New York Asset Protection Attorney

In the journey of wealth building, every effort, every commitment, and every achievement forms a vital part of your financial success. However, amidst the challenges of getting to the top of and building your generational wealth, unforeseen threats can jeopardize our hard earned achievements. Fear not. If you live in New York City, you can find a safe haven from those who will go after your assets - an experienced local asset protection attorney such as Inna Fershteyn will help you to maximize your wealth and protect your assets from creditors.

In a city like New York where great wealth is built and many high net worth individuals can be found, the need for asset protection becomes even more crucial. Asset protection lawyers are not just legal experts but rather the guardians of your prosperity, architects of security and partners of your financial success. Their role is to fortify your assets, crafting a resilient shield against financial turmoil and legal complexities, and leveraging a keen understanding of New York law to hold onto what you have built. Your lifelong efforts to maximize your wealth and created generational wealth deserve the assurance of preservation of such wealth.  So, don't let uncertainty cast its shadow. Empower yourself with the guidance of an experienced protector of wealth. Invest into hiring the best asset protection and wealth preservation lawyer money can buy.  

Within New York’s complex financial landscape, protecting your assets isn’t just a cautious approach for the wealthy, it’s essential for anyone seeking to secure their legacy. In New York City especially, the importance of asset protection cannot be understated. New York's inheritance laws are among the most strict in the nation, imposing many regulations on estate distribution and probate proceedings. These laws can complicate the process of transferring assets and may result in significant tax liabilities if not carefully navigated. Therefore, regardless of your financial status, ensuring proper asset protection is essential for all, but particularly critical for those residing in NYC due to the unique challenges posed by the state's inheritance laws.   

What is Asset Protection? In the intricate web of financial management, your Asset Protection Planning attorney is a choreographer, who is tasked with orchestrating a symphony of strategies to safeguard your hard earned wealth from the constant threats of litigation, creditors, and unforeseen challenges. The job of the best asset protection lawyer goes beyond that of just building a shield around your assets; it's a comprehensive journey, a carefully crafted roadmap to the successful protection of your estate against taxation, creditors and life changing events. Picture your estate preservation lawyer as the guardian of your legacy, a protector standing firm against the turbulent tides of legal battles and financial uncertainties. Asset Protection Planning is a testament to proactive foresight, a preventive action against potential adversaries eyeing your riches. It's not just about shielding assets from existing threats; it's about creating a fortress of defense that anticipates and mitigates risks before they materialize. Asset Protection Planning safeguards your assets against various threats to your financial security. From business disputes to unforeseen accidents, a well designed plan offers crucial protection. 

But perhaps the most crucial aspect of Asset Protection Planning lies in its timing. Starting asset protection planning well in advance is essential, as waiting until legal issues are imminent is ineffective. True asset protection is a proactive endeavor, a journey embarked upon well in advance to fortify your defenses against the storms that may lie ahead. In essence, Asset Protection Planning isn't just about preserving wealth; it's about empowering you to navigate through financial uncertainties with confidence and resilience. It's about securing not just your assets but the legacy you've tirelessly built, ensuring that it endures for generations to come. So, as you navigate the complex landscape of the wealth management, let Asset Protection Planning attorney be your guiding light, illuminating the path to a future fortified against adversity.

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Why Do You Need an Asset Protection Attorney?

Securing your assets in today's litigious world demands more than just caution, it requires strategic expertise and legal knowledge. Here's why enlisting the services of an asset protection attorney is not just advisable but essential:

1. Shielding Against Creditor Claims: An asset protection attorney can help shield your wealth from potential creditor claims, ensuring your hard earned assets remain protected.

2. Navigating Business Disputes: Whether you're a business owner facing partnership disputes or contractual conflicts, an asset protection attorney can provide invaluable guidance to protect your business interests.

3. Mitigating Consumer Debt Risks: Consumer debts can pose significant threats to your financial security. With an attorney's assistance, you can develop strategies to mitigate these risks and preserve your assets.

4. Addressing Shareholder Disputes: Shareholder disagreements can escalate quickly and endanger your company's stability. An asset protection attorney can help resolve disputes and protect your investments.

5. Managing Liability Risks: From accidents on your property to unforeseen legal liabilities, an attorney can assist in developing strategies to manage and mitigate potential risks effectively.

