what type of law is an asset attorney

An asset protection attorney is a lawyer with experience in helping clients find legal ways to protect their assets when lawsuits, bankruptcy, creditor claims, or other liabilities arise. This experience allows the attorneys to discuss the advantages and disadvantages of certain asset protection tools with their clients.

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What does an asset protection attorney do?

The main step this lawyer can help you with is in the drafting of an asset protection plan. This plan is a strategic document that will help you protect yourself, your business, and your family. Essentially, this plan is designed to guard your wealth. Its purpose is to protect your assets and property from any creditor claims – it limits creditor access to your assets in a legally binding …

Do I need an estate lawyer to protect my assets?

Jan 30, 2019 · Asset protection is a catchall term referring to the various legal strategies that you can take to protect your wealth (i.e. your assets) from creditors. It is a critical element of any financial plan. Perhaps you’ve given asset protection a lot of thought, particularly if you work in a profession where the risk of losing your assets is high.

What kind of lawyer do I need for estate planning?

Apr 28, 2020 · A New York asset protection attorney can help you protect your assets from creditors and predators. You worked hard to get to where you are today, and it makes sense to reduce financial risk by protecting your assets from lawsuits, medical expenses, divorce and creditors. Consider a variety of situations where your assets can be exposed to risk:

What are the different types of lawyer?

Sep 29, 2020 · These types of attorneys specialize in obtaining compensation in the form of damages for injuries caused by other parties. Estate Planning Lawyer. The estate planning lawyer specializes in wills and trusts, and can help you to draw up a will to pass on your assets. Among other estate planning legal services, this type of lawyer can help you set up a trust which will …

What is the most common kind of lawyer?

Here's an overview of the most common types of lawyers.Medical Malpractice Lawyer. ... Tax Lawyer. ... Family Lawyer. ... Worker's Compensation Lawyer. ... Contract Lawyer. ... Social Security Disability Lawyer. ... Civil Litigation Lawyer. ... General Practice Lawyer.More items...•Sep 29, 2020

What are the assets of a law firm?

Common examples of assets include:Cash and Cash Equivalents (Checking and Savings Accounts)Investments and Stocks.Bonds.Certificates of Deposit.Marketable Securities.Accounts Receivable.Real Estate.Buildings.More items...

What is accounting for lawyers?

Accountancy is the science, art and practice of an accountant. It is a discipline which records, classifies, summarises and interprets financial information about the activities of a person or concern so that intelligent decisions can be made about the future actions.

Is a balance sheet?

A balance sheet is a financial statement that reports a company's assets, liabilities, and shareholder equity. The balance sheet is one of the three core financial statements that are used to evaluate a business. It provides a snapshot of a company's finances (what it owns and owes) as of the date of publication.

What is UFTA in California?

The UFTA is a law that governs asset transfers in California. Most other states have adopted similar laws, and the roots of the UFTA go back to sixteenth century English common law. Essentially, the UFTA forbids debtors from making transfers of property to third parties in order to avoid paying debts.

Is property owned by spouse during marriage?

Generally, property acquired during a marriage is jointly owned . However, if you are at a higher risk than your spouse of losing your assets (for instance, if you are a doctor or a real estate agent), then you may give these assets to your spouse who does not face the same level of risk. These assets will then become the personal property of your spouse, and will be much harder for a creditor to get their hands on.

Is a trust a self settled trust?

Trusts are primarily a tool used for estate planning, but it is also possible to create a trust for the purpose of asset protection. Such a trust is often self-settled, which means that you are the beneficiary as well as the settlor of the trust.

What is asset protection in New York?

A New York asset protection attorney can help you protect your assets from creditors and predators. You worked hard to get to where you are today, and it makes sense to reduce financial risk by protecting your assets from lawsuits, medical expenses, divorce and creditors. Consider a variety of situations where your assets can be exposed to risk:

Why are offshore trusts not effective?

Offshore trusts are not effective because you are not offshore. A judge can order you to bring the money back to the United States, under threat of criminal contempt of court. Judges have the power to hold a person in jail until they bring their assets back to the United States. For this reason, most New York estate planning attorneys don’t use offshore trusts.

