Asset Protection Lawyers in Astoria, NY, Providing Clients with Options for Protecting Their Wealth
Maybe money can’t buy happiness, but the loss of that money sure does create a lot of sadness and regret. Hard-working New Yorkers, family members, and business owners understand that it takes a long time to build up wealth and security that they can feel good about. But it takes remarkably little time at all for someone to lose that same amount of wealth, either by making flawed money decisions or after being sued by another party.
All that hard work, all the money that it took you forever to save up, can be gone in a flash with just a little bit of bad luck.
But there are ways to shield your assets and your property and your wealth from creditors and lawsuits.
The asset protection attorneys of Ortiz & Ortiz, LLP have years of experience providing legal services to clients in and around New York City. With the legal guidance of our law firm, we will work together with you to put in place asset protection measures that can shield your estate’s treasured assets from those looking to collect in some future, unforeseen scenario.
Our attorneys will provide you with options, such as gifting assets tax-free to your beneficiaries or putting assets into one of many different types of trusts (including potentially an irrevocable trust, a spendthrift trust, an offshore trust, or a special needs trust).
To learn more about what options suit your needs, please contact our Astoria, NY law offices to schedule a consultation.
Who Could Potentially Sue You and Put Your Assets at Risk?
In addition to winding up in financial debt and having your assets put at risk as you attempt to pay off what you owe, any one of us is potentially a target for a future lawsuit. Even if you did nothing wrong, the courts do not always see it that way, and a lawsuit could result in you losing much of your wealth.
Parties Who May Have an Interest in Suing You Include:
- Bank loans can result in consumer debts which the banks can pursue legal action against you in order to recoup their losses.
- Business owners are at risk for a number of different lawsuits, either from shareholders, employees, or customers. Among the most common lawsuits against a business include slip and fall injuries that take place on the premises of the business property.
- Business partners and associates, if they feel wronged in any way, could see a reason to sue you for compensation.
- Car accident victims are among those most likely to sue another person, especially in cases in which health or car insurance does not properly pay for damages.
- Divorces can lead to lawsuits from the former spouse.
- Lack of insurance could get you sued, especially if you were involved in an accident.
- Medicaid and assisted living facilities can sue for services rendered and outstanding balances yet to be paid.
The list of potential sources for a lawsuit is, quite frankly, almost endless. The United States of America has long held the reputation of being the most litigious country in the world and it is a reputation that is well earned.
Do You Need to Hire the Services of an Asset Protection Attorney?
Asset protection, like other legal matters and issues relating to estate plans, can be complex and confusing at times. One small error could cause all well-intentioned efforts to come crumbling down, rendering your assets vulnerable to creditors and lawsuits. For this reason, it is suggested that you seek professional assistance from an experienced asset protection attorney.
The asset protection attorneys of Ortiz & Ortiz, LLP can assist you by identifying and accounting for all of your assets, determining which assets are exempt and which are non-exempt, evaluating potential liabilities and holes in your estate’s defenses, provide guidance for the most suitable asset protection strategy for your needs, and finally execute that strategy under the right of the law.
Sometimes the mere existence of a strong asset protection plan is enough to ward off potential future lawsuits, as opposing counsel sees that there are formidable defenses and less in the way of potential payouts to be had.
Should You Combine Your Estate Plan and Asset Protection?
Yes, of course.
Asset protection and estate planning can and should go hand-in-hand. When all the measures you have taken to safeguard your assets and prepare your estate for your beneficiaries are properly executed, it can make life easier both for you and your heirs.
Is Asset Protection Legal in the State of New York?
Yes, asset protection is legal.
Though certain laws may differ from state to state, asset protection is legal and officially recognized by the American Bar Association.
Illegal measures by which criminal types may attempt to shelter their assets likely do exist, however, those methods will never be recommended by a reputable legal professional. Every method discussed here or by the attorneys of this firm is 100% legal and permitted.
Contact the Asset Protection Attorneys of Ortiz & Ortiz to Schedule Your Consultation and Discuss Your Goals
Asset protection is a rarely thought of but extremely important part of every estate plan. Without it, an individual or a business owner runs the risk of losing all that they’ve acquired in a future lawsuit or financial mishap.
To learn more about your options for shielding your wealth and property from creditors and litigators, please contact the law offices of Ortiz & Ortiz to speak with our legal team. Our lawyers have served NYC for years and we would be proud to serve you, too.
Please call us: 917-920-6437.