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Preserving your wealth takes careful planning and strategy. Whether you have millions in assets or a considerable net worth, you face unique challenges when insulating it from potential creditors, lawsuits, or other liabilities. This is where our New York asset protection attorneys excel.
With years of experience safeguarding the holdings of high net-worth families and individuals, we create customized asset protection plans tailored to your specific situation. Our solutions blend cutting-edge legal strategies with attention to compliance, tax efficiency, and your short and long-term financial goals. From asset protection trusts to business entity structuring, we’ll help fortify your legacy against risks.
You use asset protection planning to shield wealth otherwise susceptible to legal judgments or claims by creditors, the courts, or former spouses.
It involves applying legal strategies and transferring valuable assets into vehicles like a family limited partnership, a limited liability company, or holding property in tenancy by the entirety. Asset protection is important for wealthy families and businesses because it promotes financial security and ensures you pass on your legacy to your heirs as intended.
Common threats that can put your assets at risk range from lawsuits and civil litigation to creditor claims and judgments. Even probate fees and estate taxes can chip away at your wealth if proper planning is not in place. Asset protection strategies help insulate you from these potential financial hazards.
The Katz Law Firm can help you take advantage of many strategies and tools available under New York law.
Below, we’ve summarized some effective vehicles for asset protection.
One of the most effective asset protection tools is the trust. Different types of trusts can be used depending on your specific goals and risks. An irrevocable trust, for example, allows you to transfer assets out of your personal estate, protecting them from future creditors or lawsuits.
Assets held in trusts are extremely difficult for creditors to reach. Other trusts like asset protection trusts and dynasty trusts provide added layers of insulation for generational wealth transfer. Our attorneys will guide you on using trusts to safeguard your assets.
When restructuring your business or investments as an LLC, you can shield your personal assets from potential liabilities arising from your company’s activities.
A form of joint ownership between married couples where each partner owns an undivided interest in real property. The TBE is a third, separate entity. So, the law restricts creditors who take out liens against partners from seizing the TBE assets.
FLPs allow you to transfer assets to family members while maintaining control over the assets and potentially reducing estate and gift taxes.
At Katz Law Firm, PLLC, we know that asset protection is not a one-size-fits-all solution. That’s why our process begins with listening. We take the time to understand your complete financial picture – the assets you’ve worked so hard to build, the goals you have for your wealth, and the potential risks you face from creditors, lawsuits, or other threats.
Only once we have this comprehensive understanding of your unique situation do we then develop an asset protection plan customized just for you. Our attorneys match you with the specific tools and legal strategies best suited to insulate your assets and safeguard your financial future according to your circumstances and priorities.
Whether that means trusts, business entity restructuring, equity repositioning, or other advanced techniques, you can count on our seasoned guidance every step of the way. We’ll ensure your wealth is protected now while also aligning with your long-term legacy plans for generations to come.
Asset protection is an ongoing process, not a one-and-done event. Katz Law Firm, PLLC is committed to monitoring and adjusting your strategy as needed based on changes in regulations, new compliance requirements, or your evolving situation over time.
Timing is everything when it comes to protecting your assets. You must take proactive steps to safeguard your wealth before potential takers arise.
Your options become limited after a third party files a lawsuit or creditor makes a claim against your assets, situations where it’s often too late to protect your wealth.
By working with an estate planning attorney at the Katz Law Firm early on, you can:
The earlier you take proactive steps to protect your wealth, the more effective and comprehensive your asset protection plan can be. Don’t wait until creditors or lawsuits are looming – work with Katz Law Firm now to get ahead of threats and safeguard your assets.
Asset protection and estate planning are two key financial strategies that must be integrated into a plan that secures your family’s wealth. Too often, these are approached as separate objectives when, in reality, they are connected.
Proper estate planning determines how your assets transfer after you’re gone. But it does little good if those same assets are depleted or seized due to a lack of protection measures during your lifetime. That’s why asset protection strategies that insulate your wealth need to be baked into the estate plan itself.
At Katz Law Firm, we merge these two disciplines. Our attorneys analyze your entire financial situation, including assets, business interests, and any areas of exposure. We then design trusts, corporate entity structures, and other protection vehicles that not only shield your holdings now but integrate with your succession plan.
This unified approach ensures your assets can transition with maximum insulation from creditors, taxes, and claims. You can have peace of mind that your legacy will transfer as intended to your specified beneficiaries. Let us simplify safeguarding your wealth for today and future generations.
At The Katz Law Firm, we know how important it is to safeguard your hard-earned assets.
Our asset protection planning attorneys take a proactive approach, working with you to develop comprehensive asset protection vehicles that integrate with your overall estate plan.
Please don’t wait until it’s too late to protect your assets.
In today’s litigious society, taking proactive steps to safeguard your wealth and preserve your legacy for generations is more important than ever.
Contact us today to schedule a consultation. We’re here to help you develop a plan that meets your needs.
As Your Life Changes, So Should Your Estate Plan. Our Flexible Solutions Adapt To Your Unique Needs, Providing Ongoing Peace Of Mind.
Crafting a lasting legacy that reflects your values and aspirations starts with a purpose-driven plan.
Start your journey with a personal consultation to discuss your estate planning needs and questions.
Define your legacy with clear goals for asset distribution, family protection, and wealth preservation.
Craft a tailored estate plan that aligns with your objectives and provides legal protection for your assets.
Finalize a secure, comprehensive plan for future certainty and peace of mind for you and your loved ones.
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YES, as long as you’re mentally competent, revocation of a power of attorney is possible at any time by notifying your agent and any relevant parties in writing.
If you don’t have a power of attorney and cannot make decisions for yourself, your family may need to go through a lengthy and expensive court process to appoint a guardian to handle your affairs.
NO, a power of attorney typically only covers financial and legal matters. You’ll need a separate document called a healthcare proxy for healthcare decisions.
While you’re not required to have a lawyer, the Katz Law Firm highly recommends it. An experienced estate planning attorney can ensure that your power of attorney is valid, legally binding, and tailored to your needs and wishes.
Our lead estate planning attorney, Adam Katz, is passionate about helping families and individuals navigate the complex world of estate planning with compassion and a personal touch.
With more than 17 years of experience in estate planning and probate law, Adam Katz has helped countless clients achieve peace of mind by crafting comprehensive plans tailored to their unique needs and goals. He takes the time to listen to your concerns, explain your options in plain language, and guide you through every step of the process.
Adam Katz believes that estate planning should be an empowering experience, not a daunting one. He is committed to building long- lasting relationships with clients, ensuring that your plan evolves as your life changes. Whether you’re just starting your estate planning journey or need to update an existing plan, Adam Katz is here to provide the knowledgeable guidance and support you deserve.
At Katz Law Firm, we understand that estate planning is not just about drafting documents; it’s about building relationships and creating a lasting impact.
