Asset Protection

Did you know that in the United States more lawsuits are filed annually than in the rest of the world combined? Many of these lawsuits seem frivolous, but the truth is you never know what a jury or judge will decide. It is essential for your estate plan to include a strong asset protection component.

At Hoskins Life & Legacy Planning, P.C., a proud Black owned business, our experienced African American Attorneys use a combination of proven tools and strategies to protect our clients’ hard-earned assets. As trusted Attorneys of Color, we understand how important it is to preserve what you’ve built—for yourself, your family, and future generations.

Exempting Assets in New York

State and federal laws exempt some assets from creditor claims. While there are states that permit residents to choose between state and federal exemptions, New York requires you to utilize the state’s exemptions. After identifying the asset classes exempted under state law, you may want to maximize your level of protection by converting non-exempt assets into exempt assets whenever possible.

Our Black Attorneys work closely with you to ensure that your estate plan leverages every opportunity to protect your wealth, your home, and your legacy.

Asset Protection for Business Owners and Professionals

Certain professionals, such as attorneys, physicians, and financial advisors are highly vulnerable to lawsuits. So, too, are business owners. Many professionals and business owners operate as sole proprietors, in part because this approach is relatively simple. However, structuring one’s business through entities such as corporations or limited liability companies provides significantly stronger asset protection. Why? When a lawsuit is brought against a sole proprietorship, it is in effect a lawsuit against the sole proprietor’s personal assets. Conversely, a lawsuit brought against a legal entity like a corporation limits risk to personal assets.

As a Black female attorney and co-founder of a Black female owned business, Sharon Hoskins understands the importance of protecting small business owners and professionals—especially those in diverse communities—from unnecessary financial risk. Together, Rob and Sharon Hoskins bring decades of legal and real-world experience to help clients shield what matters most.

The Use of Insurance to Transfer Risk

The right type and amount of insurance can be an effective asset protection tool. It is important to note, however, that many business owners and professionals buy insurance and then do not review it often enough. Your policy must be updated to keep pace with changes in your business and your personal situation.

Our team of Attorneys of Color can review your existing coverage, identify gaps, and integrate insurance into a broader asset protection strategy that complements your estate plan.

Contact an Experienced New York Asset Protection Attorney

Don’t put your hard-earned assets at risk from lawsuits, creditors, divorce, predators, and other threats. Contact us today to learn how our Black owned business can protect your personal and business assets for your enjoyment today and that of your loved ones after you are gone.