6. Ensuring Adequate Insurance Coverage: Understanding your insurance needs and ensuring adequate coverage is crucial. An asset protection attorney can assess your insurance policies to identify gaps and recommend appropriate coverage.

7. Protecting Against Divorce Proceedings: In the event of a divorce, your assets may be at risk. An attorney can help safeguard your wealth and assets during divorce proceedings, ensuring equitable distribution.

8. Navigating Tax Implications: Tax laws are complex and ever-changing. An attorney can help you navigate the intricate tax landscape to minimize tax exposure and maximize wealth preservation.

9. Preparing for Long Term Care Costs: Planning for potential long term care needs is essential to protect your assets from being depleted. An attorney can assist in developing strategies to preserve assets while ensuring access to necessary care.

10. Strategic Estate Planning: Proper estate planning is critical for asset protection and wealth transfer. An attorney can help you craft a comprehensive estate plan that minimizes taxes, avoids probate, and ensures your assets are distributed according to your wishes.

Who can help? The Law Office of Inna Fershteyn and Associates, P.C. specializes in asset protection and in creditor protection of your estate.  Our experienced asset protection attorneys will analyze your case and recommend strategies designed to achieve your asset protection and wealth preservation goals.  For over 18 years we have been focused on legal preservation and protection of wealth of clients residing in NY, NJ, CT, FL, CA, PA and around the world and in safeguarding the assets for the families from attack by creditors and litigants.

WHEN SHOULD I START WITH ASSET PROTECTION?

The best time to start asset protection planning is before problems arise. If you’re a doctor, for example, you want to have your ducks in a row before you start taking on high-risk patients that could potentially sue you; the same goes for virtually every other profession or line of work. You don’t want to be in a situation where your assets are at risk - be it because of a lawsuit or any other reason - and you don’t have the legal structures in place to make sure that they are protected. The goal is to establish protection before it is needed, so you can never act too early.

WHAT IF I WAIT UNTIL I NEED ASSET PROTECTION?

Think of it this way - if a lawsuit is filed and a judge notices that you’ve been moving your assets around as if you were anticipating a negative judgement, odds are you’ll have little to no luck winning the case. That being said, if you wait until you actually need asset protection, it’s safe to say your chances of protecting your hard-earned assets are close to none if you end up losing your case or being in contempt of court.

WHAT ARE THE WAYS TO PROTECT MY ASSETS?

• Our experienced asset protection attorneys specialize in protecting your wealth from any creditors who may have claims against your assets in the future (Your biggest creditor is your former spouse.  We protect your assets in the event of divorce)
• Our estate planning lawyers evaluate your assets and help you prepare for nursing home planning and long term care costs
• Our trust and estate attorneys focus on keeping your assets out of jurisdiction of the court
• Our best tax planning lawyers help minimize taxation of your estate

WHICH CREDITORS CAN SUE ME?

Asset protection is needed because:

• You can be sued for normal consumer debt. A bank loan could result in a claim against your assets.
• You can be sued by a partner or business associate.
• You can be sued as a business owner by any of your customers.
• You can be sued as a shareholder of the business by other shareholders.
• You can be sued as a corporate officer or director and can be held personally liable for the corporation’s liabilities in spite of the limited liability feature of the corporation.
• You can be sued for car accident or accident at your home involving a guest.
• You can be sued for lack of insurance. Liability insurance promises to provide coverage for some type of liability often provides only a limited coverage. Sometimes such coverage is negated by the numerous exceptions buried in the policy.
• You can be sued by a former spouse.
• You can be sued by Medicaid for nursing home costs.

I AM BEING SUED BY A CREDITOR. CAN A LAWYER PROTECT MY ASSETS?

Often our NYC asset protection attorneys and estate planning lawyers will get a phone call from potential client with the following question: "I am being sued by a creditor, can you attorney protect my assets? "  At this point it may be too late to protect the assets that you have.  We encourage you to speak with our experienced trust and estate attorneys before any litigation arises. When our estate planning attorneys prepare comprehensive estate plan for you and your loved ones, we always focus on asset protection aspect and try to insulate you and your estate from future creditors and lawsuits.

HOW CAN I PROTECT MYSELF FROM CREDITORS?

