Many New York residents want to protect their assets so that they may one day have the ability to pass them on to their loved ones. Of course, many unexpected events can happen in life that could easily put certain property at risk. Fortunately, individuals can utilize estate planning to work toward protecting their assets in various ways.
One tool that can often help ensure that assets remain protected is a trust. There are different types of trusts, but an irrevocable trust typically offers the most protection. These trusts cannot be changed, and once items are placed into the trust, they become property of the trust and removed from the estate. This removal helps protect assets from creditors and other parties who may attempt to make claims.
Ownership of assets also plays an important role in protection. As noted, trusts protect assets because the property becomes owned by the trust. If individuals want to take other steps to protect their property, they may want to consider how assets are titled and whether any changes to those titles could prove beneficial. Parties may even better protect their property by removing their names from the public record on certain assets.
Asset protection often needs a great deal of thought, and many New York residents may not know what options would best suit their needs. Fortunately, individuals can review estate planning tools that may be able to help. Consulting with knowledgeable attorneys can allow concerned individuals to gain personalized insight into their specific estates, assets and viable protection methods.