Using Asset Protection Trusts To Safeguard The Things You Value
While many trusts can help you shield your assets from other parties and legally reduce your tax obligations, asset protection trusts offer a more targeted approach for protecting your legacy and your beneficiaries. There are different types of asset protection trusts and each is subject to New York law.
Failing to select the correct trust or comply with state law could create a costly legal headache, 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 40 years. We are equipped to identify an effective strategy that achieves your objective.
Shielding Your Assets From Creditors 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, need to qualify for Medicaid or are trying to create a financial safety net for a disabled loved one.
With our firm’s assistance, you can establish a domestic asset protection trust. This legal instrument may allow you or a loved one with special needs to live comfortably while receiving government support through Medicaid, Supplemental Security Income (SSI) or other programs.
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 these trusts are 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 your 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.