Long Island Asset Protection Attorney

Essential Strategies to Safeguard Your Assets in New York

The American dream is often viewed as spending most of your life working, saving, and sacrificing so that in your golden years you can live comfortably and then share any excess with those you love after you pass on. Many people do all of these things but forget that if these hard-earned assets are not properly protected once accumulated that everyone from creditors to the government can take a piece of the pie, possibly even half or more.

Asset protection is a vital part of the elder law services that The Virdone Law Firm, P.C. provides to clients on Long Island and throughout Nassau County, Queens County and Suffolk County. If you would like to learn more about how an attorney can help you create a plan that will protect your loved one's assets from taxation and the many other risks that may arise upon their passing or when they need nursing home care, contact our offices today. Your initial consultation is free and always confidential. We want you to protect your parents' assets so you don't have to sell them in order to provide nursing home care, or disqualify them from receiving Medicaid.

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Don’t leave your assets vulnerable. Call us at (516) 712-2142
 to protect your wealth with expert legal guidance.

We are highly experienced legal and business professionals dedicated to providing long-term solutions that help people protect their assets. A Nassau County elder law lawyer at our offices can help you in the construction of a will and power of attorney as well as provide guidance with regard to medicaid planning, taxes, insurance beneficiaries, and asset gifting. We find that many people are surprised to learn that the cost for a comprehensive asset protection package is low, especially compared to the value of the assets that are taken from the estate both during life and after if not properly protected. The American dream, even if realized, is not complete if the fruits of one's labor are depleted through taxes or long term care.

Choosing the Right Asset Protection Strategy for Your Needs

Asset protection involves highly important decisions to protect your investments, your personal assets, business endeavors, and other earnings. Should you ever find your estate at risk, either due to bankruptcy, creditors, defaulted loans, or in a lawsuit.

This form of estate planning will be especially beneficial to anyone who has significantly large assets or wealth to protect, and face the large risk of losing employment, particularly business owners. We know that many individuals and families depend on the business or their investments as the source of employment and a steady stream of income.

We have a variety of asset protection resources and tools that can be personalized for your particular needs and goals. For example, prenuptial and postnuptial agreements are one of the ways you can safeguard your separate property, that is the property you had before you were married.

Our Comprehensive Asset Protection Services Include:

• Wills
• Tax planning
• Powers of attorney
• Trusts: irrevocable and irrevocable trusts
• Pre and postnuptial agreements

You have many other options at your disposal with The Virdone Law Firm, P.C. Our Nassau County elder lawyers can guide you in creating a will, planning your taxes, or develop a comprehensive asset protection plan. The route we take will depend on your particular goals, the amount of assets and properties you have to protect, and your specific needs.

Common Risks to Assets

Protecting your assets is essential to securing your financial future. Several risks can threaten your hard-earned wealth, including:

• Lawsuits: If you're sued, creditors could potentially go after your assets, including your home, savings, and investments.
• Divorce: Divorce settlements can lead to the division of assets, leaving you with less than what you initially accumulated.
• Creditor Claims: If you face debt or business failure, creditors may claim your assets to satisfy unpaid obligations.
• Natural Disasters: Unexpected events like hurricanes, fires, or floods can damage or destroy property, leading to financial loss.
• Fraud and Theft: Scammers and identity thieves can target personal assets, especially if proper security measures aren't in place.

Being aware of these risks can help you take steps to protect your wealth effectively.

How Asset Protection Laws Vary by State

Asset protection strategies aren’t one-size-fits-all. They depend heavily on the state in which you live because laws can vary widely. Here’s why it’s important to work with an attorney familiar with local laws:

• State-Specific Laws: Different states offer varying levels of protection for assets. For example, some states have stronger homestead protections that shield your primary residence from creditors, while others may not.
• Bankruptcy Laws: In some states, bankruptcy exemptions for personal property are more generous, protecting more of your assets from creditors.
• Trust and Estate Laws: Certain states have favorable laws regarding irrevocable trusts, which can protect assets from creditors and lawsuits more effectively than in other states.
• Liability Shielding: Some states, like Nevada and Delaware, have specific laws designed to protect business owners' personal assets from liability risks.

An attorney familiar with the laws of your state can help you choose the most effective strategy tailored to your needs.

Medicaid Planning and Nursing Home Care

Medicaid planning is crucial for seniors who wish to protect their assets while qualifying for long-term care assistance. Here’s how it works:

• Medicaid Eligibility: Medicaid is a government program designed to help with the costs of nursing home care, but it has strict eligibility requirements. If you have too many assets, you may not qualify.
• Asset Protection Strategies: Proper planning involves legally structuring your assets to meet Medicaid’s eligibility rules while safeguarding as much wealth as possible.
• Gift Strategies: You can transfer assets to family members or set up irrevocable trusts to reduce your countable assets for Medicaid purposes.
• Preventing Financial Hardship: Without proper planning, the cost of nursing home care can quickly deplete your savings, leaving you with little to pass on to loved ones.

Working with an experienced attorney ensures that your assets are protected and that you qualify for the assistance you need, without sacrificing your legacy.

Frequently Asked Questions (FAQs)

• What is the best way to protect my assets from lawsuits?
  To protect your assets from lawsuits, consider setting up an irrevocable trust, purchasing umbrella insurance, and keeping personal assets separate from business or investment assets. Consulting with an attorney can help tailor a plan to suit your specific needs.
• Can I protect my assets from creditors in bankruptcy?
  Yes, depending on the type of bankruptcy you file and the exemptions in your state, certain assets may be protected. For example, some states offer exemptions for your primary residence or retirement accounts, which can safeguard them from creditors.
• How can I protect my business from personal liability?
  Forming a limited liability company (LLC) or corporation can help shield your personal assets from business debts or lawsuits. Additionally, asset protection strategies like buying business insurance or setting up family limited partnerships can provide further security.
• Will a prenuptial agreement protect my assets in the event of divorce?
  Yes, a prenuptial agreement can help protect assets acquired before marriage. It clearly outlines how assets will be divided if the marriage ends, reducing the risk of losing personal wealth during a divorce.
• What happens to my assets if I pass away without a will?
  If you die without a will (intestate), state laws will determine how your assets are distributed, which may not align with your wishes. It can also create complications for your heirs. A well-drafted will can ensure that your assets go to the people or organizations you choose.
• How can I protect my home from Medicaid’s estate recovery after I die?
  While Medicaid’s estate recovery program seeks repayment for care costs after your death, you may be able to protect your home through specific planning strategies, such as transferring the home to a family member or using a Medicaid-compliant trust.
• Can I transfer assets to my children to avoid taxes and protect them?
  Transferring assets to children can help reduce your taxable estate, but it requires careful planning to avoid gift taxes and complications with Medicaid eligibility. It's essential to consult with an attorney to navigate these strategies effectively.

Trusted Elder Law Services for Long Island, Queens, Nassau, and Suffolk Counties

You have many options in regard to asset protection. The approach will vary depending on your particular goals as well as the amount of property and valuables you are dealing with.