Westchester County Asset Protection & Real Estate

In these uncertain times, more people than ever are becoming aware of the need for asset protection. Westchester County residents work hard to ensure their future, and it is understandable that they would want to ensure assets are not taken away via lawsuits or creditors. This can be doubly important when discussing pieces of real property; most people place a high priority on protecting the family homestead. The right attorney can help.

Everyone’s Best Protections Vary

Asset protection is not one single legal task; rather, it is usually achieved through a combination of several different maneuvers. As one might imagine, it is best to start thinking about asset protection at an early point in life, instead of waiting until one’s retirement or golden years; however, it is generally never too late to begin. That said, every case is different, and not every legal tool will be effective for every single person.

The nature of asset protection tools for an individual will depend largely on the reason they seek to put these tools in place. For example, if they are a business owner, they may want to preserve their business in order to sell it or hand it down to a relative. If they have a large extended family, they may want to face minimal taxes so that their loved ones may enjoy the fruits of their labor. The right legal help can ensure that you have the asset protection plan that works for you.

Use Your Homestead Exemption

 While assets may come in a number of shapes and sizes, a marital home or family homestead is often among the most prized. New York law explicitly protects a homestead property, if it meets the specified criteria, from being sold to satisfy a money judgment, which may apply in both bankruptcy and probate. It is, however, important to keep in mind that the monetary limit for a homestead property will differ from place to place – for example, in Westchester County, the limit is $165,550 as of this writing, while in Duchess County, the limit is $137,950.

Claiming your homestead exemption serves two main purposes in asset protection – the first, of course, being to preserve the family home for your heirs, and the second, to help lower the property tax burden for your family while you are still with them. Since a homestead exemption lowers the overall taxable value of your home, it can help to ease the burden both now and later.

Contact A Pleasantville Asset Protection Attorney

It can often feel overwhelming to contemplate estate planning or asset protection in general, but a Pleasantville asset protection attorney from Meyer & Spencer, PC can help you create an estate plan that gives assets to those you wish to have them. Contact our office today at (914) 741-2288 to schedule a consultation.

Source:

newyork.public.law/laws/n.y._civil_practice_law_and_rules_section_5206