Asset Protection Planning
for New York & New Jersey Families
Your family spent decades building wealth. Don't let a lawsuit, creditor claim, or nursing home bill take it away. Our elder law attorneys create legal structures that protect what you've worked for — before a crisis forces your hand.
Most calls answered immediately. Same-day scheduling available.
The Threats to Your Family's Wealth Are Real
New York and New Jersey offer some of the strongest legal protections available — but only to families who plan before a lawsuit is filed, a diagnosis is made, or a care facility sends its first bill. Waiting means fewer options and less protection.
New York protects only $179,975 in home equity from most creditors. Above that threshold, your home is exposed. In the New York metro market, that's a serious vulnerability for most homeowners.
Irrevocable trusts must be in place for 5 years before a nursing home Medicaid application. Transfers made too close to the application trigger costly penalty periods.
Once a creditor has a judgment or a Medicaid application is imminent, asset transfers are subject to fraudulent conveyance laws. Only advance planning provides true protection.
Courts and Medicaid agencies scrutinize transfers made close to a claim or application. Asset protection is a proactive discipline — not a reactive one. The families who protect the most are the ones who call us years before they need to. Schedule your free review today.
What Is Asset Protection Planning?
Asset protection planning is the legal process of restructuring the ownership of your assets — before any threat materializes — to shield them from future creditors, lawsuits, and long-term care costs. Unlike reactive strategies, proper asset protection takes effect over time and must be in place well before any claim arises.
For families in New York and New Jersey, asset protection planning often serves dual purposes: protecting against civil litigation and creditors and protecting against the spend-down requirements of Medicaid. The tools used frequently overlap.
Key Asset Protection Tools
- Irrevocable Trusts (MAPT / Asset Protection Trusts) — Once assets are transferred into an irrevocable trust, they are generally no longer part of your taxable estate and are protected from most creditors after the applicable look-back period. You may retain certain rights (income, use of the home) while the principal is protected.
- Limited Liability Entities (LLCs, LPs) — Business assets held in properly structured LLCs or family limited partnerships are shielded from personal creditors and vice versa. Particularly useful for real estate investors and business owners.
- Strategic Titling — How assets are titled (joint tenancy, tenancy by the entirety, individual ownership) affects which creditors can reach them. Tenancy by the entirety, for example, protects marital property from one spouse's individual creditors in New York.
- Retirement Account Protections — Qualified retirement accounts (IRAs, 401(k)s) have significant federal and state protections from creditors that many families overlook in their planning.
- Beneficiary Designation Reviews — Proper beneficiary designations on life insurance, retirement accounts, and annuities keep these assets out of probate and away from estate creditors.
Asset Protection vs. Medicaid Planning
Medicaid planning is a subset of asset protection — focused specifically on qualifying for Medicaid long-term care benefits while preserving assets for a spouse or heirs. Asset protection planning is broader: it also addresses lawsuits, business creditors, and divorce. An irrevocable trust can serve both goals simultaneously.
| Protection | NY | NJ |
|---|---|---|
| Homestead Exemption | $179,975 | None (common law) |
| IRA Exemption | Full (ERISA) | Full (ERISA) |
| Tenancy by Entirety | Yes | Yes |
| LLC Charging Order | Yes | Yes |
| DAPT Statute | No | No |
| Medicaid Look-Back | 30–60 mo. | 60 mo. |
Your situation is unique. Get a personalized asset protection review — free, no commitment.
Call 516-518-8586Our Asset Protection Planning Process
A clear, three-step approach from your first call to a fully implemented protection plan.
We map every asset you own, identify which are exposed, and assess the threats specific to your situation — professional liability, business risk, long-term care, or estate creditors.
We design a tailored strategy — trusts, entities, retitling, and beneficiary updates — that maximizes protection while maintaining the access and control you need.
We handle all legal drafting, entity formation, property transfers, and beneficiary updates. We then schedule an annual review to keep your plan current as laws and circumstances change.
Asset Protection Services We Provide
What Sets Our Asset Protection Attorneys Apart
Asset protection strategies differ significantly by state. We practice in both New York and New Jersey, giving families on both sides of the Hudson seamless, compliant planning.
Asset protection doesn't exist in a vacuum. We integrate it with your full estate plan — wills, trusts, powers of attorney — so every piece works together.
We ensure asset protection strategies don't inadvertently create tax problems. Every plan is reviewed for capital gains, gift tax, and estate tax implications.
Our attorneys have helped thousands of NY and NJ families protect their wealth. We've seen every scenario and know which strategies hold up when tested.
We serve clients in English, Spanish, and Russian — ensuring that complex legal strategies are explained clearly in your preferred language.
We offer a complimentary review of your assets and exposures before any engagement. You'll understand your vulnerabilities and your options with no obligation.
Families We've Protected
Real families. Real outcomes. Names changed to protect client privacy.
"As a physician, I was worried about malpractice exposure on our family home and investments. NY Wills & Estates structured an irrevocable trust and LLC arrangement that gave us real peace of mind. They explained every step without jargon."
"We own several rental properties in Queens and Brooklyn and wanted to protect our personal assets from any tenant liability. They set up individual LLCs for each property and integrated it with our estate plan. Extremely thorough and professional."
"My mother established an irrevocable trust four years ago on the advice of this firm. When she eventually needed nursing home care, the trust assets were fully protected and she qualified for Medicaid. That trust paid for itself a hundred times over."
Asset Protection Planning FAQ
Serving New York & New Jersey
We have offices in Manhattan and Hackensack — convenient for families throughout the metro area.
Request a Free Consultation Online
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Shield What You've Built — Start Your Protection Plan
Don't wait for a lawsuit, diagnosis, or care crisis to start protecting your family's wealth. Our asset protection attorneys are ready with a free, no-obligation review of your situation.
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