How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Richard Your Own Question

Richard, Attorney
Category: Legal
Satisfied Customers: 50084
Experience:  Attorney with 29 years of experience.
Type Your Legal Question Here...
Richard is online now
A new question is answered every 9 seconds

I am a doctor involved in a frivolous "shotgun" lawsuit in

Resolved Question:

I' am a doctor involved in a frivolous "shotgun" lawsuit in New York alleging pain,suffering and untimely death of a very elderly patient with significant medical problems. I have a few questions regarding asset protection. Is my sep IRA and my wife's IRA protected? My primary residence and taxable investment account has a deed of tenants by entirety. Is this protected under New York state law? My parents home is in a irrevocable trust?. Is this also protected from creditors?. I also purchased an investment property on year prior to this case. The property is in joint ( myself and wife). A few months after receiving the complaint I took a cash out refinance on the property to use for another investment. The money is in an account under my wife's name. Is this at risk? Subsequently, the case was dismissed by the court because the patient had no executor for her estate. A few months later I transferred the property under my wife's name since the case was dismissed. I just recently received a new complaint under a new docket number for this case. It was commenced just in time within the six months of the previous dismissal!. Is this property transfer at risk?
Thank you for your help.
Submitted: 2 years ago.
Category: Legal
Expert:  Richard replied 2 years ago.

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. All the retirement asset accounts of both of you are exempt and beyond the reach of creditors under N.Y. CVP. LAW § 5205 : NY Code - Section 5205. This statute also delineates all other personal property that is exempt. With regard to real property held as tenancy by the entirety, under New York law, your interest in a tenancy by the entirety to be sold under execution upon a judgment against you, but, the purchaser at such sale would become a tenant in common with your spouse, subject to her right of survivorship and is entitled to share
in the rents and profits, but not the occupancy." Other assets in your wife's name only would not be subject to the creditor's claims unless they were transferred to your spouse within a year if they left you otherwise unable to pay your debts, including the judgment, in which case a court could allow access to a creditor under the Uniform Fraudulent Transfer Act. With regard to any assets at risk, in your situation, a person might want to consider putting their non-exempt
assets (retirement income and retirement account assets are exempt and can be
left in place) into a family limited partnership. Carefully drafted, this
converts assets that a creditor would find attractive to go after into a
limited partnership interest with no control, no rights other than that of an
assignment, no transferability, no marketability, and no right to
distributions. The transfer is for fair market value...i.e., you are simply
exchanging one asset for another of equal value to you. And, you maintain control through a general
partnership interest that you control. Yet, when complete it essentially is an asset
no one wants and thus the creditor is less likely to pursue the debtor. Family limited partnerships must be carefully
drafted and one would need an attorney experience in this area to do so, but
they can be a very effective method of asset protection.

I hope this has given you information that has been
helpful to you. If the information seems more general than
specific, please be aware that we are only allowed to
provide information and not specific advice.
If you have a follow-up question, please remember that
there might be a delay between your follow up questions and my answers because
I may be helping others or taking a break.

If you do have any additional questions about my answer
please simply ask a follow up question without rating so I can provide
you with a fully satisfactory answer.
Please be aware that any rating of 1 or 2 is
reflected as a negative rating, reflects negatively on my performance, and I
receive no credit for my answers.

Thanks for allowing me to be of service to you. Please be
aware that the information provided here is not legal advice. Rather it is
simply general information. All states have intricacies in their laws and any
information given is simply information only and specifically is not

intended to be, nor does it constitute, legal
advice. This communication does not establish an attorney-client relationship
with you. I hope this answer has been helpful to you.

Richard, Attorney
Category: Legal
Satisfied Customers: 50084
Experience: Attorney with 29 years of experience.
Richard and 4 other Legal Specialists are ready to help you

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Previous | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan

Meet The Experts:

  • Tina


    Satisfied Customers:

    JD, BBA Over 25 years legal and business experience.
< Last | Next >
  • Tina's Avatar



    Satisfied Customers:

    JD, BBA Over 25 years legal and business experience.
  • Ely's Avatar


    Counselor at Law

    Satisfied Customers:

    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • JPEsq's Avatar



    Satisfied Customers:

    Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor
  • Law Educator, Esq.'s Avatar

    Law Educator, Esq.


    Satisfied Customers:

    JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
  • FiveStarLaw's Avatar



    Satisfied Customers:

    25 years of experience helping people like you.
  • Guillermo J. Senmartin, Esq.'s Avatar

    Guillermo J. Senmartin, Esq.


    Satisfied Customers:

    7+ years of experience handling various legal matters.
  • Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.


    Satisfied Customers:

    Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.