Jeffrey R. Pittard
Partner
201-896-4100 jpittard@sh-law.com
Tax, Trusts & Estates
In today’s complex financial landscape, protecting your business assets and preserving your business’s wealth is more important than ever. At Scarinci Hollenbeck, LLC, we provide sophisticated estate planning and comprehensive asset protection planning services designed to safeguard your business’s wealth from potential risks. Our team of experienced asset protection attorneys is dedicated to helping businesses achieve financial security and peace of mind.
Key Contacts
Tax, Trusts & Estates
Our Approach
Our attorneys at Scarinci Hollenbeck, LLC possess extensive experience in asset protection planning and wealth preservation. We understand the unique challenges that businesses face in safeguarding their assets. Our goal is to provide strategic counsel that addresses these challenges effectively. Our experience includes:
- Asset Protection Planning: Our asset protection attorneys develop comprehensive strategies to protect your business assets from creditors, lawsuits, and other potential threats. We utilize a variety of legal tools and techniques to create robust protection plans tailored to your business’s specific needs.
- Wealth Preservation: We assist businesses in preserving their wealth for future growth and sustainability through sophisticated estate planning. Our asset protection lawyers ensure that your business’s wealth is structured in a way that minimizes taxes and maximizes protection.
- Business Succession Planning: For business owners, planning for the future is crucial. We help you develop succession plans that ensure a smooth transition of ownership while protecting your business assets.
- Trust and Estate Planning: Our team provides the right guidance on creating trusts and estate plans that align with your business’s financial goals. We help you navigate the complexities of estate law to ensure your business assets are distributed according to your business’s wishes.
Who We Are
At Scarinci Hollenbeck, LLC we are committed to providing businesses with the highest level of legal service. Our team of New Jersey, DC, and NYC asset protection attorneys brings a wealth of experience and a proven track record of success. Here are a few reasons why you should choose us:
- Tailored Solutions: We understand that every business has unique needs and goals. Our services are tailored to meet your business’s specific circumstances, ensuring personalized and effective asset protection plans.
- Comprehensive Approach: Our holistic approach to asset protection planning and wealth preservation ensures that all aspects of your business’s financial situation are considered. We provide integrated solutions that address both immediate and long-term needs.
- Experienced Team: Our attorneys have extensive experience in asset protection and estate planning law. We stay up-to-date with the latest legal developments to provide you with the most current and effective strategies.
- Client-Centered Service: We prioritize our clients’ needs and goals, providing attentive and responsive service. Our attorneys work closely with you to develop strategies that align with your business’s objectives and provide peace of mind.
What We Do
At Scarinci Hollenbeck, LLC, our asset protection planning and wealth preservation services are designed to provide comprehensive protection and peace of mind. Our services include:
- Asset Protection Trusts: Creating domestic and offshore asset protection trusts that provide a high level of security for your business assets. These trusts are structured to protect your business’s wealth from creditors while allowing you to retain control over your business assets.
- Estate Planning: Developing comprehensive estate plans that include wills, trusts, powers of attorney, and health care directives. Our goal is to ensure your business’s estate is managed and distributed according to your business’s wishes, with minimal tax implications.
- Family Limited Partnerships (FLPs): Utilizing FLPs to protect family assets and facilitate the transfer of wealth to future generations. These partnerships offer significant protection from creditors and estate taxes.
- Irrevocable Trusts: Establishing irrevocable trusts that remove assets from your business’s estate, providing protection from creditors and reducing estate taxes. Our NYC asset protection attorneys guide you through the process of creating and managing these trusts.
- Business Entity Formation: Advising on the formation of business entities such as LLCs and corporations to protect personal assets from business liabilities. We help you choose the right structure for your business needs.
- Pre-Marital and Post-Marital Agreements: Drafting agreements that protect individual assets in the event of divorce. These agreements are essential for safeguarding personal wealth and ensuring financial security.
