Making effective use of asset protection strategies is of vital importance when you are trying to build wealth or when you have established a nest egg that you want to protect. There are many different techniques that you can use in order to protect assets but you need to be smart about where you get advice because there is a lot of misinformation out there about the best ways to protect your wealth and achieve financial security.
Mark S. Eghrari & Associates PLLC can help you to identify the right strategies for the protection of your wealth. Our firm will focus on mitigating the specific risks you face as a result of your life stage and personal financial situation. Give us a call to find out more.
Where Can You Learn About Asset Protection Strategies?
When you wish to learn about asset protection strategies, it is vitally important that you turn only to trusted professionals and accurate sources of information.
The best resource is an attorney who has extensive experience helping clients at all phases of life to protect their wealth. An attorney is bound by a professional code of ethics to always be honest with clients, to put the interests of clients first, and to not have any conflicts of interest. Because of the professional obligations that an attorney has, you can count on the fact you will receive accurate and unbiased information about protecting your wealth.
If you work with non-attorneys like financial planners, you should be aware that some planners will try to steer you towards solutions that enhance their own financial situation and that may not be the best choice for you. Some planners work on commission and they may choose higher fee options that are not necessarily what is truly best for you.
You also need to be careful about trusting information that you may read on the Internet. Information can become outdated, and state laws can differ so you may find out information about asset protection tools that isn’t accurate for your state. You could also run into incorrect information. When it comes to protecting the wealth that you have worked so hard to acquire, you should not put your faith in untested info that you have to interpret yourself and hope is correct.
What Types of Asset Protection Strategies are Right for You?
One of the main reasons why it is so important to get personalized legal advice on asset protection is that there are so many different ways to protect your wealth. Different strategies may be aimed at reducing the potential for different kinds of potential losses. An experienced attorney will work with you to identify the things most likely to cause you to lose your wealth and will assist in putting the right legal tools to work.
For example, for those who own companies, the biggest risk factor may be the threat that the business will be sued or go bankrupt. If you are a sole proprietor, a business bankruptcy could result in a personal bankruptcy and a loss of your own wealth. Mark S. Eghrari & Associates PLLC can help business owners to use tools like incorporation or LLC formation to avoid this fate.
For many older people, however, the biggest risk isn’t going to be the threat of lawsuits but the potential that nursing home care will become necessary. Most insurers, including Medicare and Medicare Advantage Plans, typically don’t pay for nursing home care. This means you’ll have to try to qualify for Medicaid unless you want to pay privately and deplete your nest egg. Medicaid is a means-tested program, so the risk is that you’ll have to spend down assets. Trust creation could be one way to protect your wealth.
Other asset protection tools can include purchasing sufficient insurance and being strategic about what types of accounts you use and how you structure ownership. Mark S. Eghrari & Associates PLLC can work with you to identify the tools that are right for you.
Getting Help from A Long Island Asset Protection Lawyer
Mark S. Eghrari & Associates PLLC can assist you with identifying the risks that you face and with putting into place the asset protection strategies that are right for you. To find out more about the way in which our Long Island asset protection lawyers can help you keep your wealth safe, give us a call at (631) 265-0599 or contact us online today . You can also download our estate planning checklist to discover more about how asset protection fits into your estate planning process.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
- 4 Signs You Need to Talk to a Long Island Trust Lawyer - March 21, 2017
- What Is an Estate Plan? - March 16, 2017
- What if You Don’t Do Your Job as Executor of a Will? - March 14, 2017