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Asset Protection In Estate Planning

In a litigious business environment, building wealth is only half the battle; the other half is keeping it. At Kravis & Associates, PLLC, we provide the strategic legal framework necessary to shield your hard-earned holdings from creditors, lawsuits and unforeseen liabilities. Whether you are a business owner in Farmington Hills, a real estate developer in New York, or a high net worth individual in New Jersey, we offer straightforward, business-minded solutions to secure your legacy.

Direct Accountability From A Tri-State Practitioner

Founded in 2013, our firm is built for clients who require professional, competent counsel without the layers of authority in a large-firm hierarchy. Andrew R. Kravis personally handles every matter, bringing over 15 years of experience across Michigan, New York and New Jersey.

We understand that for the individuals and corporations we represent, asset protection is a critical component of risk management. Because significant legal threats often emerge outside of traditional business hours, we remain responsive and provide highly responsive, direct access to counsel to ensure your concerns are addressed with the urgency they require. Our approach is not based on compassion, it is based on the letter of the law and the meticulous attention to detail required to build a fortress around your estate.

Strategic Wealth Preservation

Effective asset protection is a proactive discipline. We help clients in Farmington Hills and throughout the tri-state area implement multilayered strategies to mitigate exposure. These strategies include:

Irrevocable trusts: By transferring ownership of assets to a properly structured trust, we can legally remove them from the reach of future personal creditors.
Business entity structuring: We utilize LLCs and corporations to create a corporate veil, ensuring that business liabilities do not jeopardize your personal real estate or savings.
Domestic asset protection trusts (DAPT): Leveraging Michigan’s DAPT statutes to provide protection for self-settled assets, subject to the state’s mandatory statutory notice periods and specific creditor exceptions.
Tenancy by the entirety: Strategic titling of property; however, the level of protection against individual creditor claims varies significantly between Michigan, New Jersey, and New York state laws.

Frequently Asked Questions

Understanding asset protection in Michigan, New York and New Jersey requires clear answers to fundamental structural questions. The following questions address the primary concerns we encounter when helping clients safeguard their financial interests.

What are some important assets to consider when preparing an estate plan?

You must account for all high-risk and high-value holdings. This includes commercial real estate, brokerage accounts, ownership interests in closely-held businesses and intellectual property. We also evaluate exempt assets, such as certain retirement accounts and life insurance policies, which may already have built-in protections under Michigan business law or New York estate law.

What steps can you take during an estate plan to ensure the protection of these assets?

The primary step is decoupling your personal identity from your highest-value assets. This is achieved by retitling property into trusts or business entities, as property held in an individual’s name (and governed by a will) remains vulnerable to personal creditors.

How can an experienced attorney help make it easier?

Asset protection involves a complex intersection of tax law, probate law and creditor-debtor statutes. As a New Jersey estate lawyer and New York estate planning attorney, Andrew R. Kravis ensures your plan is compliant across all three jurisdictions. We simplify the process by handling the technical filings and ensuring your protection strategy is seamlessly integrated with your overall estate planning goals.

Protect What You Have Built

We offer free consultations to evaluate your current level of exposure and develop a customized protection plan. To schedule a consultation, call 248-929-5065 or fill out our online contact form.