Asset Protection and Wealth Preservation Insights
The legal landscape for asset protection and wealth preservation is continually evolving. Staying informed about the latest developments is crucial for effective planning. Our attorneys at Scarinci Hollenbeck, LLC provide thought leadership and insights on key legal issues affecting asset protection and wealth preservation. Here are some of the areas we focus on:
- Evolving Legal Frameworks: As laws and regulations change, staying informed about these developments is essential. We provide updates and analysis on legal changes that impact asset protection and wealth preservation, helping clients adjust their strategies accordingly.
- Tax Implications: Understanding the tax implications of various asset protection strategies is critical. Our asset protection lawyers provide guidance on minimizing tax liabilities while maximizing protection.
- International Considerations: For clients with international assets, navigating the complex landscape of cross-border asset protection is crucial. We provide guidance on international asset protection strategies, ensuring compliance with multiple jurisdictions.
- Trust and Estate Law: The laws governing trusts and estates are complex and continually changing. Our attorneys provide insights and updates on trust and estate law, helping clients develop effective and compliant plans.
Contact Us
Navigating the complexities of asset protection planning and wealth preservation requires a trusted and experienced legal partner. At Scarinci Hollenbeck, LLC we are dedicated to helping our clients achieve their financial goals and safeguard their wealth. With our locations in DC, Redbank, New York, and Little Falls, we are here to help you. Whether you are looking to protect your business’s assets from potential threats or preserve your business’s wealth for future generations, our team of asset protection attorneys is here to provide the legal advice you need.
Contact Scarinci Hollenbeck, LLC today to learn more about our asset protection planning and wealth preservation services and how we can assist you in achieving financial security and peace of mind. Our attorneys are ready to help you develop robust protection plans that align with your business’s unique needs and goals.
FAQ about Tax, Trusts & Estates
Protecting your business’s assets after being sued can be challenging, but there are several steps you can take:
- Consult an Attorney: Engage an asset protection attorney immediately to evaluate your business’s situation and advise on legal strategies.
- Homestead Exemptions: In some states, homestead exemptions protect a certain amount of equity in your business’s primary residence.
- Tenancy by the Entirety: If you are married, you might transfer property to a tenancy by the entirety, which can protect assets from creditors of one spouse.
- Retirement Accounts: Contribute to retirement accounts such as IRAs and 401(k)s, which often have protection from creditors.
- Spend Down: Pay off exempt assets, such as your home mortgage or buy exempt personal property.
- Insurance: Maintain adequate liability insurance, including umbrella insurance, to protect against potential claims.
- State Laws: Each state has different laws regarding asset protection. Consult your attorney to understand your state’s specific protections.
New York does not allow self-settled domestic asset protection trusts (DAPTs) like some other states (e.g., Nevada, Delaware). However, you can use other legal tools such as:
- Irrevocable Trusts: Assets transferred to an irrevocable trust can be protected if done well in advance of any creditor claims.
- Offshore Trusts: Establishing a trust in a foreign jurisdiction with strong asset protection laws.
- Spendthrift Provisions: In third-party trusts, adding spendthrift provisions can protect beneficiaries’ interests from creditors.
Asset protection trusts can be worth it if they align with your business’s financial and legal needs. They:
- Provide Legal Protection: Can shield assets from future creditors and lawsuits if established before any claims arise.
- Offer Peace of Mind: Knowing your business’s assets are protected can provide significant peace of mind.
- Require Planning: Need to be carefully structured and comply with state laws to be effective. However, they can be complex and costly to set up and maintain, and if not properly done, they might not offer the intended protection.
Asset protection involves legal strategies to shield assets from creditors. Common methods include:
- Trusts: Transferring assets into trusts (e.g., irrevocable trusts) to remove them from your ownership.
- Homestead Exemption: Protecting a portion of home equity from creditors.
- Retirement Accounts: Using qualified retirement accounts that have creditor protection under federal and state laws.
- Insurance: Maintaining adequate liability and umbrella insurance policies.
- Legal Entities: Forming corporations, LLCs, or partnerships to separate personal assets from business liabilities.
