assistance after someone dear passes away. If the matter is complicated or the estate is substantial, the clerk will almost always advise the individual to contact a probate lawyer. For small estate matters (under $25,000) you can typically proceed on your own.

What Does a Probate Lawyer Do?

Aside from litigation, some of the services you should expect your NY probate lawyer to provide are as follows: