Asset protection is a financial planning tool designed to help you protect your assets from creditors and claims. It is beneficial for both individuals and businesses as a way to safeguard wealth from taxation, loss, and seizure.
At Alatsas Law Firm, we specialize in helping you retain your wealth for yourself and your heirs. We do this through asset protection trusts, family limited partnerships, accounts receivable financing, real estate gifting, strategic bank accounts, and other financial resources.
Below are some of the many reasons why you may need asset protection services in Brooklyn and how our legal team can help.
Potential Areas for Protection
In the sections that follow, we will describe the most common reasons and needs for asset protection, which we can assist you with using the following legal strategies.
- Asset protection trusts
- Revocable and irrevocable trusts
- Special needs trusts
- Living wills and trusts
- Medicaid planning
- Elder law planning
Protection Against Creditors
A major reason why New Yorkers need asset protection is from creditors who have claims against their assets. This could even be a claim or lawsuit filed by a former spouse if you are divorced.
Protection in a Divorce
Asset protection is essential if you are going through a divorce because the legal process helps determine how assets are divided up based upon fairness, need, and ownership rights.
Estate Planning and Long-Term Care
We also help clients protect their assets while drafting estate planning documents so that property and possessions go to the rightful heirs. Asset protection is necessary to evaluate your assets and also to prepare for nursing home and long-term care costs. Many seniors don’t realize that they can be sued by Medicaid for nursing home costs.
Keep Assets out of the Jurisdiction of the Court
Your assets belong to you, not the court system. With the help of an asset protection attorney at Alatsas Law Firm, you can rest assured that the fate of your money won’t get tied up in court or in a lengthy probate process.
Minimize Tax Burdens
Asset protection is a key component of tax planning to help you minimize taxation on your estate. We know state and federal tax laws well to retain as much of your wealth as possible.
Protection Against Lawsuits
In the event that you are sued for normal consumer debt, asset protection services provided by an experienced local attorney can protect you from struggling financially or going bankrupt.
Bank Loan Protection
If you default on a bank loan, this could result in a claim against your assets. Contact Alatsas Law Firm to get solutions in place in the event this ever happens to you.
Protection for Business Assets
People who own businesses can be sued by a partner or business associate, as well as by another business owner or any of your customers. Business-related lawsuits can also occur if you are the shareholder of a business and are sued by other shareholders or if you are a corporate officer or director of a business and held personally liable for corporate liabilities despite the established limited liability component of the corporation.
If you invite a guest to your home and that guest is injured, you could be sued. The same is true if you are involved in a car accident. Lawsuits can be filed against people due to lack of insurance when liability insurance is supposed to provide coverage and only limited coverage is provided. All of these are great reasons to have asset protection in place.
Alatsas Law Firm’s Brooklyn Office
At Alatsas Law Firm, we are your local experts in asset protection and offer asset protection service in Brooklyn to individuals and families in all income brackets. We know that you have worked hard to accumulate the assets in your possession, and we will fight for you to keep them safe and protected.
Our office is located at 2115 Avenue U in Brooklyn, which is near the intersection of Avenue U and East 22nd Avenue. On our city block, you’ll also find the businesses of Popular Bank, Ave. U 99 Cents & Up, Spiro’s, and For You Deli Grocery. Nearby public transit stops are the Avenue U/23rd Street bus stop, Ocean Avenue/Avenue U bus stop, Avenue U subway station, and Neck Road Station Q subway station.
We are the asset protection lawyers to know in Brooklyn, so don’t wait another day to safeguard what you have for now and for the future. Contact us at 718-233-2903 for a free asset protection consultation.