Does asset protection protect you from creditors?

If your goal is to hide assets from your creditors or the government, then asset protection is not for you. Asset protection is a 100% legal proactive way to manage risk. A New York asset protection attorney will not help you hide assets. What we do is help you form legal entities that you will disclose if asked in a deposition, by a judge or by a bankruptcy trustee, and will disclose on lawsuit information responses, bankruptcy petition and government assistance forms. Assets do not have to be hidden to be protected.

Can you transfer assets out of your name in bankruptcy?

Having an asset protection attorney create a trust or a corporation for you before you are faced with having to declare bankruptcy is the best way to make sure that your assets are protected for your loved ones and your family. As we’ve discussed earlier, transferring your assets out of your name in contemplation of bankruptcy is a fraudulent transfer and can be set aside by the bankruptcy judge.

Can an insurance company pay for an asset protection plan?

An insurance company will likely not only pay for the claim against you but will also pay for an attorney to defend the claim. An asset protection attorney can help you sort through your options in deciding how best to incorporate insurance into your asset protection plan.

Trust Basics

All trusts start out the same. A trust is created by a Settlor, also referred to as a “Maker,” a “Trustor,” or a “Grantor.” The Settlor transfers title to some or all of his or her property to a Trustee, who then holds title to that property in trust for the benefit of the beneficiaries.

What Type of Trust Can Be Used to Protect Your Assets?

If you hope to be able to pass down assets to your loved ones upon your death, accumulating sufficient assets is certainly necessary; however, you must also protect those assets from a wide variety of threats over the course of your life as well if you hope to still have them at the end of your life.

Contact Asset Protection Attorneys

Please download our FREE estate planning worksheet. If you have questions or concerns regarding asset planning and how it interacts with your overall estate plan, contact the experienced asset planning lawyers at Hedeker Law, Ltd. by calling (847) 913-5415 to schedule an appointment.

What is a disability attorney?

The Social Security Disability system can be a particularly complex system in which to navigate. An attorney who specializes in Social Security Disability issues can help you with any step in the Social Security Disability process, including assisting you with eligibility issues, launching an appeal of a decision to deny you benefits and dealing with the reduction or termination of your benefits.

What can a corporate lawyer do for you?

A corporate lawyer will be able to help you with issues related to the formation of your corporation, general corporate governance issues and corporate compliance issues.

What is an estate planning lawyer?

The estate planning lawyer specializes in wills and trusts, and can help you to draw up a will to pass on your assets. Among other estate planning legal services, this type of lawyer can help you set up a trust which will help take care of your children’s financial needs.

What is a worker's compensation lawyer?

If you’ve been injured while on the job, or have had to face the death of a loved one as a result of a workplace accident or occupational disease, a lawyer who specializes in workers compensation law can help you navigate the issues you face, such as the extent of the employer’s fault and the amount of benefits to which you are entitled.

What is an IP lawyer?

Also known as an IP attorney, an intellectual property lawyer can advise you with regard to issues relating to intellectual property, such as copyrights, trademarks, patents, industrial design and trade secrets.

What is an employment lawyer?

Employment Lawyer. Whether you’re a company that’s having a problem with an employee, or an individual who’s having problems with the company you work for, an employment lawyer can generally provide advice about legal issues which arise from an employment contract or within an employment relationship.

Do lawyers specialize in a particular area of law?

The legal field is vast and complex, and you’ll find that many lawyers specialize in a particular area of law. If you find yourself in need of a lawyer, make sure they have the expertise to handle your unique situation. Because there are so many different types of lawyers, you'll want to match your legal concern with the appropriate attorney.

How does Medicaid annuity work?

This strategy reduces one’s countable assets, while at the same time , protecting some of them for family. Essentially, Medicaid applicants gift approximately half of their “excess” assets (assets over Medicaid’s limit) to their loved ones and then purchase an annuity with the remaining “excess” assets. (An annuity turns countable assets ...

What is Medicaid asset protection trust?

One such strategy that elder law attorneys can implement is a Medicaid asset protection trust (MAPT). This type of trust not only prevents one from becoming ineligible for Medicaid due to gifting assets ...

