Protecting Your Assets With Experienced Guidance
Without protection, a person’s life savings can easily slip away. Nursing home costs, a lawsuit, a spendthrift son or daughter, a dodgy investment offer — each can lead to the loss of a large sum of money in a very short time.
At the law firm of The Manna Helmy Law Group, our Ridgewood asset protection lawyers help individuals, families and business owners make sound decisions about the protection of their assets and implement asset protection plans. Our law firm has years of experience in the creation of trusts and the development of gifting and estate tax minimization strategies. We can create and implement an individualized asset protection plan designed to safeguard your wealth.
Call 201-345-3018 for a free consultation. From our law office in Ridgewood, we serve clients throughout New Jersey and New York.
An Asset Protection Lawyer For People In New York And New Jersey
Our asset protection attorneys will begin by reviewing your situation, your goals and potential areas of risk.
Working closely with you, we will develop an asset protection plan aimed at wealth preservation and security. Our attorneys have many estate planning tools to achieve these goals, including various types of irrevocable trusts, such as living trusts, generation-skipping trusts, testamentary trusts and other trust vehicles. We also have extensive experience in the use of gifting, which can protect assets and provide for your children and grandchildren.
For those individuals who cannot manage their own financial affairs, we can create a trust to protect their assets or apply to the courts for guardianship and/or conservatorship.
What Common Mistakes Do People Make When Protecting Their Assets?
It’s easy for people to make significant mistakes in protecting their assets. Here are a few to avoid:
- Misusing trusts: While trusts can be effective vehicles for asset protection, you want to ensure you use the appropriate type of trust. For example, suppose you establish a revocable trust to protect assets like cash, stock investments, business assets or a life insurance policy. In that case, you might be unable to protect those assets from creditors or other parties. With an irrevocable trust, however, you can have a significantly better chance of shielding those assets from creditors.
- Not implementing a protection plan when needed: Like many people, you might not think you have sufficient assets that need protection. However, if you need nursing home care or face a lawsuit, events like these could wipe out your finances if you don’t have a sufficient protection plan.
- Not keeping assets private: Not maintaining private assets can put you at risk if you become involved in a lawsuit; a lack of privacy could also put any beneficiaries you wish to transfer those assets to at risk.
- Not seeking legal assistance: Creating, implementing, and updating a sound asset protection plan can be extremely challenging and could involve serious risks if you make mistakes. To avoid this, it’s crucial to work with people who have years of knowledge and experience and who have your best interests at heart.
We can help you avoid these mistakes and create an asset protection plan that works for you and your loved ones. You deserve to protect the legacy. Let us help you safeguard what you’ve worked so hard for.
Do You Need More Than One Protection Plan?
It depends on the person. If you have essential assets, a single protection plan is likely sufficient. However, suppose you have assets like individual rental properties or other complex investments. In that case, investing in more than one protection plan may be worth it. We understand your situation is unique, and you may feel unsure about the type and amount of protection plans you need. Call us at 201-345-3018 to help determine which options meet your needs.
Asset Protection For Businesses And Business Owners
Our attorneys also work with businesses and business owners to develop asset protection strategies designed to limit financial liability in case of a lawsuit. We understand the legal aspects of the types of trusts used for these purposes and how to implement an asset protection plan in a timely and economical manner.
As with other legal matters, sooner is better than later. Meet with The Manna Helmy Law Group to discuss your needs. It could ensure the continued viability of your business in the event of a lawsuit.
Let Us Help Protect Your Assets
We are prepared to discuss what measures may be available for protecting your assets. Contact our Ridgewood office online or call 201-345-3018 to schedule a free initial consultation to discuss your situation. We represent clients throughout New Jersey and New York.