New York City Asset Protection Attorney

Asset protection is a way to safeguard them and keep them out of reach of creditors while keeping them available for yourself and your heirs and beneficiaries.

estate planning attorneys

You worked hard all your life to build your wealth. Unfortunately, some events can threaten all you have worked so hard to create. Having a comprehensive asset protection plan reduces risks and prepares you for those unforeseen events.  With a great asset protection lawyer, no matter what life throws at you, your assets can stay protected. 

At the Matus Law Group, our skilled asset protection attorneys have dedicated their careers to helping families plan for the future and guard against the unforeseen. For over two decades, the Matus Law Group has guided families, ensuring their financial security, so they are able to protect their loved ones and leave a continued legacy for their future.  To speak with an experienced NYC asset protection attorney and help secure your legacy, call now:  (929) 412-1808

We Are Here To Help

With over 20 years of experience, we are one of Tri-State Area’s most highly regarded estate planning lawyers.  We are here to assist all residents of New York and New Jersey in the matters of estate planning, estate administration, probate matters, special needs planning, elder law and Medicaid planning, and more. Contact Matus Law Group, headed by a top-rated estate planning Attorney Christine Matus, to schedule a consultation today.

What is Asset Protection?

No matter the size of your estate, your assets can become a target for creditors or lawsuits. Asset protection is a way to safeguard them and keep them out of reach of creditors while keeping them available for yourself and your heirs and beneficiaries.

Whether these assets are owned by you personally or your business, you want to be prepared with a comprehensive asset plan that is tailored to you and your unique situation. Having an asset protection plan designed by a skilled professional allows individuals to take advantage of legal vehicles and laws that keep those assets safe. 

Whether your assets are primarily your home and retirement, you have significant assets that are owned by your business, or you are employed in a profession that is subject to litigation, we can help develop a legal strategy that affords you the most protection for your situation. Taking preventative action now may shield these assets from future negative consequences.  In New York, the laws that guard your assets are complex.  If you are looking to prepare for the unexpected, we are here to help:  call to speak with an experienced asset protection lawyer today:  (929) 412-1808

How Your Assets Are at Risk

There are many ways that your assets may be at risk. Litigants and creditors can attach to your assets because of:

Unpaid consumer loan debt

An automobile or home injury accident

A lawsuit by a former spouse

A lawsuit by a client or patient

Medical costs

Nursing home costs

A lawsuit by a shareholder/shareholders

A corporate liability if you are an officer or director

A lawsuit by a business partner or associate

Lack of sufficient liability insurance or insurance exceptions

For many individuals, a strategically developed asset protection plan will dovetail with estate planning efforts so they work in harmony. In this way, when the estate needs to be administered, there will be no legal challenges.

What Can Our Asset Protection Attorneys Do For You?

You have worked all your life to create your wealth. But protecting it is equally important. We live in a very litigious world, and deep pockets can be more aggressively targeted. Because of this, it is important for those with substantial assets to proactively protect them from future claims by lawsuits and creditors. 

You never want to be caught off guard and put your hard work in jeopardy. With the aid of a skilled asset protection attorney, you can put together a comprehensive asset protection plan that is proactive and not reactive.

Many individuals do not appreciate the risks to their home, their business, or other critical investments and assets until they have been targeted by a creditor or lawsuit. At that point, it may be too late for ample protection. At the Matus Law Group, we will evaluate your potential risks and design and implement a strategic protection plan to protect your assets for your family and future generations. 

Although there are no guarantees that your assets won’t be targeted at some point in the future, when your assets are properly structured, they will be more difficult for others to attach to. Whether you are a business professional or an ordinary individual, having a comprehensive plan to shield your assets offers incredible peace of mind and is crucial in our current world.

While asset protection for individuals and businesses may use different legal vehicles, separating the asset from the individual or business will be the goal. Fortunately, there are many methods and vehicles that create legal barriers from personal liability while offering the person or business owner access to those assets:

  • Domestic Asset Protection Trusts
  • Offshore Trusts
  • Spendthrift Trusts
  • Dynasty Trusts
  • Other irrevocable trusts
  • Homestead and other statutory exemptions
  • Special needs trusts
  • Charitable foundations
  • Charitable giving
  • Gifts
  • Gift programs
  • Business succession planning
  • Family buy-sell agreements
  • Family partnerships and limited liability corporations
  • Medicaid planning

At the Matus Law Group, we will explain which assets are exempt from creditors and which are vulnerable in order to devise the best possible plan for your financial situation. We can then offer ways to structure your assets in order to avoid potential loss from creditors and lawsuits while allowing you to benefit from any current tax advantages.

Most assets can be taken to pay outstanding debts and judgments. However, some assets can be exempted from creditor judgments and civil lawsuits. Both federal and state laws have designated certain assets exempt from seizure. The most notable of these are retirement accounts, including IRAs, 401 (k)s, and traditional pensions. A certain portion of homestead property is exempt under federal law. For an individual who wants to protect assets, some may be converted to exempted assets over time. 

The state of New Jersey does not have a state homestead exemption that protects your primary residence, but you have the right to a federal exemption. It is essential to get the advice of a skilled asset protection attorney when considering exempted assets as state and federal laws impose strict guidelines as to the type and and amount that can be used as an exemption.

 

We Are Here To Help:

Call to speak with Kristine M. Carranceja-Gurski, NYC estate planning attorney today (929) 412-1808

The Need to Be Proactive

Proactively protecting your assets is essential. For asset protection measures to be effective, they must be implemented before the need arises. Once there is an active lawsuit or claim, any asset transfers can be challenged, and claims of fraud can make a difficult situation even worse. 

Many times, a litigant or creditor will look at the chances of recovering funds in a judgment before filing the claim. If assets are adequately protected, the litigant may choose not to pursue a claim due to the cost and unlikeliness of a recovery. Even when an asset protection plan does not block suits entirely, a comprehensive plan can substantially reduce the recovery by a litigant or creditor.

Getting the Assistance of an Experienced Asset Protection Attorney

At the Matus Law Group, our asset protection attorneys have over 20 years of experience in skilled asset protection planning, estate planning, and other areas of financial protection law. We will help you identify your risks and protect your hard-earned assets from risk to ensure that they are there for you and your family’s financial security. Contact us to schedule an appointment.  Call now:  (929) 412-1808