Asset Protection Planning

It does not make much sense for a family to construct a comprehensive estate plan and then lose a significant part or all of the assets accumulated over a lifetime to a litigation judgment.  Yet, that is what too-frequently happens in this litigious society, because if an individual owns a small business as a sole-proprietorship or general partnership, all of his personal assets are put at risk to a potential claim of creditors.  Most small businesses will be forced into bankruptcy from a single lawsuit.  Likewise, a corporate executive who has accumulated stock, real estate, and bank accounts in his own name can lose it all in the split-second of an automobile accident.

Asset protection planning is designed to prevent these disasters.  What techniques are used to accomplish this purpose depend on the unique facts of each case?  It could involve the incorporation of a small business, or the transfer of financial assets or real estate to a family limited partnership.  Or, it could require an “Asset Protection Trust” in Delaware, Connecticut, Alaska or even an off-shore trust.  Trusts established in these jurisdictions each have their own benefits and drawbacks.  We analyze the particular circumstances of a client’s assets, business and lifestyle and arrive at a plan that is suitable and effective for the client and his or her family.  Then we draft the necessary documents, form the business entities, transfer assets and fund trusts to bring the plan to life.  


News Update:  See the Legal News page for an update on Asset Protection Trusts in New York.



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Uniondale, NY  11556

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