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Safeguarding your financial future requires more than just smart investments—it takes thoughtful legal planning. Whether you've built wealth through real estate, entrepreneurship, or years of disciplined saving, protecting those assets is essential to securing long-term peace of mind for you and your loved ones. Without a solid protection strategy in place, your hard-earned assets could be vulnerable to future liabilities or unexpected legal challenges.
If you're concerned about potential risks or simply want to be proactive, speaking with an experienced asset protection attorney can make all the difference. At Schlessel Law, PLLC, our knowledgeable NY estate planning attorney, Seth Schlessel, can help you explore your options and create a plan that aligns with your goals.
Contact us at (516) 574-9630 today to schedule a consultation in Nassau County or Suffolk County on Long Island.
Understanding Assets and Asset Protection with Schlessel Law’s NY Estate Planning Attorneys
An asset is anything of economic value—whether physical or intangible—that can be owned or controlled to produce value or income. This can include items you use every day, long-term investments, or intellectual property you've created.
Common examples of assets include:
Real estate
Vehicles
Bank accounts
Retirement accounts and pensions
Stocks and other investments
Business interests
Patents or other intellectual property
As your wealth grows, so does the potential risk of it being targeted—whether by creditors, lawsuits, or other financial threats.
Asset protection is the legal process of implementing strategies that help shield your property from such claims. It involves proactive planning to help safeguard your assets while remaining fully compliant with the law—avoiding any implication of hiding assets or engaging in fraudulent behavior.
Whether your goal is to minimize liability or preserve your legacy for future generations, the right plan can make a significant difference. At Schlessel Law, PLLC, our experienced Long Island estate planning attorney, Seth Schlessel, can assess your unique situation and recommend practical, effective asset protection strategies. We're here to help you build and protect your financial future with confidence.
Asset Protection Strategy
Description
Irrevocable Trusts
Legal arrangement where assets are transferred into a trust managed by a trustee for beneficiaries. Protects assets from creditors, minimizes estate taxes, and ensures control of assets after death.
Medicaid Asset Protection
Planning strategy to reposition assets to qualify for Medicaid benefits while protecting assets from long-term care expenses.
Power of Attorney
Legal document allowing an appointed person to manage affairs when unable to do so. Helps avoid court-appointed guardianship and ensures continuity of asset management. It’s important to choose a trustworthy and capable agent.
I can't say enough about Seth Schlessel our estate planning attorney. The complexity of our estate and trust matters necessitated the expertise of someone with the knowledge and experience that seth possesses. He exuded the knowledge and patience to provide outstanding service and we have not hesitated to recommend him to countless family and friends who have also been happy with his service. I highly recommend Seth for any estate planning and legal matters.
Long Island Asset Protection Attorney Explains Why Safeguarding Your Wealth Matters
Throughout your life, you work hard to build assets—but under certain circumstances, those assets can be lost without ever being sold or spent. Legal and financial challenges may unexpectedly place your estate at risk.
Some common scenarios that may lead to asset loss include:
Divorce – Without a prenuptial or postnuptial agreement in place, your assets could be subject to division during a divorce. This can significantly impact your financial stability and long-term estate goals.
Bankruptcy – Depending on the type of bankruptcy filed, you may be required to liquidate certain assets to pay off outstanding debts.
Medicaid Eligibility for Long-Term Care – Qualifying for Medicaid often requires individuals to meet strict asset and income thresholds. Without proactive Medicaid planning, you may have to spend down assets to receive benefits.
Poor Financial Decisions or Beneficiary Mismanagement – Assets passed on to heirs may be mishandled or lost due to financial irresponsibility.
If any of these risks apply to your situation, speaking with a knowledgeable asset protection lawyer is a wise step. The right legal strategies can help shield your wealth from unnecessary loss and give you peace of mind about your future.
At Schlessel Law, PLLC, we offer tailored estate planning services that include strategic asset protection. Attorney Seth Schlessel and our experienced legal team provide thorough evaluations of your financial picture and help implement solutions that preserve what you’ve built. From trusts to Medicaid planning, we work with you to secure your assets for the long term.
Call us today at (516) 574-9630 to book your free consultation
Long Island Asset Protection Lawyer Seth Schlessel Explains Key Asset Management Strategies
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Choosing the right asset protection plan requires guidance from a knowledgeable attorney who can evaluate your financial picture and customize strategies that safeguard your wealth and property. At Schlessel Law PLLC, we help clients across Long Island explore effective legal tools designed to preserve their assets and protect their future.