The strongest asset protection often combines several strategies:
- Offshore Trusts: Trusts in jurisdictions with strong asset protection laws and favorable legal frameworks (e.g., Cook Islands).
- Irrevocable Trusts: Properly structured irrevocable trusts in states with favorable asset protection laws.
- Legal Entities: Using LLCs and limited partnerships in asset protection-friendly states.
- Homestead Exemptions: In states with strong homestead exemptions protecting significant home equity.
Protecting a bank account from a judgment can include:
- Retirement Accounts: Transferring funds to protected retirement accounts.
- Tenancy by the Entirety: If applicable in your state, holding the account as tenancy by the entirety with your spouse.
- Exempt Accounts: Utilizing accounts that are exempt under state law.
- Irrevocable Trusts: Placing funds in an irrevocable trust.
- Separate Entities: Maintaining funds in separate legal entities, like LLCs.
The major disadvantages of an asset protection trust include:
- Irrevocability: Once assets are transferred, you typically cannot reverse the transfer.
- Cost: Establishing and maintaining such trusts can be expensive.
- Complexity: Requires careful planning and legal experience to ensure effectiveness and compliance with laws.
- Timing: Must be established well before any creditor claims arise to avoid being deemed fraudulent transfers.
States known for strong asset protection trusts include:
- Nevada: Offers strong protections and does not require the settlor to relinquish control completely.
- Delaware: Provides robust protection and has a well-established legal framework.
- South Dakota: Known for strong asset protection laws and favorable trust statutes.
- Alaska: One of the first states to offer self-settled asset protection trusts with strong legal backing.
The best trust for asset protection is often an irrevocable trust because:
- Asset Removal: Removes assets from the grantor’s ownership.
- Spendthrift Clause: Protects assets from creditors of the beneficiaries.
- Jurisdiction: Can be established in asset protection-friendly states or offshore jurisdictions.
Asset protection involves legal strategies to safeguard assets from creditors and legal claims. It can include:
- Trusts: Irrevocable, domestic, or offshore trusts.
- Exemptions: Utilizing state exemptions for homestead, retirement accounts, and personal property.
- Legal Entities: Using LLCs, corporations, or partnerships to separate personal and business assets.
- Insurance: Carrying sufficient liability and umbrella insurance.
- Pre-nuptial Agreements: Protecting assets in the event of divorce.
Business assets that may be protected in a lawsuit include:
- Homestead: Primary residence equity up to the state’s homestead exemption limit.
- Retirement Accounts: Qualified retirement accounts like 401(k)s and IRAs.
- Life Insurance: Certain life insurance policies and annuities.
- Personal Property: Some personal property, like equipment and tools, may be exempt under state law.
- Trust Assets: Assets in irrevocable trusts or spendthrift trusts, if properly structured.
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Why Choose Us?
Dedicated attorneys
At Scarinci Hollenbeck, our attorneys are forward-thinking professionals dedicated to the ongoing enhancement of their legal expertise. They stay informed of legal developments, engage in professional bar associations, contribute to legislative initiatives, and actively engage in speaking opportunities—all to provide the highest quality service possible.
Strategic Counsel
In today's dynamic economy, businesses face complex challenges. We understand that these challenges require innovative, multi-faceted solutions. Through a collaborative, cross-practice approach, our attorneys leverage a wealth of experience across various legal disciplines to devise effective strategies tailored to meet our clients’ needs.
Proven Experience
For over 35 years, Scarinci Hollenbeck has offered comprehensive legal services to businesses both locally and globally. Our attorneys draw on extensive industry knowledge, representing clients in sectors such as real estate, entertainment, technology, and energy. We take pride in the successful outcomes we consistently achieve.
Client-First Focus
Our commitment to being a client-first law firm is rooted in open communication, meticulous attention to detail, and adaptability. We work closely with clients to ensure a transparent process, earning their trust through comprehensive guidance. This steadfast commitment is why clients continue to rely on us for their most complex legal challenges.
