You’ve worked hard for your entire life and have carefully saved for your retirement. America has become an ever more litigious society, and 90% of lawsuits originate in the United States. Working with an asset protection attorney is more important than ever to protect your hard-earned property.
At CDH Law PLLC, our asset protection lawyers will identify tactics and strategies we can use to protect you and your beneficiaries against lawsuits and claims from creditors in the future. We will help protect your assets to avoid your hard work enriching a third party at the expense of your spouse, children, and loved ones. Contact our Syracuse law firm today to learn more about our asset protection services.
Protecting Assets From Lawsuits
Every year, people file thousands of frivolous lawsuits in New York alone. Many lawsuits and settlement agreements could absorb an unfair amount of an innocent person’s assets. If you are a small business owner in New York, you should ensure that your business assets are separate from your personal assets to protect them. Discussing your circumstances with an asset protection lawyer in Syracuse will help you safeguard your wealth.
At CDH Law PLLC, we use legally sound, proven strategies that we custom-tailor to your unique situation to provide you the most asset protection possible. Protecting your assets is more critical than ever. The risk of potential liability will likely continue to rise unless we have a massive overhaul of our legal system. Your assets may be at risk from one or more of the following vulnerabilities:
- Personal liability of corporate officers and directors
- Professional malpractice liability
- Lawsuits by former business partners
- Personal injury lawsuits resulting from a motor vehicle accident
- Personal injury accidents that occurred on your premises
- Liability as a guarantor for another person’s deaths
- Liability arising from misconduct
Protecting Inheritances from Creditors
For most of us, passing down our wealth to our loved ones is an important goal. The last thing we want is for potential creditors or divorce to rob our children or grandchildren of their inheritance. The experienced asset protection lawyers at CDH Law PLLC will arrange your estate planning so that any inheritance you pass on to your loved ones upon your death will be protected from potential creditors.
Creditors may initiate a lawsuit against you, knowing that you own assets. In addition to outsiders claiming your assets, you may need to worry about the beneficiaries themselves. For example, if your adult child has an addiction to drugs or alcohol, you may be worried about them spending all of their inheritance on their addiction instead of using it wisely.
One of the best ways to protect your loved ones’ inheritance from outsiders or themselves is to create a trust. While revocable living trusts are popular and valuable for many purposes, a revocable living trust provides very little asset protection. Our team can help you create a trust that will protect your assets for years to come. There are many benefits that come from transferring your assets into a trust or another type of legal entity for your heirs, including the following:
- Assets and trust are typically not subject to creditors claims
- Assets transferred into a trust may not be considered marital property in a divorce
- Avoiding estate tax when your beneficiary passes away
- Preserving access to last for the lifetime of the beneficiary
Our asset protection lawyers understand how to evaluate our clients’ holdings. We work with our clients to identify the best ways to protect their wealth from various potential creditors. We consider what would happen if our clients are sued for negligence, malpractice, or breach of contract. At CDH Law PLLC, our lawyers know that every case is unique. That’s why we use different strategies depending on the client’s goals, the country of origin, nature of assets, and applicable state and federal tax regulations. We have solid knowledge regarding:
- Domestic and offshore trusts
- Exempt assets protections under New York state law
- Domestic business entity formation
- Negotiation and preparation of premarital and post-marital agreements
Medicaid Asset Protection Trusts
The cost of nursing home care continues to rise, with many New York nursing homes costing over $100,000 per year. Planning for long-term care is an important aspect of asset protection. Our law firm provides clients with specific asset protection services that focus on helping seniors protect their life savings from becoming depleted due to long-term care costs. Most private insurance companies will not pay for long-term care, and neither will Medicare.
One of the best options to pay for long-term nursing care is to qualify for Medicaid. However, Medicaid is limited to those with meager incomes and assets. One way to be eligible for Medicaid benefits without losing your assets is to create an irrevocable Medicaid asset protection trust and transfer your assets into the trust. You will need to create the trust and transfer your assets at least five years before applying for Medicaid. The sooner you begin planning, the better.
Don’t Wait to Begin Asset Protection Planning
Many people assume that they will wait until they need to talk to a lawyer to start planning to protect their assets. However, suppose a lawsuit has already been filed, and a judge discovers you’ve been transferring your assets around in anticipation of a negative judgment. In that case, you will face other potential consequences, including possible fraud charges. The best time to begin protecting her assets is now before you’ve been sued or pursued by a creditor.
Consult With a Syracuse Asset Protection Lawyer Today
Asset protection can protect you and your loved ones for generations. The estate planning lawyers at CDH Law PLLC will make sure your assets are protected now and in the future. Our ultimate goal is to protect our client’s assets in a legal, ethical, and effective way. Contact us today to schedule your free initial consultation to learn more about how we can help you protect your assets.