New York asset protection lawyer Yana Feldman (https://yanafeldmanlaw.com/practice-areas/high-net-worth-estate-planning/asset-protection/) releases a new article explaining the importance of asset protection. The lawyer mentions that a lot of people are increasingly using the legal system to unjustly deprive others of their life’s work. Millions of new lawsuits are filed in the United States every year, many of which are frivolous or settled for sums greater than the actual liability.
“Business owners, professionals such as doctors, dentists, lawyers, accountants, and property owners, in particular, should be aware of the risks associated with conducting their business, practicing in their respective fields, and taking responsibility for others. Without a massive overhaul of our legal system, the risk and potential liability are not going to decline. In fact, it has steadily increased over the past few decades,” the New York asset protection lawyer says.
High-net-worth individuals have unique estate planning needs that often require sophisticated strategies to protect their assets and ensure their wealth is passed on to future generations in the most tax-efficient manner possible.
A skilled asset protection lawyer can provide expert guidance in the creation of trust and other legal structures that can help protect assets from creditors, lawsuits, and other potential threats. Estate planning attorneys usually have extensive experience in the design and implementation of various types of trusts, including irrevocable trusts, charitable trusts, and dynasty trusts.
In the article, attorney Feldman adds, “Our firm has experience in assisting clients with the arrangement of their finances, real property, and other assets in a manner that minimizes their exposure to potential creditors. We are well versed in establishing trusts, determining insurance needs, creating estate plans, and organizing investments and business entities so that our clients are able to enjoy the highest level of confidence in terms of the security of their accumulated assets.”
Furthermore, the estate planning attorney explains that a creditor who initiates litigation against a person who has placed their assets into a trust or another entity may find that there are very few collectible assets owned by the person they wish to sue. Assets owned by a properly structured trust, foundation, or other entity are generally not subject to claims against their beneficiaries. In addition, placing assets into an asset protection entity may have the additional benefit of removing those assets from a person’s taxable estate.
Lastly, the lawyer mentions that it is important to seek the help of an experienced asset protection lawyer when dealing with matters such as asset protection. A skilled lawyer may be able to help a person plan their legacy and their future.
About New York Legacy Lawyers
Estate planning lawyer Yana Feldman has over twenty years of experience in the field of estate planning and elder law. She and her team of legal professionals are ready to help families go through the process of estate planning smoothly. At New York Legacy Lawyers, attorney Yana Feldman and her team are well-equipped to help families protect their legacy. Contact them today to schedule a free consultation.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Scottish Opinion journalist was involved in the writing and production of this article.