Here are several commonly used asset protection strategies:
Trust-Based Planning
Irrevocable trusts are among the most powerful tools for shielding assets from creditors and legal claims. By transferring ownership of certain property or funds into a trust, individuals can remove those assets from their personal control—placing them under the authority of a trustee who manages them on behalf of beneficiaries. This separation limits exposure to lawsuits and liabilities. Since different types of trusts exist—each with its own legal and tax implications—it’s best to consult an experienced trusts attorney before creating one.
Medicaid Asset Protection Strategies
If long-term care may be part of your future, Medicaid planning is essential. Medicaid eligibility is income- and asset-based, and many applicants are forced to “spend down” their assets to qualify. A properly structured Medicaid Asset Protection Trust (MAPT) allows you to preserve assets while meeting Medicaid requirements. However, you must plan ahead—Medicaid’s five-year look-back period reviews past financial activity and can penalize improper transfers. A qualified Long Island Medicaid planning lawyer can help you navigate the rules and protect your estate from post-death recovery claims.
Durable Power of Attorney (POA)
When someone becomes incapacitated without legal safeguards in place, their assets can become inaccessible to loved ones. A Durable Power of Attorney enables a trusted agent to act on your behalf in financial matters—paying bills, managing property, and more—should you become unable to do so yourself. Because this role grants broad authority, it's vital to select someone who understands and respects your wishes. POAs can prevent costly court interventions and ensure seamless asset management in times of crisis.
I would recommend Seth Schlessel to anyone I know who needs a top-notch Eldercare Lawyer. Seth's caring, compassionate manner as well as his wealth of knowledge and professionalism far exceeds any other lawyer that our family has used. As our family navigated it's way through an extremely difficult time Seth was always available for us. His expertise in Medicaid, and all eldercare laws made it so easy for us to handle the highly emotional side of things without having to worry about anything else. He was so patient with us, answering any questions we had, even ones that not necessarily had to do with anything legal. We feel extremely lucky and blessed to have Seth in our lives. He was not only our lawyer, but he became our friend. The words to sum up what Seth means to our family are he is our HERO AND PROTECTOR!
When Should You Start Thinking About Asset Protection?
The ideal time to implement asset protection strategies is before a threat arises—not after. Effective asset protection is proactive, not reactive. It’s about anticipating potential risks to your wealth and putting legal safeguards in place long before those risks become reality.
Contrary to popular belief, asset protection isn’t just for older adults or the wealthy. Life is unpredictable, and legal or financial challenges can come at any age. Whether you're launching a business, getting married, buying property, or planning for long-term care, each life event presents new financial exposures that could put your assets at risk.
Many individuals underestimate their vulnerability or delay planning until it’s too late. Once a lawsuit is filed or a creditor makes a claim, the window to shield your assets may have already closed. Like insurance, the true value of asset protection only becomes clear when it's needed—and by then, it's often too late to act.
Even if you think your current assets are modest, one unexpected legal issue can lead to serious financial loss. A comprehensive evaluation from an experienced asset protection attorney can help you determine the best course of action tailored to your unique situation.
To learn more and discuss your options, call Schlessel Law, PLLC today at (516) 574-9630 to schedule a confidential consultation.
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Attorney Seth Schlessel Shares Insight on Choosing the Right Asset Protection and Property Management Plan
When it comes to protecting your assets, there’s no one-size-fits-all solution. The most effective strategy is one that’s customized to your individual circumstances. An experienced asset protection attorney will take the time to thoroughly assess your financial situation, goals, and potential risks before recommending a plan. What works well for one person may not be suitable for another—personalized guidance is key to long-term protection and peace of mind.
Using Trusts for Asset Protection
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Placing your assets into an irrevocable trust is one of the most effective methods of shielding them from potential creditors or legal claims. Since only assets that are in your name and under your direct control can be targeted, transferring ownership into an irrevocable trust places them outside the reach of such threats. Once established, the trust becomes the legal owner of the property, and a designated trustee assumes control, managing the assets on behalf of your chosen beneficiaries.
There are several different types of trusts, each designed to serve specific purposes—from protecting family wealth to planning for long-term care. Choosing the right one depends on your unique goals and financial picture, which is why it’s essential to consult with a knowledgeable trusts attorney.
At Schlessel Law PLLC, we help clients throughout New York City and beyond design effective, personalized estate plans that provide lasting protection. Our legal team brings years of experience in estate planning, asset protection, and trust formation, working one-on-one with you to ensure your wishes are honored and your legacy preserved.
If you're ready to start planning for the future and protecting what matters most, reach out to Schlessel Law, PLLC today to schedule your consultation.
Medicaid Asset Protection Planning
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For individuals who anticipate the need for long-term care, Medicaid asset protection is a critical part of planning for the future. Without proper preparation, many people are forced to spend down their life savings just to meet Medicaid’s strict financial eligibility guidelines.