Protecting your assets from creditors is essential for securing your financial future. At our firm, we employ various strategies to safeguard your assets:

• Asset protection trusts: Utilizing asset protection trusts shields your assets from potential creditor claims, providing a secure foundation for your wealth. 
• Revocable and Irrevocable Trusts: By establishing revocable and irrevocable trusts, you can manage and protect your assets during your lifetime and ensure their distribution according to your wishes.  
• Special Needs Trusts: Special needs trusts offer protection for the assets of individuals with disabilities, ensuring their long-term financial security while maintaining eligibility for government benefits.
• Living wills and trusts: Through living wills and trusts, you can outline your healthcare preferences and designate trustees to manage your assets in the event of incapacity, safeguarding your interests and ensuring continuity in decision-making.
• Guardianships: Establishing guardianships allows you to appoint trusted individuals to oversee the care and management of your affairs, ensuring protection and support in times of need.
• Medicaid planning: Engaging in Medicaid planning helps navigate the complexities of healthcare coverage, ensuring eligibility while preserving assets for your loved ones.
• Elder law planning: Elder law planning addresses the unique legal and financial challenges faced by seniors, offering comprehensive strategies to protect assets and secure peace of mind in later years.

Law Office of Inna Fershteyn and Associates, P.C. distinguishes itself from other estate planning law firms in New York and New Jersey areas in that our estate planning is integrated with asset protection recommendations. Our clients receive significant tax benefits by doing their estate planning early and are protected from creditors by preparing for potential law suits and restructuring their assets to avoid losses from future lawsuits. Our asset protection planning focuses on both tax savings and wealth preservation and safeguards client assets from potential divorce proceedings, creditor and litigation exposure ahead of time.

TOP ASSET PROTECTION LAW FIRM IN THE NY AND NJ AREA

Clients often describe attorney Inna Fershteyn as a "top asset protection attorney in New York and New Jersey" and she is regarded by her peers as "a leading authority on asset protection and estate planning." Additionally, she has received the AVVO client choice award for many years in a row.  Her invaluable guidance can save you from unnecessary legal and business expenses, and prepare proper asset protection, elder law and estate planning for your family.

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ASSET PROTECTION TESTIMONIALS

“In the past I’ve had less than pleasant experiences with lawyers, but I can honestly say that Inna is an excellent attorney” I went to her to set up a trust and she was extremely helpful, friendly, and reassuring. Turnaround time was extremely quick, and she gave me excellent advice for the future. I would highly recommend her services to anyone looking to get their estate planning done.” - Christine P.

“There is no one I would trust more than Inna to handle my family’s estate planning. She explained everything to us and answered all questions in the appointment that we had with details. She clearly knows what she is talking about, which made us feel that much more comfortable hiring her. The paperwork was all done very efficiently, not to mention her services were very fairly priced. If I ever need legal advice or any services for me or my family, I definitely will be coming to Inna again!” - Jen K.

“Inna was really a pro. She made you feel at ease with the entire process and spoke to my family very frankly and openly giving us episodes from her experience how something could go wrong so they had a good idea what type of trust they need to set up. She was very organized and delivered all trust and wills documents to us within 2 weeks as promised. I’ve never used attorney’s services before but will definitely be coming to Inna for my legal needs.” - Julia V.

“5 stars is not enough for this law office. Inna helped me with extremely complicated problem when no one else could.  We needed emergency estate planning and asset protection done to protect us from creditors and Inna was able to do irrevocable trust and transferred our properties to the trust within 2 weeks time. I can not recommend her highly enough for any estate planning and asset protection law.” - Klavdiya Polovetskaya

“After searching around for recommendations for an attorney who could help me with my estate planning and asset protection needs, several people recommended Inna's office… I will definitely return for all my future needs, and would recommend her office to anyone who wants to clearly understand what is being done for them.” – Blake B.

“As a Family Law attorney I refer clients to Law Office of Inna Fershteyn for Estate Planning, Asset Protection and Medicaid planning.  I always get positive feedback from my clients.  I recommend her highly for any trust and Estate planning work.” – Natalia G.

“Inna is the most knowledgeable asset planning attorney in the 5 boroughs!!” – Sabrina M.

