When you’ve worked hard your entire life to build wealth for your family, you will want to protect that wealth from losses, such as creditor claims, lawsuits, taxes, or misspending. An asset protection strategy tailored to your circumstances and designed for your needs and goals can help you preserve family wealth and pass it on to your loved ones. Contact a knowledgeable attorney at Amoruso & Amoruso LLP for help with asset protection in Greenburgh.
What Is Asset Protection?
Asset protection planning involves using various legal strategies to protect your or your family’s wealth against potential claims and other losses, such as taxes or avoidable expenses. Asset protection also works with estate planning tools to facilitate passing on wealth to family members while minimizing the time and expense of probate or estate taxes.
Preserve Your Wealth with Help From a Greenburgh Asset Protection Lawyer
Hiring experienced legal counsel can help you develop an asset protection plan for your family’s needs and goals. A Greenburgh asset protection lawyer from Amoruso & Amoruso LLP will sit down with you to understand your circumstances and discuss the types of asset protection tools that best meet your needs and personal situation. We can help you craft and execute legal strategies under your asset protection plan, such as forming and funding trusts, retitling assets, or forming limited liability entities. An attorney can also stand by your side through the years to review and update your asset protection plan in response to changes to your family’s circumstances or updates to estate, tax, or corporate laws.
What Are Common Risks to Assets?
Some of the top risks that make asset protection critical for individuals, families, and business owners include:
- Debts, including credit card debt, medical debt, and mortgages
- Long-term healthcare expenses
- Lawsuits, such as personal injury or professional malpractice claims
- Taxes
- Estate administration expenses
- Wasteful spending by family members
- Property division in divorce
What Are the Benefits of Asset Protection?
Developing an asset protection strategy can provide you and your family with numerous benefits and advantages, such as:
- Protection of critical assets like a home or business from creditor claims
- Preserving family wealth for future generations
- Minimizing tax liabilities
- Asset diversification, which can help minimize losses due to market downturns
- Privacy and confidentiality during estate administration to bypass probate and simplify asset distribution to beneficiaries
What Legal Strategies Can Be Used for Asset Protection?
Common legal tools for asset protection in Westchester County include:
- Asset protection trusts
- Irrevocable trusts
- Retitling of assets
- Limited liability entities, such as LLCs or S-corporations
- Reviewing insurance policies and keeping them current
- Irrevocable gifts
- Third-party spendthrift trusts
- Special needs trusts
- Medicaid trusts
Contact Us for Greenburgh Asset Protection Services
Amoruso & Amoruso LLP is a premier estate planning and wealth preservation law firm serving clients in Greenburgh and throughout Westchester County, NY. Contact us today to arrange a consultation and learn more about the importance of protecting assets in Greenburgh.