To qualify for Medicaid, your income and assets must fall below specific limits set by the state. These thresholds are often difficult to meet without significant financial sacrifice. Additionally, Medicaid applies a five-year “look-back” period in New York, during which any asset transfers may be scrutinized for eligibility purposes. Even after qualifying, Medicaid’s estate recovery program can seek reimbursement for care costs from your estate after your passing.
Establishing a Medicaid asset protection trust in advance can help preserve your assets while ensuring access to the care you may need. However, the rules are complex and require careful legal guidance.
At Schlessel Law PLLC, our Long Island Medicaid planning attorneys can help you navigate the requirements and create a plan that protects your assets while preparing you for the future. Contact us today to get started.
Establishing a Power of Attorney for Asset Protection
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When someone becomes incapacitated—whether due to illness, injury, or age—their assets may become inaccessible without proper legal documentation. One of the most effective tools for ensuring continued control over finances and property is a power of attorney (POA). This legal document allows a trusted person, known as an agent, to act on your behalf in managing your affairs.
A POA can be broad or limited in scope and can be customized based on your unique needs. While anyone can technically create a POA without legal representation, doing so with the guidance of an experienced estate planning attorney ensures that your intentions are clear and enforceable. A well-drafted POA helps prevent legal delays and confusion for loved ones who may otherwise be forced to seek court-appointed guardianship just to access your assets.
It’s essential to choose an agent who understands and respects your financial and personal values. Because a POA grants significant authority, choosing the wrong individual can lead to unintended consequences. However, there are legal safeguards that can be built into the document to reduce these risks.
At Schlessel Law, PLLC, our goal is to provide you with the peace of mind that comes with smart planning. Whether you’re preparing for the unexpected or helping a loved one do the same, we’re here to guide you through your options.
Call (516) 574-9630 today to schedule a consultation and start your asset protection planning with confidence.
Who Needs Asset Protection Planning?
Asset protection isn’t just for the ultra-wealthy—it’s a smart financial strategy for anyone who wants to preserve what they’ve worked hard to earn. While everyone can benefit from understanding and managing potential risks, certain individuals are more vulnerable to financial threats such as lawsuits or creditor claims. Professionals in high-liability fields, such as physicians, real estate developers, and business owners, often face a higher chance of being sued and can gain significant peace of mind through proactive asset protection measures.
Even if you aren’t in a high-risk occupation, you may have hidden vulnerabilities in your financial profile. A skilled asset protection attorney can help you identify those weak spots and recommend solutions tailored to your goals. For instance, individuals facing serious health conditions or who anticipate needing long-term care can benefit from Medicaid planning tools like a Medicaid Asset Protection Trust. Others looking to preserve wealth for future generations while avoiding probate and minimizing estate taxes may explore irrevocable or revocable living trusts.
Many people assume that a will alone is sufficient to protect their estate. However, while a will directs how your assets are distributed after death, it does not shield your property from lawsuits or creditors during your lifetime. A comprehensive estate plan addresses both what happens after you pass and how to safeguard your assets while you're still here to enjoy them.
At Schlessel Law, PLLC, our experienced Long Island estate planning attorneys are dedicated to helping individuals and families build solid legal strategies to protect their wealth. Whether you’re starting to think about your estate or looking to enhance an existing plan, we’re here to guide you with practical solutions and trusted legal insight.
To schedule a consultation and explore how asset protection planning may benefit you, call us today at (516) 574-9630 or contact us online.
Working With a Skilled Long Island Asset Protection Attorney
You've worked hard to build your wealth—now it's time to safeguard it for the future. Asset protection is an essential part of planning for your financial security and your family's long-term well-being. But understanding the many legal strategies and tools available can be confusing without the guidance of an experienced professional.
At Schlessel Law, PLLC, we provide comprehensive asset protection and estate planning services for clients throughout Long Island. Whether you're concerned about potential lawsuits, long-term care costs, or simply want to preserve your legacy for future generations, we can help you develop a tailored plan that reflects your goals and circumstances.
Our team is committed to clarity, integrity, and personal attention throughout the planning process. We’ll help you explore the options available—such as irrevocable trusts, Medicaid planning, or business structuring—to shield your assets while maintaining flexibility and control.
To discuss your options with Long Island asset protection attorney Seth Schlessel, contact us at Schlessel Law, PLLC (516) 574-9630 and schedule a private consultation.
Disclaimer:The information on this site is not legal advice. You should consult an attorney for guidance on your specific situation. Contacting us does not establish an attorney-client relationship. Do not send confidential information until such a relationship is confirmed. Past results do not guarantee future outcomes.
