Protecting your assets requires careful and deliberate planning. If you take the time to create a strong estate plan, you can safeguard the wealth you have built and control how it is distributed. Our team will work with you to design an estate plan that reflects your goals, protects your family, and complies fully with New York law. With an estate planning lawyer in Forest Hills, NY, you can navigate this process effectively.
From an Estate Planning Lawyer in Forest Hills, NY: How to Protect Your Assets With an Estate Plan
Structuring Ownership of Assets
One of the first steps in asset protection is deciding how to structure ownership of your property. Different types of ownership offer different protections. Joint ownership with rights of survivorship, tenancy by the entirety for married couples, and various forms of trust ownership can shield assets from probate and, in some cases, from claims by creditors.
Using Trusts for Protection and Flexibility
Trusts offer a versatile tool for protecting your assets. A properly drafted irrevocable trust can move assets out of your taxable estate and place them beyond the reach of certain creditors, while still allowing you to provide for your family or support charitable interests.
Revocable living trusts give you flexibility to manage and update your estate plan while maintaining privacy. They also help you avoid probate, ensuring that your assets are distributed efficiently and according to your wishes. Certain specialized trusts, such as supplemental needs trusts for family members with disabilities, can also ensure that your loved ones receive needed support without jeopardizing their eligibility for public benefits. We help you select and implement trust strategies that fit your objectives.
Addressing Business Interests
If you own a business, your estate plan must address how that interest will be protected and transferred. Without proper planning, business assets may be vulnerable to disruption or even liquidation.
We assist you with succession planning to ensure that your business can continue operating in accordance with your wishes. Buy-sell agreements, family limited partnerships, and tailored ownership structures help preserve business value and provide clear instructions for future management or transfer.
Managing Potential Tax Exposure
New York estate tax laws can impact how much of your estate ultimately reaches your beneficiaries. We help you develop strategies to minimize this exposure. Lifetime gifting, charitable giving, and certain trust structures can reduce your taxable estate. We also coordinate your estate plan with your lifetime financial plan to ensure that any transfers or gifts are made in a tax-efficient manner.
An estate plan is not simply about deciding who inherits your property: it’s a legal tool meant to protect what you’ve built, manage risk, and ensure that your wishes are honored once you’re gone. We can help you create a comprehensive strategy that protects your assets here in New York. Schedule a consultation with us today at DeCandido & Azachil, with locations in Forest Hills, NY, and Plano, TX to begin building a plan that fits your life and protects your future legacy.
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