Asset Protection Planning in Syracuse - Davies Law Firm

From Davies Law Firm - Asset Protection Planning in Syracuse explains how individuals and families in Syracuse and Onondaga County can shield wealth from lawsuits, creditors, divorce, and long-term care costs while preserving assets for future generations. Featuring insights from Frederick P. Davies and William P. Davies, this episode explores how Central New York residents can build proactive strategies using New York law, trust structures, and business entity formation to reduce financial risk and maintain control over their legacy.

Listeners will gain a clear understanding of what asset protection planning is and how it differs from traditional estate planning and tax planning. The discussion breaks down key legal tools such as irrevocable trusts, Medicaid Asset Protection Trusts (MAPTs), and limited liability companies (LLCs), along with how New York Civil Practice Law and Rules, New York Debtor and Creditor Law, and the Uniform Voidable Transactions Act shape what is and is not protected. The episode also highlights how timing plays a critical role, especially with the five-year Medicaid lookback period under 42 U.S.C. Section 1396p.

The conversation dives into real-world risks facing business owners, medical professionals, real estate investors, and licensed professionals across Syracuse and Central New York. From rising litigation in the New York State Unified Court System to the high cost of nursing home care in Onondaga County, the episode explains why proactive planning is essential. It also explores how protections like ERISA-qualified retirement accounts, life insurance under New York Insurance Law Section 3212, and LLC charging order protections under New York Limited Liability Company Law can be used effectively.

Finally, the episode addresses how to preserve inheritances for children and grandchildren using beneficiary trusts under New York Estates, Powers and Trusts Law, while avoiding common mistakes like outright asset transfers. With guidance rooted in decades of experience from Davies Law Firm, this podcast provides a comprehensive look at safeguarding wealth, minimizing exposure, and building a durable financial legacy in New York.

Davies Law Firm

210 E Fayette St, Syracuse, NY 13202, United States

(315) 472-6511

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