Compassionate Legal Services Tailored To Your Needs

Asset Protection Strategies Tailored To Your Needs And Goals

Protecting your assets is a major component of estate planning and preparing for the future. Nobody wants their hard-earned assets to end up being drained for taxes or Medicaid eligibility. With careful planning, you can preserve everything you’ve worked hard to build, creating a meaningful legacy for your loved ones while taking care of your own needs for the rest of your life.

At Vella, Carbone & Associates, LLP, our attorneys can help you put into place the right asset protection strategies for your unique circumstances. We are no strangers to complicated estates. Drawing on 70-plus years of combined experience in estate planning and related areas, we are skilled at providing guidance for high net worth individuals and families.

Our legal team will take the time to fully understand your financial picture as well as your wishes and goals to develop a plan that is right for you.

Tools For Protecting Your Assets

You may benefit from several tools to safeguard your assets, including:

  • Trusts: There are numerous kinds of trusts that can be tailored to accomplish any number of goals. Our lawyers can help you craft the right kind of trust to protect your assets while providing for your financial needs during your lifetime.
  • Medicaid trusts: These trusts are designed to make the grantor eligible for Medicaid (which has an income/asset cap) without having to spend down all of their assets. It’s a way to provide for both the grantor and their beneficiaries while getting them the care they need when they enter a nursing home or assisted living.
  • Special needs trusts: It’s complicated to provide for a loved one who has special needs and is on public assistance. To avoid rendering them ineligible for that assistance, you can establish a special needs trust, enhancing their quality of life.
  • Planned gifting: One way to reduce estate taxes is to gift property to your loved ones during their lifetime. However, the gifting should be planned in accordance with tax law to avoid incurring gift taxes.

We can help you select the right tools and tailor them to your situation.

Start Planning Sooner Rather Than Later

When it comes to asset protection, the sooner you start planning ahead, the better. You will have more time to accomplish your goals, which can require long-term execution.

That said, our lawyers are skilled at developing creative solutions in the event of a time crunch. It’s never too late to seek legal help.

To get started, call our firm in Delmar, New York, at 518-257-7304 or send us an email.