Wills and Probate
Staten Island Asset Protection Lawyer Safeguards Your Wealth
Prudent steps to limit potential losses due to taxes and liability
You’re probably familiar with the adage, “It’s not what you make, it’s what you keep.” That, in a nutshell, is the concept of asset protection. Since 1997, William J. Newstad, Esq., Attorney and Counselor at Law has helped families in New York and New Jersey protect against two major destroyers of wealth: taxation and liability. We thoroughly evaluate your business and personal assets to formulate a comprehensive plan with the appropriate safeguards. In today’s world, there’s no reason why middle-class households shouldn’t employ the same asset protection tools as the super-wealthy. We deliver the solutions you need at rates you can afford.
Crafting your personal asset protection plan in NY and NJ
The key to an effective asset protection plan is to identify your needs and match them to the proper legal safeguards. As your asset protection attorney, William J. Newstad, Esq., Attorney and Counselor at Law spends the time necessary in face-to-face consultation with you to understand your unique circumstances. After performing a complete inventory of your asset profile, we can recommend a wide range of steps to bolster your defenses, including:
- Tax planning — We can advise you on strategies for minimizing the effects of income, estate and property taxes.
- Entity formation — Proper incorporation of business assets can build a wall of protection from creditors and other claimants.
- Trusts — Having the properly formed entity hold assets for your use can save you and your beneficiaries unnecessary expenses at the time of transfer. Trust instruments are essential to successful estate planning.
- Insurance instruments — We review your policies to make sure you are fully protected from issues like professional negligence, automobile accidents and homeowner liability. For seniors, we can also recommend appropriate long-term care insurance to cover a prolonged illness after you’ve exhausted Medicare benefits. Since life insurance benefits are not taxable as income, such instruments are often preferable to a bequest in a traditional will.
- Medicaid planning — Too many senior couples face the frightening prospect of losing their joint retirement savings on nursing home expenses when one of them becomes ill or infirm. We design Medicaid asset protection trusts to help avoid this dilemma. With proper planning, ordinary families can retain a measure of financial security and still establish their Medicaid eligibility.
These days, an estate planning law firm has to be willing to go beyond boilerplate wills and papers of incorporation to put in place legal structures that truly serve a client’s needs. We’re willing to take the time with you to do just that.
Contact a diligent Staten Island attorney for asset protection in NY and NJ
William J. Newstad, Esq., Attorney and Counselor at Law designs personalized asset protection plans for New York and New Jersey residents based upon their unique circumstances. For further information and a one-on-one consultation with Mr. Newstad in our Great Kills Town office, call 718.815.5800 or contact our office online.
William J. Newstad, Attorney at Law is located in Staten Island, NY and serves clients in and around Staten Island, Breezy Point, Brooklyn, New York, Jamaica, Rockaway Park, Ridgewood, Maspeth, Long Island City, Howard Beach, Middle Village, Sunnyside, Woodhaven, Ozone Park, Woodside, Arverne, Elmhurst, Rego Park, Astoria, South Ozone Park, South Richmond Hill, Richmond Hill, Jackson Heights, Kew Gardens, Forest Hills, Corona, East Elmhurst, Inwood, Springfield Gardens, Bronx, Bronx County, Kings County, Nassau County, New York County, Orange County, Queens County, Richmond County, Rockland County, Suffolk County and Westchester County.