Wealth Preservation

You have worked hard to accumulate assets such as cash, real estate, investment portfolios and business proceeds. You want to hold onto your wealth to protect it from various financial threats and preserve it for future family generations.

Wealth preservation refers to a set of strategies and techniques designed to protect the value of your assets over time. If you are in New York, the knowledgeable legal professionals at Ettinger Law Firm can help you develop and implement targeted wealth preservation strategies to ensure your financial legacy endures. We operate 12 offices within the state to serve you.

A comprehensive wealth management strategy often encompasses multiple financial areas and may require the implementation of several legal instruments.

The homestead exemption can help New York property owners keep their homes, which is often their most valuable asset, during challenging financial times. This legal protection shields a portion of the home's value from creditors. The amount of the exemption varies by county.

An LLC is a business structure that protects owners from personal liability for their business debts. This insulation allows the owner, which can be an individual, corporation, partnership, or trust, to preserve their personal wealth and assets, such as homes and savings accounts, if the entity experiences significant financial issues.

A trust is a legal arrangement that allows individuals to designate how they want their assets to be distributed when they die or become incapacitated. From a wealth preservation perspective, a trust can help protect assets against creditors, estate taxes and legal claims.

Trusts can be beneficial because of their ability to maintain asset privacy, offer enhanced distribution and management control and shield the assets from legal action.

Estate taxes are the taxes levied on property or assets when they are transferred to an individual upon the owner's death.

Several wealth preservation strategies are available to minimize the estate tax burden:

• Gifting: Distributing the estate's proceeds as a lifetime gift can reduce the state's value and level of taxation.
• Irrevocable life insurance trusts: These specialized insurance trusts provide proceeds that are not considered part of the estate, enabling them to avoid estate taxes.
• Charitable trusts: Setting up a trust for philanthropic contributions can provide significant tax reduction benefits.

Ettinger Law Firm is an accomplished elder law and trust/estate planning law firm with an extensive history of helping older New York residents preserve their hard-earned wealth. Your lawyer will collaborate with you to implement the appropriate combination of strategies for your specific situation.

We understand that the complex world of wealth preservation may be new and overwhelming. Our low-key, educational approach ensures you have the information you need to make these crucial life decisions at a pace that is comfortable for you.

At Ettinger Law Firm, we do not require payment for services until you sign a contract. Our process starts with a no-cost consultation and legal review. Call us at 1-800-500-2525 or contact us online. You can also schedule your free consultation directly.