The Importance of Asset Protection in an Economic Downturn
Protecting your assets is always important, but even more so during hard economic times when life feels more uncertain. Even if you feel safe right now, many different people and organizations could come after the wealth you have worked hard to build up. So, here’s what you should know about asset protection and how a Brooklyn lawyer can help.
The Purpose of Asset Protection
Lawsuits, a divorce, a bankruptcy, and other claims made against you threaten your assets and put you at a financial risk. Asset protection is a way to protect your personal property or your business so that you don’t lose your savings and the things that you own. There are many ways to protect your assets under the law, such as with an integrated estate planning trust. Essentially, asset protection is a type of insurance against lawsuits and claims and a way to plan ahead for financial attacks that may happen in the future.
Kinds of Assets That Need Protection
There are many different assets that can be protected from creditors, such as retirement plans, company interests, and home equity. Asset protection is not just for wealthy individuals and actually very beneficial for people who own homes, people who run their own businesses, and people who have been saving for retirement. Anyone can get sued at any time for situations like car accidents, a dissatisfied customer, credit card debt, a foreclosure, or a divorce. Therefore, it’s best to secure your assets before any hint of a lawsuit even occurs.
Who Could Come After Your Assets?
You don’t need to have a long list of enemies to start thinking about consulting with an attorney now for asset protection. Many different people could come after your assets, such as a spouse, another family member, customer, company you owe money to, or a complete stranger.
Asset Planning Strategies
When the economy seems to be going steadily downhill, there are a variety of different strategies that you can pursue to protect what you have. At Alatsas Law Firm, we help New Yorkers like you keep their wealth for themselves and their heirs through asset protection trusts, accounts receivable financing, real estate gifting, family limited partnerships, strategic bank accounts, and other financial tools. Whether you need protection from creditors, in a divorce, while drafting estate planning documents, or just want to keep your assets out of the court system in probate, we can help you create a financial plan that works for your situation.
How a Lawyer Can Help Ease Tax Burdens
In addition to all of these benefits of asset protection during an economic downturn, an asset protection lawyer can help you minimize your tax burdens. This is an important part of tax planning to reduce the amount of taxes that will have to be paid on your estate. Our legal team understands New York and federal tax laws well, and we know the best legal strategies for enabling you to keep as much of your wealth as possible instead of forfeiting it over to the government. Tax laws are ever-changing, and you can trust us to guide you in the most profitable and advantageous direction.
To learn more about asset protection or to schedule your free consultation, please contact our Brooklyn office at 718-233-2903, online form, or live chat on our website.