Asset Protection Trusts in Melville, NY

Our Melville, NY, asset protection lawyer can set up a trust to shield your wealth. Once you transfer assets into one of these trusts, they’re no longer part of your estate, meaning creditors cannot seize them if they obtain a judgment in court. At the same time, you can receive income from the trust, although there might be limits in place depending on your goals.

There are a variety of asset protection trusts available, including domestic asset protection trusts. Setting up the right one is critical, so consult with an attorney before moving forward. Your lawyer can go over each option with you and make recommendations based on your assets and long-term goals. Then you can take steps to protect your wealth, so you’ll be able to leave something behind for the next generation.

Estate Tax Strategies for Melville Residents

New York has what’s known as an estate tax cliff. All of your assets will be subject to the estate tax if you fall off the cliff. Unfortunately, that means your loved ones won’t receive as much as expected when you pass away, which will hurt your legacy.

Fortunately, our Melville, NY, estate planning lawyer can go over strategies to mitigate estate taxes. This might include lifetime gifts, charitable bequests, and other tax-mitigation strategies.

Because each situation is unique, it’s important to consult with an attorney to develop the right plan for your needs. Contact us today so you can begin the process of protecting your assets.

Revocable Trusts: Are They Right for Asset Protection?

Revocable trusts are an attractive option because you can create, fund, and manage the trust without using a third-party trustee. Also, you have the authority to modify or revoke it at any time. However, revocable trusts do not shield assets from creditors or judgments. Thus, you will need to consider another asset protection strategy. First, set up a consultation with our Melville. NY, asset protection lawyer to discuss irrevocable trusts and other options. Then your lawyer can help you protect your wealth.

Proactive Asset Protection Planning in Melville, NY

Some people wait to incorporate asset protection strategies until they’ve been served with a lawsuit. Unfortunately, that’s typically too late. The opposing attorney will review your financial history and try to recover assets recently transferred out of your estate. However, if you start now, you will have the protection you need down the road. Thus, contact our Melville, NY, asset protection lawyer today to develop a plan.