Asset Protection in Long Island
Sheryll Law, P.C. provides asset protection planning services to help Long Island residents preserve their hard-won wealth for their beneficiaries.
Asset Protection Lawyer in Long Island
Wealth is the product of hard work, saving, investing, and planning to ensure for your comfort when you don’t want to work or cannot work any longer. Proper wealth preservation is essential to protecting your hard-earned assets from the detrimental consequences and penalties of not consulting a proper estate planning attorney. Maximize the wealth and fruits of your hard-earned assets by protecting your assets for tomorrow by planning today.
Sheryll Law P.C. helps high-net-worth individuals protect their assets through complex asset protection vehicles. There are various strategies available, including Credit Shelter Trusts and planned gifting. After going over your estate, your attorney can offer legal guidance, so you can minimize your tax burden and maximize what you leave your loved ones. Begin your journey today by contacting a Long Island asset protection attorney.
Who Benefits From Asset Protection?
Asset protection is crucial for:
- High-net-worth families and individuals
- Business owners
- Reducing the burden of Estate Taxes
- Nursing Home Medicaid
- Community Medicaid
- Individuals considering remarriage
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Reducing Estate Taxes Through Planned Gifting
High-net-worth Long Island residents often use planned gifting to reduce estate taxes. Gifting allows you to get the assets out of your name, so they are no longer part of your estate. However, you can run into obstacles with gifting if completed incorrectly. Under New York State law, any gifts you give within three years of death are clawed back to your estate. That means the value goes back to the estate, increasing the estate taxes. A planned gifting strategy can maximize the benefits of gifting while minimizing the drawbacks. Speak to an asset protection attorney in Long Island to learn more.
Protect Assets with Credit Shelter Trusts
Long Island residents can create credit shelter trusts to protect their assets. This is an irrevocable trust that’s established after a married spouse passes away. This reduces or eliminates the estate tax while also shielding the assets from future spouses and creditors. The surviving spouse can use the assets while alive, and they can be passed to the beneficiaries upon death.
You will receive a separate tax I.D. number for a credit shelter tax. That means you need to file a separate tax return. While most people use a credit shelter trust to keep assets within the family, you are free to name any beneficiaries you want.
How Does The Estate Tax Work?
New York State has an estate tax threshold of $5.25 Million dollars per person while the federal government has a $11.2 Million dollar threshold. If your estate’s value is higher than that threshold, your loved ones will only pay estate taxes on the portion of the assets that exceed the threshold. Consulting with an asset protection lawyer to develop tax strategies will alleviate the burden and leave the legacy your family members will cherish for many years after you are gone.
Valuing An Estate
It might appear simple to value and distribute assets. However, when assets such as businesses, boats, property and cars get involved it can get complicated. Not only does the value of these assets need to be accurate but they need to be distributed to beneficiaries and estate taxes could be owed. At the risk of not valuing an asset to the fullest, it is best to consult with an experienced probate and estate administration attorney when administering an estate. Additionally, If you believe your estate could be subject to estate taxes in the future it is best to consult in advance with an asset protection lawyer.