“I would like to recommend Inna Fershteyn as THE BEST Estate Planning and Asset Protection attorney in NYC!  She is courteous, polite, caring and a very down to earth attorney.  When I was looking for an Elder care attorney, I googled “the best elder care lawyer in Manhattan” and her firm came up first.  She cares deeply about each and every client and she is very down to earth and “normal”.  She doesn’t think she is better than everyone else and she makes you feel at ease and not afraid to ask questions.  She has the most diverse clientele from every walk of life and very different backgrounds – she represents multi millionaires with multiple properties and regular people with few dollars in their pockets with equal passion and demeanor and never lets regular person feel unimportant.  Her down to earth demeanor and positive attitude make coming to her office a very positive experience.  I can honestly say that every client who came through her office will use her in the future.  I know I did, as it’s my second review in 3 years.  I recommend her highly and can only say – go have a consultation with her and you will know why she has so many great reviews.” – Natalia B.

ASSET PROTECTION CASE STUDY

An 85 year old woman within the final stages of dementia was no longer able to stay at home as her symptoms and her care were too severe for home health aid to cover.  She needed to go to Nursing Home and obtain Nursing Home Medicaid.  Her daughter came to our office for advice and mainly to protect her mother's primary asset - a house in Brooklyn worth over $950,000.  We proceeded to create an Irrevocable Trust and place her house as well as the bank account in the trust and asked us to protect her home from nursing home costs.  However, since the client's daughter contacted us too late, she had to wait for 5 years before her mother could go to a nursing home because of the 5-year "look-back" provision that applies to all NY Nursing Home medicaids. In the meantime we were able to apply for NY Community Medicaid and obtain a maximum number of hours 12 during the day and 12 during the night for 4 different Home Care Aids to take care of the dementia patient.   The client and her family made the correct decision of reaching out to an Asset protection lawyer Inna Fershteyn before actually placing the 85 year old mother into a nursing home and were able to save the house from nursing home costs.

An entrepreneur in the construction materials industry faced mounting concerns about potential legal liabilities and creditor actions that could threaten personal assets. Recognizing the need for asset protection, the individual sought guidance from asset protection attorney Inna Fershteyn to safeguard their business and personal wealth. Upon assessment of the situation, Mrs. Fershteyn recommended a tailored approach involving business entity structuring and asset separation. Working closely with the client, she facilitated the restructuring of business operations to establish a separate legal entity, such as a limited liability company (LLC) or corporation, creating a distinct barrier between business affairs and personal finances to mitigate the risk of personal liability exposure. Additionally, she emphasized the importance of maintaining proper corporate formalities to further strengthen asset protection measures. Through proactive planning and diligent implementation, the client successfully shielded personal assets from potential legal liabilities arising from business activities. This comprehensive asset protection strategy not only provided peace of mind but also enhanced business credibility and resilience, fostering continued growth and success in entrepreneurial endeavors. This case highlights the significance of proactive asset protection planning for business owners, highlighting the value of partnering with experienced professionals to secure financial futures with confidence.

In a recent case, a retired individual faced a sudden decline in health, prompting the need for long term care arrangements. With significant assets including a valuable property and substantial savings, the individual and their family sought assistance to protect their estate while ensuring access to necessary care. They reached out to our firm to devise a comprehensive asset protection strategy, recognizing the urgency of the situation. Working closely with the family, we swiftly initiated the process of creating the Irrevocable Trust and transferring ownership of the property and financial assets into the trust's name. This strategic move aimed to safeguard their assets and ensure eligibility for Medicaid benefits, should long term care become necessary. Despite the urgency, proactive planning enabled the family to secure their assets and prepare for potential long-term care needs. By taking timely action and seeking guidance from an asset protection lawyer, they avoided last minute complications and preserved their estate for future generations. This proactive approach, guided by Asset Protection Attorney Inna Fershteyn, provided peace of mind amid challenging circumstances and ensured that the individual's healthcare needs could be met without jeopardizing the family's financial security.

In a recent case, a retired couple sought our help to safeguard their wealth and streamline asset distribution to their heirs. They contacted us here at the Law Office of Inna Fershteyn and we recommended establishing a revocable living trust and implementing asset protection measures. Through proactive estate planning, the couple successfully preserved their wealth, minimized probate costs, and ensured a smooth transfer of assets to their beneficiaries. The importance of proactive estate planning is essential in securing assets for future generations.