What is the role of a Medicaid attorney?

On the other hand, Medicaid attorneys often focus more on the legal aspects of Medicaid planning, such as creating Medicaid asset protection trusts or Qualified income trusts, which makes them the better option for this type of assistance.

How long does it take for Medicaid to pay for long term care?

Medicaid attorneys and specialists also assist with crisis planning, which occurs when a senior needs Medicaid benefits within 30-60 days.

What is a medicaid planner?

For persons who have Medicaid cases that are fairly simple and straightforward, a Medicaid planner, also called a Medicaid specialist or a Medicaid Advisor, might be a good option. Working with a professional Medicaid planner can be a lot more cost efficient than working with a Medicaid attorney.

How long does Medicaid look back?

The look back period is 5 years in all states except California (Medi-Cal has a 2.5 year look back).

What do elder law attorneys do?

What Elder Law Attorneys Do? Elder law attorneys, also called elder care attorneys, estate and trust attorneys, or Medicaid lawyers, assist persons in preparing for long-term care and death. They assist seniors in a large and diverse array of legal tasks, which encompasses retirement planning, estate planning, creating wills and durable power ...

What is bankruptcy law?

Bankruptcy lawyers are experts in the U.S. Bankruptcy Code, and handle insolvency issues for individuals or corporations. Bankruptcy lawyers generally specialize in either consumer bankruptcy or commercial bankruptcy. In consumer bankruptcy, lawyers represent individuals or creditors; in commercial, they represent corporate creditors and debtors. However, the scope of work for bankruptcy lawyers in either specialization is the same, as both specializations navigate solutions for financial restructurings, plan confirmations, and valuation disputes. Clerking or interning at a firm that has a bankruptcy practice is one way to figure out whether a future position in this field suits you.#N#While not required, some states offer bankruptcy law certification to further distinguish lawyers’ expertise in the field.

Why do tax lawyers pursue a masters in taxation?

Some tax lawyers pursue a Master’s in Taxation to further specialize their knowledge and stay up-to-date in their practice.

What is an estate planning lawyer?

An estate planning lawyer is well-versed in the intricacies of property rights, wills, probate, and trusts. They provide legal advice and assistance to ensure client assets passing both inside and outside the will or trust are handled correctly, while also ensuring that tax and legal issues are properly addressed. Deciding how to provide for various family members is a delicate process, so estate planning lawyers may use questionnaires to help clients evaluate their assets and liabilities, and aid them in their decision-making.#N#Estate planning lawyers may pursue additional certification—most commonly the Chartered Trust and Estate Planner (CTEP), Accredited Estate Planner (AEP), or the Certified Trust and Fiduciary Advisor (CTFA) certification .

What does an entertainment lawyer do?

Entertainment lawyers represent athletes, artists, musicians, actors, and other media-related clients or brands. They help to protect the intellectual property of their clients, which can be anything from a singer’s lyrics to a comedian’s comedy routine. Additionally, entertainment lawyers may negotiate contracts and fee arrangements, secure talent releases, act as a liaison between agents or venues, or oversee membership into unions and guilds.

What is a criminal defense lawyer?

Criminal Defense Lawyer. Criminal defense lawyers advocate on behalf of those accused of criminal activity and ensure that their liberties and basic rights are fairly upheld within the justice system.

What is a constitutional lawyer?

Constitutional lawyers deal with the interpretation and implementation of the U.S. Constitution, and balance the interests of government institutions with the interests of individuals. Various roles of a constitutional lawyer might include challenging the constitutionality of a piece of legislation, representing individuals in discrimination suits, or working as a constitutional law expert at a university. Constitutional lawyers may be involved in civil rights cases, and some argue legal issues before state supreme courts or the U.S. Supreme Court—a rare opportunity for lawyers in other fields.

What is labor law?

They deal with issues around workplace discrimination, harassment, wage and hours regulations, benefits, and pension security. While the responsibilities of employment lawyers and labor lawyers tend to overlap, labor lawyers focus on union-management relations and collective bargaining, while employment lawyers address matters in non-union workplaces.#N#Just as with other specialties, many law schools offer a specialization certificate in employment/labor law for students who take a minimum number of courses in the area, but it is not required for employment.

