New York Asset Protection Attorneys with Experience and Knowledge to Achieve Results with Sophisticated Estate Planning Techniques in Asset Protection:
Asset protection is an important part of estate planning. The ultimate goal is to maximize the value of assets, while preventing access by unauthorized or undesirable persons.
In theory, someone can bring you to court for whatever reason. Asset protection is the art of creating enough hurdles against potential litigants so that it makes sense for them to settle at cents on the dollar, rather than pursuing litigation. Some of the legal hurdles the attorneys at Maurice Kassimir & Associates, P.C. can facilitate for asset protection include:
- Transferring assets to a spouse or a trust
- Lifetime gifts
- Setting up a family limited partnership where a general partner has discretion to limit distributions of partnership income and assets
- Setting up a domestic trust in certain states, where, even though a grantor is potential beneficiary of the trust, the trust assets are still protected from creditors
- Using life insurance as an asset protection vehicle (money infused into insurance and retirement plans are harder for litigants to reach)
- “Indirect prenuptials” can be used to protect assets from the spouses of children.
Without Going Off-shore. . .
The attorneys at Maurice Kassimir & Associates, P.C. have found that their clients prefer not to go “off shore” to protect assets. The firm feels that the client’s goals in asset protection can be accomplished with on-shore vehicles such as family limited partnerships, life insurance, retirement plans, and the appropriate use of trusts, such as GRATs (Grantor Retained Annuity Trusts) and IDGTs (Intentionally Defective Grantor Trusts).
Using offshore trustees does not always provide the comfort level that most Maurice Kassimir & Associates, P.C. clients desire. Moving the domicile of trusts to other states in the U.S. can save state and local taxes and often proves to be a valuable asset protection strategy.
Our attorneys specialize in discovering creative solutions to your particular estate planning and asset protection problems, and implement them accordingly. Contact them now to see how they can meet your estate planning goals.