Posts Tagged ‘new york’

The Importance of Asset Protection Strategies

Monday, July 6th, 2015

Protecting your assets from creditors is an important part of estate planning. There are several different strategies that may be effective. Because individual situations vary and the laws regarding these strategies can be complex, you should only use them with the advice of an experienced estate planning attorney. With that in mind, here is an overview of some techniques for asset protection:

lawyer-or-notary-with-cl Give certain assets away before any claims arise. When done properly, such a gift may succeed in transferring property while keeping it out of an estate that may face claims from creditors. However, creditors may try to claim the transfer is fraudulent if it is made after claims arise, if the gift makes you insolvent, or if you place limits on the gift such that you still maintain control over the assets.

In the business context, a basic strategy for protecting your personal assets is to operate businesses as limited liability entities, such as corporations or limited liability companies (LLCs), rather than as partnerships or sole proprietorships. However, be aware that if you blur the line between your personal finances and those of your company, you may open your personal assets up to creditors of your business.

At the family level, an important asset protection strategy is for a married couple to hold title to property as tenants by the entirety, rather than as tenants in common. This can prevent one spouse’s creditors from asking the court to partition the property. The laws on this vary by state, but in New York, third parties cannot partition a tenancy by the entirety. However, when a married couple may be subject to estate tax, there are reasons why owning property as tenants in common may be more advantageous.


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Retirement Communities Are Going Green

Monday, July 2nd, 2012

As seniors plan for retirement, a new option has emerged: the “green” retirement community.  One such facility, Birches at Chambers Senior Community, has opened in Ulster, New York.  The community not only features state-of-the-art accessible housing, but was built with energy efficiency in mind.

Joseph Malcarne, a contractor involved in the construction of the facility, said that the design was intended to be environmentally friendly and healthy for the residents.  The facility accommodates seniors in various stages of aging, and it was designed as an age-in-place community.  This type of design is popular, but also creates challenges.  The air circulation system had to be designed in such a way that airborne germs could not circulate from one area to another, and senior sensitivity to temperature was also a concern.

The solution was a separate ventilator system for each individual unit, which regularly exchanges fresh outside air.  The community also features solar thermal and photovoltaic panels, which came from a local source, further reducing the carbon footprint.  The energy efficiency measures earned the development a platinum rating from Leadership in Energy and Environmental Design (LEED).

The development comprises 66 units and includes a fitness studio, computer lab, and community room.  The entire community is wheelchair-accessible, including a gazebo and patios.

The community’s first resident, Cindy Grill, took up residence in 2010.  Grill had lived in another Birchez facility, but after a stroke confined her to a wheelchair, she needed an accessible home.  Vinnie Organtini, a subcontractor who helped build the development, organized his crew to help her move in.

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