Queens Asset Protection Attorneys

Our Approach to Asset Protection 

We take a distinct approach to asset protection that is versatile enough to suit the needs of those with estates of any size. 

If you partner with our Queens asset protection attorneys, you can expect them to work to achieve these four objectives:

1. Transferring assets to beneficiaries and organizations via your preferred method 
2. Reducing the impact of federal and state estate taxes 
3. Helping you determine who will handle your estate, make decisions on your behalf, and receive your assets
4. Limit the costs of administering your estate 

By emphasizing these objectives, we help clients address all kinds of risks that could impact anything from the value of their estate to their beneficiaries’ access to assets and property. 

Methods for Protecting Assets

The right asset protection method will vary from situation to situation. Trusts, for example, are a valuable legal tool for minimizing tax liability and ensuring beneficiaries seamlessly receive specific assets. However, not all trusts function the same or offer similar benefits, so the right trust for your situation will depend.

Below, we list and detail the advantages of a few asset protection methods: 

Revocable, Irrevocable, & Asset Protection Trusts 

With a revocable trust, you can retain control over assets until you pass away. At that point, the trustee (person administering the trust) can distribute them according to your wishes. This kind of trust only offers limited protection, as creditors can still make claims against your estate. 

Irrevocable trusts remove assets from your estate and place them under the management of trustees permanently or for a specific period. This method provides more robust protections, as it shields assets from creditors. 

Asset protection trusts (APTs) are a particular kind of irrevocable trust that can firmly protect your estate from creditors and even help you qualify for Medicaid. 

Family Limited Partnerships (FLPs) 

Family limited partnerships (FLPs) are legal entities that allow you and other family members to possess and manage interest in a shared business. Placing assets in an FLP can shield future returns from estate taxes. 

Limited Liability Companies (LLCs)

LLCs have their own legal status, which distinguishes them from the individual owners. The primary advantage of placing assets in an LLC is that it shields those assets from business creditors.