Asset Protection and Wealth Preservation Strategies
The asset protection and wealth preservation strategies at the Law Offices of Leo Mikityanskiy in Brooklyn, New York include:
- Estate Planning: wills, trusts, lifetime gifts, and reduction of estate taxes;
- Asset protection for Medicaid Eligibility Planning;
- Business Formation: limit your debt and exposure to personal liability by forming Limited Liability Companies (LLCs), Family Limited Partnerships (FLPs), and corporations;
- Planning for generation-skipping transfers to grandchildren and creating family or legacy trusts;
- Formation of asset protection trusts that hold corporate stock or interests of LLCs;
- Reduction of capital gains taxes on sales of real property or stocks; and
- Developing tax-efficient gifting strategies for the transfer of wealth, including the use of Trusts: Crummey trusts, Grantor Retained Annuity Trusts (GRAT), Qualified Personal Residence Trusts (QPRT) and intentionally defective grantor trusts.
Estate Planning and wealth preservation
Estate planning and wealth preservation is comprehensive planning that provides families with methods to protect and manage their wealth. Regardless of how much a person has, it is vitally important that this person’s assets are protected and kept in the family. We help individuals, business owners, and retirees to effectively plan for the major lifetime events such as marriages, divorces, retiring, and disability.
At the Law Offices of Leo Mikityanskiy in Brooklyn, New York, we work with clients to preserve their wealth and all types of assets, including real estate, businesses, and capital investments such as stocks, bonds, and pension plans. We individually plan with our clients for the present and the future and assist in properly formalizing the estate and asset protection plan with appropriate legal documentation. We help clients to:
- accomplish their goals;
- plan more tax-efficiently;
- plan for the smooth transfers of family assets and wealth, passed on as inheritance or lifetime gifts; and
- adequately provide for the care of loved ones, such as children and grandchildren, surviving spouses, and family members with special needs.
With our knowledge and experience, we create asset protection and wealth preservation plans beyond the planning done by some other firms. While many people primarily focus on reduction of taxes as the main wealth preservation strategy, the Law Offices of Leo Mikityanskiy takes the planning further to include many other important issues such as protecting the family wealth from a divorcing spouse and protecting the children and grandchildren from divorces and from creditors. With proper planning, the children and grandchildren will have better financial protection than if they simply receive the unprotected assets. Each of our estate plans is individually designed and customized for that family’s needs and goals.
When to Start Planning?
The best time to start planning is before you have problems or know of any potential problems, such as lawsuits, creditor issues, and other events that may jeopardize your assets. If you are already being sued, it may be too late to begin planning at that point, so you should start the planning process before something unexpected happens. Having an asset protection plan in place will help you protect your assets from lawsuits, bankruptcies of your partners with whom you co-signed loans, divorces in the family, and other unpleasant events that tend to be as financially costly as they are aggravating. Depending on your particular situation, including assets, income, family composition, age, and goals, there may be many asset protection plans and strategies that attorney Leonid Mikityanskiy can implement for you.
Advanced asset and creditor protection methods, including multiple Limited Liability Companies, Family Limited Partnerships (FLPs), or irrevocable trusts organized under the laws of certain states, may be good options for families with significant assets that require advanced planning to minimize estate taxes and maximize asset protection and wealth preservation.
The Law Offices of Leo Mikityanskiy, P.C. represents clients in Brooklyn, NY. If you are looking for a professional estate planning lawyer who specializes in asset protection, wealth preservation, and formation of asset protection trusts that hold interests of LLCs, please contact attorney Leonid Mikityanskiy today at (718) 256-3210.
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