Many clients have contacted us recently regarding Asset Protection Planning. This post discusses Asset Protection Planning and the strategies used in it.
What is Asset Protection
Planning? Asset protection planning refers to the legal techniques and
strategies employed to protect an individual's assets from creditors or
liabilities.
Is Asset Protection
Planning legal? Yes, provided that the strategies used are not fraudulent
conveyances or made with the intent to defraud creditors. In counseling clients
who request Asset Protection Planning, we review the property they own, their
existing and future liabilities, and their budget.
In counseling clients who
request Asset Protection Planning, we review the property owned by the client,
their existing liabilities, future liabilities, and their budget.
For example, if a client
is married and owns a house, is the house held as tenancy by entirety with
their spouse? If a client owns a house, are they living in it so they can claim
the NYS homestead exemption? If they have a pension plan (such as IRA, SEP, or
401(k)), are those plans fully funded?
Other opportunities may
exist as well.
However, if a client is
subject to a pending lawsuit or claim, the Asset Protection Planning
opportunities are limited. Those clients with questions about Asset Protection
Planning should contact Jim Shenwick, Esq.
Jim Shenwick, Esq.
917-363-3391
Please click the link to
schedule a telephone call with me:
https://calendly.com/james-shenwick/15min
We help individuals and
businesses with too much debt!
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