Asset Protection Attorney Syosset
Prepare for the Future with an Experienced, Dedicated Asset Protection Attorney By Your Side
Asset Protection for All Stages
Whether you own your home or have loved ones you want to provide for, your assets are worth protecting. You owe it to yourself and your loved ones to create a plan that meets your unique needs and goals and a plan that will safeguard your assets should you need long term care in the future or after you have passed. When considering how to best protect your assets, you should get the help of an asset protection attorney in Syosset, New York. A plan that is right for you depends on your personal needs, circumstances, and goals. When you work with an asset protection lawyer, they can help ensure that you have the best asset protection plan in place to protect your property and wealth.
Fratello Law is a New York law firm with experience helping clients looking for the right plan to best protect their assets. It is crucial that you get the help of one of our compassionate and trusted asset protection lawyers who can help ensure that your assets are safeguarded regardless of what may happen in the future. We are a small firm with a big heart that focuses on building high-quality relationships with our clients as our asset protection attorneys help them through asset protection planning and any other estate planning or legal needs concerning asset protection in New York.
What Is Asset Protection?
We spend our lives working to own a home, build our investments, and secure a nest egg. It is important to work with an experienced lawyer to protect those assets should we need long term care or after our death. Asset protection is crucial to ensuring that the property and wealth that you have is protected in the event that something may happen in the future. Asset protection planning is the process of protecting an individual’s property and wealth from recovery after receiving governmental benefits, creditors, or individuals who may file claims against you or your estate, or from falling into the hands of improper beneficiaries. It is important that you decide who will inherit your assets when you pass and take it out of the hands of the courts.
Asset protection is also often a step in the estate planning process which is aimed at passing your wealth to your beneficiaries in a way that minimizes losses due to expenses like estate taxes or probate. When considering how to best protect your assets, you should be aware of some of the most common asset protection planning tools available to you by contacting one of four trusted Syosset lawyers.
What Are Common Asset Protection Tools in New York?
There are many different reasons why you should consider having an asset protection plan in place. Without an asset protection plan, your property and wealth may be at risk more than you realize. In order to better protect your assets and give you more peace of mind, an asset protection planning tool is a great way to ensure that your assets are prepared for the future.
Some asset protection planning tools that may benefit you include:
- Asset protection trusts: This tool can be used to shield your assets from creditors and lawsuits that may arise in the future.
- Irrevocable trusts: This asset protection tool restricts the ability of creditors or beneficiaries to reach the trust’s assets. This is because the trust may not be altered.
- Spendthrift or minor trusts: This tool can be used when a person wishes to leave property to a beneficiary but is worried that their assets are going to go to waste or a beneficiary is not in a position to manage the asset properly.
- Special needs trusts: A special needs trust can ensure that disabled or special needs loved ones, who require additional care and oversight, have the financial resources necessary to afford this care when the grantor is no longer there to provide for them. This is also an important tool to ensure that those resources do not interfere with eligibility for any current governmental benefits the disabled or special needs loved one is receiving.
- Medicaid planning: A Medicaid Asset Protection Trust can help one qualify for Medicaid while ensuring assets contained in the Trust are safeguarded from recovery.
- Tax-free gifts: A tax-free gift can reduce the value of an estate to be at levels that would prevent a real estate tax.
If you are unsure what asset protection planning tool may best suit your specific needs, consult a Syosset asset protection lawyer so you may decide what your next steps should be.
Do You Need an Asset Protection Lawyer?
Understanding the best methods to protect your assets can be overwhelming. That is why it is crucial to have the help of one of our compassionate and trusted asset protection lawyers. Our experienced Syosset lawyers can help you with the following:
- Identify the full amount of the assets that may be exposed to creditors or other liabilities
- Determine your overall risk
- Advise you on your best next steps for protecting your assets
- Determine whether Trust planning is right for you and, if so, which Trust best suits your needs
- Create an estate plan that allows you to pass your wealth on to your chosen beneficiaries after your death with minimal loss
- Provide you with tax considerations for your asset protection strategy
Our team of asset protection lawyers are dedicated to ensuring that your wealth is protected regardless of what may happen later in life.
Speak With a Syosset Asset Protection Lawyer Today
At Fratello Law, our team of legal professionals are here to help you protect your assets. An estate plan should be designed unique to your circumstances and achieve your goals. Our Syosset lawyers are well-versed in the various options available to help protect your property and wealth. It is our goal to help you communicate effectively with all relevant parties and help navigate unique financial and family situations.
Schedule a complimentary consultation with our skilled Syosset asset protection lawyers by calling (516) 321-4010 or filling out our contact form. We are also available for video conferences and to travel to your home for the convenience of homebound clients.
Small Firm, Big Heart.
Our dedicated disability planning attorneys will guide you in creating the right power of attorney and healthcare proxy to ensure your finances and wellbeing are cared for in the event of an illness. They will also help you draft a living will that ensures all of your end-of-life wishes are upheld. Learn more.
Estate Tax Planning
Our estate planning attorneys at Fratello Law will guide you in transferring your hard-earned assets with as little taxation as legally possible by way of the many testate planning vehicles available. Both New York State and the federal government impose a tax on your right to transfer your property at your death if your gross estate exceeds a predetermined exclusion amount. This amount changes every year. We work with you and your accountant to determine the best panning to shelter your wealth.