Protecting Your Assets Against Lawsuits
While many trusts can help you avoid probate and legally reduce your tax obligations, asset protection trusts offer a more targeted approach for shielding business and personal assets from lawsuits and creditors. If you are a business owner, police officer or have a job that carries a lawsuit risk, you owe it to yourself to investigate the benefits that this legal instrument can provide.
Failing to select the correct trust or comply with state law could create a costly legal headache and put your assets at risk for seizure, which is why it makes sense to retain a seasoned attorney to handle your estate planning concerns. At Corash & Hollender, P.C., our lawyers have helped thousands of Staten Island residents take proactive measures to safeguard their legacy over the past 45 years. We are equipped to identify an effective strategy that achieves your objective. We are well-versed in the different types of asset protection trusts and know how to comply with the regulations for each type.
Shielding Your Assets From Plaintiffs And Other Parties
Many of our firm’s clients know that trusts can be used to protect their assets from creditors. However, there are other parties you can prevent from seizing your possessions and sources of wealth. An asset protection trust can safeguard your finances if you are sued, but timing is critical. The key to effective asset protection is to transfer assets prior to the commencement of a lawsuit. If you believe that you may need to defend against a lawsuit, do not delay. At Corash & Hollender, P.C., we will move swiftly to create an asset protection trust and educate your trustee on his or her administrative duties.
With our firm’s assistance, you can establish a domestic asset protection trust. We are also able to create foreign asset protection trusts, which may enable you to keep your holdings and assets private from public view. Because this type of trust is governed by foreign laws, it is critical to work with an attorney who understands the laws that affect trust creation, its funding and administration requirements.
Having practiced law for decades, our attorneys take the long view when advising our clients. If the disadvantages of creating this type of irrevocable trust outweigh the benefits, we will share this insight. For some clients, it may be difficult to relinquish control over how their trust is administered. You can depend on us to give you the honest, skilled counsel that you require to protect your interests.
Contact Us Today To Learn More
There are a variety of legal strategies that you can pursue to protect the people and things you value. Let us find the most effective one for you. We invite you to consult with us for free about your estate planning concerns or questions you may have about elder law issues.