Asset Protection Planning in New York
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Asset Protection Planning
Asset protection planning seeks to protect a person's property from the claims of future creditors. You should be concerned with asset protection planning, if you are a professional, executive or small business owner. It makes little sense to construct a comprehensive estate plan and then lose a significant part or all of the assets you have accumulated over a lifetime to a litigation judgment. Yet, that is what too-frequently happens in this litigious society. Reason: If an individual owns a small business as a sole-proprietorship or general partnership, all of his personal assets are put at risk to a potential claim of creditors. Most small businesses will be forced into bankruptcy from a single lawsuit. Likewise, a corporate executive who has accumulated stock, real estate, and bank accounts in his own name can lose it all in the split-second of an automobile accident.
Asset protection planning is designed to prevent these disasters. What techniques are used to accomplish this purpose depend on the unique facts of each case. The solution could be as simple as purchasing the right liability insurance. Or, it may involve the incorporation of a small business, or the transfer of financial assets to a family limited partnership. If appropriate, it could require an “Asset Protection Trust” in Delaware, Connecticut, or Alaska.
Trusts established in these jurisdictions each have their own benefits and drawbacks. We analyze the client’s assets, and his business and lifestyle to arrive at a plan that is suitable and effective for the client and his or her family. Then we draft the necessary documents, form the business entities, transfer assets and fund trusts to bring the plan to life.
626 Reckson Plaza
Uniondale, NY 11556
Telephone
(516) 522-2575
For more information ---
We have devoted a separate sub-site to the examination of asset protection planning strategies. To go there, please click here. You will be able to return to this main site from there.
Copyright © 2007 STEPHEN C. SILVERBERG, PLLC All rights reserved.
Last modified: December 27, 2007
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