Asset protection can take on many different forms, however, it is a critical component of any plan that must be fully utilized to preserve and protect as much of a client’s wealth as possible for future generations.
In its simplest form, asset protection can take the form of a simple living or revocable trust for the client as part of basic estate planning with the “protection” coming from the client consolidating his or her assets in a trust and choosing a family member, friend or trusted advisor to be a co-trustee or a successor trustee of a trust.
In a more complex form, Medicaid Planning, for clients who desire to obtain immediate or future benefits under New York’s Medicaid program, often permits clients to protect assets from creditors.
In its most complex form, there are many and varied complex strategies, including different types of trusts including a Medicaid Asset Protection Trust that help clients protect their assets from creditors.
At the Law Offices of James Yastion, PLLC, we will sit down with each client to discuss any concerns, and explain the client’s asset protection options to develop solutions tailored to each client’s needs and goals.
Contact the Law Offices of James Yastion, PLLC at (845) 255-4400 to schedule an initial consultation to discuss your legal concern.