Asset protection lawyer provides guidance to people in and around Long Island who have worked hard to build wealth and who are worried that their financial security could be lost. There are inherent risks that virtually everyone faces with their money, and people in certain specific circumstances face an even greater potential for loss.
Whatever your situation, you need to understand what dangers could impact your ability to benefit from the fruits if your labor when you’ve worked hard to build wealth. An asset protection lawyer at Mark S. Eghrari & Associates PLLC can help. Give us a call to find out more about what our legal team can do to assist you.
Five Asset Protection Tools You May Want to Use
There are many different possible threats to your financial security and different ways that your nest egg could be lost. It is best to work with an experienced attorney who can help you to evaluate the biggest threats to your wealth so you can use legal tools aimed at specifically mitigating those particular risk factors. Five common asset protection tools that may be a part of your plan that you create with your attorney include:
- Insurance policies: Liability coverage provides you with protection because an insurer will pay for legal fees and damages in the event of a lawsuit. Health insurance also helps you to protect against loss in case you get sick.
- A power of attorney: A power of attorney is a powerful asset protection tool that allows you to make certain your money is appropriately managed if you become incapacitated and thus not able to take care of your own property. The agent you name when you create a power of attorney has a fiduciary duty so you can rest assured the agent owes the highest duty under the law to act in your best interest.
- Living trusts: A living trust is also an asset protection tool that can help you keep wealth safe in case of incapacity, in this case because the backup trustee takes over asset management when something happens to you. A living trust can also make it possible for assets to transfer after your death outside of the probate process.
- Irrevocable trusts: Irrevocable trusts provide protection that living trusts don’t, including protection of your wealth in case you must seek costly nursing home care.
- Strategic investments: If you put your money into IRAs or other accounts that are given special status under the law, those accounts are protected from certain losses… including the risk of liquidation during a Chapter 7 bankruptcy.
To find out more about how these different asset protection tools work and to get help implementing your own asset protection plan, give us a call today.
Why is Asset Protection So Important?
At any time, you could become involved in an accident or get diagnosed with an illness that leaves you temporarily or permanently unable to live on your own; that necessitates costly care; or that takes your life. If you have not made an asset protection, the wealth you have worked for during your whole life could be lost. Your family could lose the opportunity to inherit or you could lose the money you were counting on to provide for yourself and your family.
Since there are legal tools that can help you to reduce or eliminate the risk of loss, there is no reason not to take advantage of those tools and protect what you have worked hard to build. Let Mark S. Eghrari & Associates PLLC help you to make use of the asset protection tools that you need so your money and property can stay within your family rather than being lost to a lawsuit, high nursing home costs, or other unexpected sources of loss.
Getting Help from An Asset Protection Lawyer
Mark S. Eghrari & Associates PLLC has extensive experience with devising asset protection strategies. You can come to our firm for help no matter what your current situation is, and we can assist you in finding the right asset protection tools that actually work for you.
Our firm has helped people with substantial nest eggs and those who are just getting started on growing wealth, and we understand the gravity of the decisions that every client makes. We take our responsibility seriously to help you protect the wealth you’ve worked so hard to acquire.
To find out more about about the asset protection process and about the tools that you might want to use to protect your wealth, download our estate planning checklist. You can also give us a call at (631) 265-0599 or contact us online to speak with a Long Island asset protection lawyer for personalized assistance.