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ASSET PROTECTION ATTORNEY IN ROCHESTER NY

ASSET PROTECTION FROM CREDITORS

In today’s world, there is a likelihood that you will be a party to a lawsuit during your lifetime. We have helped professionals and business owners preserve and protect their wealth from unforseen (and sometimes foreseeable) events and contingencies. Through a variety of techniques, including asset allocation among family members, entity formation, and enhancement of exempt resources, we can help you protect the wealth that you have accumulated from life’s adversities.

ASSET PROTECTION FROM NURSING HOMES

If you are over 65 there is a substantial risk that you will reside in a nursing home for a period of time. At $14,000 per month who can afford it? We have helped hundreds of families preserve their wealth and qualify for governmental benefits, such as Medicaid, which can help cover the cost of care. Our techniques include irrevocable trusts, spousal budgeting, exempt asset spend-down planning, and “half-a-loaf” technique planning. If you or your family is facing an immediate nursing home crisis, call us. We can help. It is never too late.

ASSET PROTECTION FAQ

What should be included in a financial plan to protect assets?
Trusts are an exceptional tool to minimize tax obligations and to protect against various creditors, such as medical bills, nursing homes, lawsuits, or even in the event of a divorce.

What asset value should be protected with estate planning?
Everyone should have an estate plan, regardless of the size of their estate. It is particularly important to consider planning for minor children (and grandchildren) as well as asset protection planning from creditors, and both income and estate tax efficiency.

What is asset protection planning?
Asset protection planning is the process of identifying potential risks and creditors, and protecting assets from those risks, while balancing flexibility and access to those assets.

Is asset protection planning worth it?
It is important to balance the risk with the potential “reward” of protecting assets. There is no one size fits all answer. It is important to sit down with an estate planning attorney and go through their process to make this decision.

How can estate planning protect assets?
A competent estate planning attorney will identify potential risks, and the right tools available to the client to address those risks based on the size of the risk and the budget of the client. This could include the use of trusts, advanced directives like a power of attorney, and changing ownership.

Do you need long term asset protection plan along with a trust?
Based on a client’s health and the risks they face, as well as the time available and the need for flexibility, an estate planning attorney might recommend using a trust or other tools to help their client protect against potential creditors, taxes, and long-term care costs.

How do i protect my assets, 5 year plan?
Transferring assets to a trust is a common, accepted planning technique to protect against potential long-term care costs in a nursing home.

What is a comprehensive asset protection plan?
A competent estate planning attorney will identify potential risks, and the right tools available to the client to address those risks based on the size of the risk and the budget of the client. This could include the use of trusts, advanced directives like a power of attorney, and changing ownership.

Is a long term care asset protection plan effective & legal?
Transferring assets to a trust is a common, accepted planning technique to protect against potential long-term care costs in a nursing home.

Do estate planning attorneys do asset protection?
A competent estate planning attorney will identify potential risks, and the right tools available to the client to address those risks based on the size of the risk and the budget of the client. This could include the use of trusts, advanced directives like a power of attorney, and changing ownership.

What is asset protection trust planning?
Planning using trusts requires the client and attorney to sit down, identify risks, and discuss the options available to protect against those risks. This is a careful balancing act based on how high the risk might be, how much control a client wants to retain over their assets, and the cost of various options.
Caroline and I thank you for all kindness in the way you and your staff administered my will.

- Alton R.

RICHARD A. KROLL
ATTORNEY

Richard A. Kroll, Esq. has an active practice in the area of Estate Planning, Trusts, and Probate. He is a member of the...

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CAROLYN A. REARDON
ATTORNEY

Private practice in Rochester, New York with the Kroll Law Firm since 2007, a group practice in Brighton, New York with emphasis on...

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MARCUS W. KROLL
ATTORNEY

Marcus's practice involves estate planning for all families, including LGBT couples, second marriages, and families who have members with...

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Richard A. Kroll
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