Shield Your Assets from Creditors and Lawsuits with Asset Protection Lawyers in Jackson Heights, NY
That which we own, build, accumulate, and collect often makes up the bulk of our estates. While we’re alive, we should have the right to enjoy these possessions that we have rightly earned. And when we are gone, with proper estate planning, we should be allowed to name the heirs and beneficiaries we wish to inherit these assets. However, financial debts that we take on or lawsuits that we are named in could result in losing a substantial number of those assets, either by being seized directly or after being liquidated.
There are numerous legal tools available to you to help protect your assets from creditors and litigation, including irrevocable trusts and other estate planning measures.
Even if you are innocent and have done nothing wrong, the courts are not always going to be on your side. You could be sued by any number of people, including your spouse or a random visitor to your home or place of business. Or you could land in difficult financial trouble and wind up owing a lot of money in debt.
As difficult as it is to earn and acquire the assets which make up our estate, it can be remarkably easy to see those assets be seized by other parties if things go wrong.
The asset protection attorneys of Ortiz & Ortiz, LLP have years of experience providing legal guidance to clients looking to safeguard their estate and their wealth for both themselves and their future heirs. To discuss your questions and concerns, please contact our NYC law offices to schedule a consultation.
How Are Your Assets at Risk?
Any money or nonexempt assets which you have not taken necessary steps to shield or shelter are potentially at risk of being seized by creditors for some unforeseen future financial struggles or by litigators from a future lawsuit.
Examples of Potential Risks to Your Assets and Personal Finances:
- Alimony or child support which you are unable or unwilling to pay.
- Injuries and illnesses render you unable to make a living and risk lost wages, forcing you to liquidate some of your assets.
- Lawsuits against you for car accidents, personal injuries, a breach of contract, or any other claims.
- Hospital stays and costly medical procedures.
- Nursing home or assisted living facility expenses.
- Unsecured debts, such as credit card debt, personal loans, car loans, mortgages, student loans, or medical bills.
While there may be options for some of these–for example, repayment plans or filing bankruptcy–it would be better to avoid risk to your wealth altogether with strong asset protection plans.
What Forms of Asset Protection Are Available in New York?
Just as there are many tools for estate plans for the purpose of leaving assets and property to your beneficiaries, there are also many options available to you if you wish to shield your assets from creditors and lawsuits.
Common Forms of Asset Protection:
- Elder law planning.
- Homestead exemptions.
- Irrevocable trusts.
- Living trusts.
- Medicaid and Medicare planning.
- Offshore trusts.
- Special needs trusts.
- Spendthrift trusts.
- As well as a certain amount of tax-free gifts.
When is the Best Time to Begin Implementing Asset Protections in Your Estate Planning?
The best time to take steps for asset protection is before you actually need the asset protection. If you find yourself being sued or in a dire financial situation, it may already be too late to defend all your assets from creditors and others looking to collect from your estate.
Just as it is important to draft your will long before you wind up on your deathbed, it is wise to begin implementing elements of asset protection into your estate plan long before problems actually arise. However, if you have found yourself in the middle of litigation and are newly fearing for your unprotected assets, it may still be worth contacting an asset protection lawyer to see if you have any legal options available.
The goal must be to establish protection before you need it. Even if you never end up needing it, the fact that it is there for any potential eventuality which may have popped up can be huge for your sense of security and calm.
To begin taking steps to shield your assets from other outside parties, please contact the asset protection lawyers of Ortiz & Ortiz, LLP.
Contact the Asset Protection Attorneys of Ortiz & Ortiz, LLP and Schedule a Consultation to Discuss Your Legal Needs
The law firm of Ortiz & Ortiz, LLP has been serving Jackson Heights and the five boroughs of New York for decades in all manner of legal disputes, estate planning, and financial law decisions. Our reputation is strong and we pride ourselves on providing clients with dedicated, knowledgeable legal representation that they can rely on.
If you are interested in taking steps to protect your assets from future lawsuits or unforeseen incidents, the time to act is now, not later. Our lawyers and associates can help provide legal advice as we guide you through the options available for your asset protection needs. If you have any questions or concerns about your assets and how best to shelter them from prying eyes, please do not hesitate to reach out to us.
To schedule a consultation with our attorneys, please contact our Jackson Heights law offices by emailing us, using the online contact form, or by dialing: 917-920-6437.