What is a real estate lawyer?

Real estate lawyers provide legal guidance for individuals or companies seeking to buy or sell a property. They work with their clients and the real estate agents to draft documents and ensure that the paperwork is legally binding. They may also negotiate for the buyer or seller, or represent a property owner during a foreclosure dispute.

What is a business lawyer?

Also known as corporate lawyers, business lawyers are legal eagles who cover a more full range of expertise in building, managing, maintaining, transferring and dissolving a business. Lawyers in this area of practice deal with the formation of the company, employment contracts, tax compliance, acquisitions, and mergers.

What is a family lawyer?

Family Lawyers. These are lawyers who handle all kinds of domestic cases, such as divorce, legal separation, child custody, adoption, paternity, alimony, prenuptial or postnuptial agreements, and emancipation. But family attorneys may also handle reproductive rights cases, and their work may intersect with other areas of the law.

What do lawyers do?

Different types of lawyers specialize in different areas of law. Some lawyers mostly do the work outside of the courtroom, such as drafting contracts and wills, preparing documents to comply with a process, negotiating deals, and advising clients on a legal problem. There are also lawyers who present cases in court or litigations ...

Why do we need malpractice lawyers?

Since these are professions that ascribe to a set of standards , they have greater professional responsibilities that may be challenged in the courtroom or in litigation.

What kind of lawyer handles reproductive rights?

But family attorneys may also handle reproductive rights cases, and their work may intersect with other areas of the law. For instance, if there’s a criminal investigation of child abuse or a domestic violence case, or if there’s a juvenile delinquency case, a family lawyer may also work with a criminal lawyer. 3. Estate Planning Lawyers.

What do IP lawyers need to know?

They need to have expert knowledge in both business and innovation trends. IP lawyers may also negotiate settlements on behalf of the creator or inventor if someone has infringed on their work, such as in cases where branded goods are faked and sold for a lower price in the market.

What is health law?

Health law is the field of law that concerns the health of individuals and concentrates on policies implemented in the healthcare industry. Working in health law means your primary objective will be to promote lawful health services from all kinds of healthcare providers. Duties of health law attorneys include representing an array of individual- or organization-based clients in cases concerned with Medicare policy and compliance, public health, bioethics, hospital mergers, and more.

What is corporate law?

7. Corporate Law. Corporate law is the field of law that establishes the rules and regulations needed for corporations to form and function. Working in corporate law means your primary objective will be addressing all aspects of a corporation’s legal administration.

What do entertainment lawyers need to know?

An entertainment lawyer will need to know the ins and outs of the entertainment industry with which they are practicing; be it music, publishing, television, etc. Lawyers might be working with performers, their management team, associates adjacent to the performer or company they are working with. 11. Employment Law.

What is civil rights law?

Civil rights law guarantees the right for individuals to receive equal treatment and prohibits discrimination. Civil liberties concern the basic rights and freedoms guaranteed in the federal and state constitutions. Lawyers working to protect individual civil rights and civil liberties have the ability to ensure that all individuals are treated equally under the law.

What is constitutional law?

Constitutional law pertains to the interpretation, adherence, and amending of the U.S. Constitution. Lawyers in this branch may practice privately or for firms. On a given day, they may be representing clients, discussing cases, or litigating in court.

What is environmental law?

Environmental and natural resources law is the field of law that examines the ways humans interact with and impact the environment. Working in environmental law means your primary objective will be not only to protect the natural world in integral ways but also to maintain and bolster legislation that determines the use of natural resources. Duties of an environmental law attorney include defending clients in areas of practice such as air and water quality, mining, deforestation, pollution, and more.

What is employment law?

Employment law is the field of law that addresses the rights of workers and the relationships they share with their employers. Working in employment law means your primary objective will be to help clients confront unfair challenges they have endured in their workplace. Duties of a labor law attorney include representing clients within issues ranging from wages and compensation to harassment and discrimination.