Legal Question in Wills and Trusts in New York

Re: Realstate

You have posted an important question, and I give you kudos for being proactive and wanting to do some planning well ahead of time. Now, having said this, the best answer I can give is "it depends." And there are many variables upon which it depends.

You should seek the advice of a local attorney with experience in estate planning and asset protection planning. And you should try to write down or prioritize your goals. Here are some general questions which you need to address, before a qualified attorney can give you good legal advice:

What do you mean when you say protect? And, from whom or from what risk do you feel the need to protect the assets? Many protections strategies involve giving up control over the asset, which may or may not be a problem for you. There are many other considerations, such as, investment risks, tax impacts, insurance options, pre and post death planning strategies, insulation from lawsuits, and there are certainly others of which I may not be aware since asset protection is not a significant part of my practice.

I hope thinking about these issues will assist you in detailing your goals and priorities, and again I suggest you consult a local experienced attorney at your earliest opportunity. Best of luck with you situation.